Real Estate

Investments in real estate are changing after the pandemic

Along with the epidemic, while new codes were created in urbanization and housing, the projects developed by the contractors began to diversify rapidly. Mehmet Kalyoncu, President of the Real Estate Investors Association (GYODER), stated that investment areas have diversified in the real estate sector after the pandemic, and that they have seen entrepreneurship movements outside of the housing, shopping mall and office triangle. Kalyoncu said, “With the increase in e-commerce and logistics activities, warehouse and data center structures started to increase. There is no need to be a large-scale investor for this. We can see a sector that moves in a wider spectrum. These include important opportunities.”

WOODEN HOUSES ERA

Stating that the cost increases have led the industry to new searches, Kalyoncu said, “Such situations push us to innovate and make inventions. For example, after the pandemic, wood started to be used more in detached buildings. In fact, 10-story buildings started to be built with cross-laminated panel technology. Currently, it is produced at a cost of 20% more than the reinforced concrete structure. As the interest in such areas increases and the demand arises, the production cost will decrease.” Kalyoncu said that the supply-demand balance will be ensured in the new projects, and that the biggest problem on the part of the developers is the land costs. Kalyoncu said, “Landowner and developers receive an average of 50-50% of the land. There were times, for example, when this share increased to 75% on Bagdat Street. This rate came here with the offers made by people who were not related to the real estate sector at the time. In fact, the share of the landowner should be at the level of 30-40%.”

LOCAL GREEN CERTIFICATE IS COMING

Mehmet Kalyoncu also drew attention to the ‘GREEN building certification’ programs and said, “All of the certificates we know around the world are foreign. There was a need for a local green certification suitable for Turkey’s dynamics. The Ministry of Environment and Urbanization completes the processes related to YeS-TR (National Green Certificate System). We expect the first certificates to be obtained next year,” Kalyoncu said, adding that more radical measures should be taken on issues such as carbon footprint, waste management, water and electricity consumption.

Source: Sabah / Translated by Irem Yildiz

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