Orhan Gündüz, General Manager of Eczacıbaşı Real Estate, said that they will start project development activities in these areas in 2017, parallel to the developments in the Kartal Urban Transformation area and Ayazağa Cendere Valley land development plans.
Eczacıbaşı Real Estate General Manager Orhan Gündüz emphasized that the total gross leasable area in Turkey’s shopping centers is 11.1 million square meters and that it is second in Europe in terms of AVM investment intensity but it is still behind Europe average in leasable area per capita. Reinforcing our belief that the AVMs in the right spot will be successful. We are looking forward to the shopping center and office investments for 2017, “he said.
How Did The Real Estate Sector Pass the Year 2016?
Eczacıbaşı General Manager Orhan Gündüz also said:
2016 was a difficult year for Turkey. It is certain that the last one and a half years of development and the hard work of attaining a ceiling with the coup attempt in the summer months have created some morale and uneasiness. But both the government and the private sector are taking very fast and constructive steps. Measures to increase internal demand, such as campaigns in the real estate sector and interest rate cuts on banks, were put in place. We see its positive results.
We see that projects such as Marmaray metro projects, Kanal Istanbul, 3rd Airport are leading the urban transformation works towards Istanbul and mega real estate projects. In the next 20 years, about 6.7 million homes will be demolished and rebuilt. This means an average of 334 thousand housing per year. In other words, about $ 15 billion each year, financing and the private sector take the lead, which requires a budget of up to $ 400 billion. We also saw this need especially in the residence and we got our development program for the next period in the old factory in Kartal and Ayazağa.