ıntervıew wıth turkısh real estate leaders
Transkript
ıntervıew wıth turkısh real estate leaders
INTERVIEW WITH TURKISH REAL ESTATE LEADERS: Featuring... ŞENAY AZAK-MATT General Manager, Turkey AAREAL BANK AG, ISTANBUL REPRESENTATIVE OFFICE FAWAZ AL SALEH Vice Chairman & CEO TURKAPITAL HOLDING B.S.C.(C) RUSLAN ALAKBAROV Head of Real Estate THE STATE OIL FUND OF AZERBAIJAN CEM ALFAR CEO CORIO TURKEY MAKBULE YÖNEL MAYA General Manager TSKB REAL ESTATE APPRAISAL COMPANY MATTHEW WARNER Business Development Coordinator ASTAŞ HOLDING AHMET EDIP UGUR Mayor BALIKESIR METROPOLITAN MUNICIPALITY Türkiye GRI 2015 (20-21 Nisan, İstanbul) yaklaşırken toplantı eş-başkanlarından Türkiye’nin önde gelen gayrimenkul liderleriyle gerçekleştirdiğimiz röpörtajları paylaşmaktan mutluluk duyarız. As Turkey GRI Real Estate Summit is approaching we are happy to share the interviews we conducted with the participating industry leaders. They gave their views on the opportunities in Turkey, why market players are not clearly visible, the challenges of planning exit strategies and much more. *Toplantı medya ortağı ‘Gayrimenkul Türkiye’nin with Cem Alfar (Corio) ile yaptığı röpörtajı da bulabilirsiniz. | *You can also see the interviews by our media partner ‘Gayrimenkul Türkiye’ with Cem Alfar Q&A INTERVIEW WITH RUSLAN ALAKBAROV RUSLAN ALAKBAROV Head of Real Estate THE STATE OIL FUND OF AZERBAIJAN 1. How attractive is the Turkish real estate market? And why? 3. What factors are currently holding investors back? R.A.: Very attractive for the following reasons: Turkey’s beneficial geographical location and large and developing domestic market; Turkey is still one of the world’s fast-growing emerging markets, and long-term confidence remains high, given the young population, proximity to major markets and private-sector dynamism; recent changes in the legal framework regarding the ownership structure to support foreign investments like introduction of REIF Communique and favourable tax conditions. R.A.: Lack of transparency; market players are not clearly visible, and an exit strategy is difficult to plan; financing conditions (in comparison to European banks) are not as attractive; lack of quality institutional grade assets; market dominated by local family holdings making it difficult for first time entrants. 2. What are the hottest sub-sectors in Turkish real estate? R.A.: Logistics sector: Transportation and the communication infrastructure is well established, but there is lack of know-how in building and managing high-quality logistic centers. Supply side stock is outdated and does not meet modern standards. Limited supply provides market opportunities. This is particularly true around major free zones like Istanbul Atatürk, Mersin, Izmir, Antalya, Kacaeli etc. hinder speculative investments. Furthermore transparency of local market players and authorities that take part in the investment process should be ensured. 4. How easy is it to get deals done in Turkey? And how easy is it to exit? R.A.: Not so easy. Market is not transparent and there is information asymmetry between local and international players. 5. What do the Turkish authorities need to do to encourage further investment? R.A.: In the previous years local authorities have already eased regulations and provided foreign investors with favourable conditions, for example through modification of regulations concerning REIFs and PEIFs. The aim now should lay in stabilizing these structures and ensuring investors that these regulations are long term in order to Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH RUSLAN ALAKBAROV RUSLAN ALAKBAROV Head of Real Estate THE STATE OIL FUND OF AZERBAIJAN 1. Türk gayrimenkulü dünya piyasasının gözdeleri arasında yer alıyor mu? Neden? R.A.: Sıralayacağım sebeplerden ötürü Türkiye dünya piyasasının gözdeleri arasında: Türkiye Avrupa ve Orta Doğu’nun tam ortasında eşsiz bir coğrafi konuma ve gelişen yerel piyasaya sahip; Türkiye hala dünyanın en hızlı büyüyen gelişmekte olan ülkeleri arasında. Uzun vadede piyasaların güveni Türkiye için hala çok yüksek. Oldukça genç ve dinamik bir nüfusa sahip. Gayrimenkul alanının en önemli pazarlarına ve özel sektör dinamizmine çok yakın bir yerde olan Türkiye, yasal alanda gayrimenkul edinme konusunda yaptığı değişiklikler ile yabancı yatırımcıların Türkiye’ye olan güvenini arttırmıştır. Özellikle REIF ve özel vergilendirme seçenekleri çok önemli olumlu yönde değişiklikler yaratmıştır. 2. Türkiye gayrimenkul sektörünün en güçlü alt pazarları hangileridir? R.A.: Lojistik kesinlikle Türkiye’nin en güçlü alt pazarı. Ulaştırma ve iletişim altyapıları Türkiye’de çok iyi bir şekilde yapılandırılmıştır durumda. Ancak yüksek kalite lojistik merkezleri yapılandırma ve yönetme konularında maalesef ki ‘know-how’ eksikliği mevcut. Üretim tarafı stokları zaman aşımına uğramış olup gereken modern standartlarla uyuşmamaktadır. Kısıtlı üretim markette ortaya çıkan fırsatların karşılanması için kullanılmaktadır. Bu konu özellikle İstanbul Atatürk Havaalanı, Mersin, İzmir, Antalya, Kocaeli gibi temel bölgeler ve çevresinde özellikle geçerlidir. 3. Hangi sebepler yatırımcıları Türkiye gayrimenkul sektörüne yatırım yapmaktan alıkoyuyor? R.A.: Türkiye piyasası şeffaf değil. Piyasadaki oyuncular maalesef ki net değil ve piyasadan çıkış planları oldukça zor. Finansal görüntü Avrupa Bankaları ile karşılaştırıldığında daha az cezbedici. Piyasada kalitesi yüksek kurumsal sınıf mal varlığı maalesef ki yok denecek kadar az. Yerli aile şirketlerinin piyasadaki yoğun etkisi piyasaya girişi zorlaştırmaktadır. 5. Uzun vadede Türkiye gayrimenkul yatırımlarını cazip kılmak için Türkiye hükümeti neler yapmalı? R.A.: Geçtiğimiz yıllarda yerli otoriteler gayrimenkul sektörü üzerindeki yasal kısıtlamaları rahatlattılar ve yabancı yatırımcılara daha ılımlı koşullar sunmaya başladılar. Örneğin, gayrimenkul ve girişim sermayesi yatırım fonları ile ilgili kısıtlamalarda yeni düzenlemelere gidildi. Yerel otoriteler şimdi temel yapı taşlarını sabitleştirmeye yönelik adımlar atmalıdır. Bu istikrar uzun vadede spekülatif yatırımları kontrol altına alacak ve böylece yatırımcıları bu alternatiften uzaklaştıracaktır. Buna ek olarak, yatırım alanında aktif olan yerli piyasa iş grupları ve devlet kademeleri yabancı yatırımcıları rahatlatacak bir şeffaflığa ulaşmak zorundadır. 4. Türkiye pazarında iş yapmak ne kadar kolay? Pazarı terk etmek ne kadar kolay? R.A.: Hiç kolay değil. Piyasalar şeffaf değil. Yerli ve yabancı is grupları arasında bir bilgi asimetrisi mevcut ki bu durum yabancıların pozisyonlarını bir hayli zorluyor. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH ŞENAY AZAK-MATT Senay Azak-Matt is the General Manager of Aareal Bank AG’s Representative Office in Istanbul. She joined the head office in Wiesbaden in 1999, where she became familiar with the credit business and later headed the Turkish credit department from the head office in Germany. In 2005, she moved to Istanbul to open and establish Aareal Bank’s Representative Office with a team of local experts. Before joining the Bank, she started her career in the sales department of a leading supplier of air conditioning systems. She graduated in business administration at the University of Applied Sciences in Konstanz/Germany and in Coventry/England. 1. How attractive is the Turkish real estate market? And why? 4. How easy is it to get deals done in Turkey? And how easy is it to exit? S.A.M.: Compared to the established markets the Turkish real estate sector is still in the developing stage. Therefore opportunities with higher yields prospects can be achieved. S.A.M.: With a willing seller and buyer I don’t see a difference compared to other markets. As just mentioned, international investors are in a somewhat hold-back state, however, we still see exits in the market mainly to local players, who are quite strong and liquid. 2. What are the hottest sub-sectors in Turkish real estate? S.A.M.: Depending on the region there are still investment potential in retail and office sector. Also I believe logistics in Istanbul is a promising segment in mid-term. 3. What factors are currently holding investors back? 5. What do the Turkish authorities need to do to encourage further investment? S.A.M.: Unfortunately the reputation of the Turkish market outside of Turkey does not reflect the potential of this country. In this respect much can be done. Also sticking to the approach to apply European Standards in all sectors is crucial. S.A.M.: The established markets are currently very liquid and show still good investment potential. As long as this is the case and the political road map of Turkey is not clear “visible” for international investors the appetite will be restrained. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 ŞENAY AZAK-MATT General Manager, Turkey AAREAL BANK AG, ISTANBUL REPRESENTATIVE OFFICE Q&A INTERVIEW WITH FAWAZ AL SALEH FAWAZ AL SALEH Vice Chairman & CEO TURKAPITAL HOLDING B.S.C.(C) 1. How attractive is the Turkish real estate market? And why? 4. How easy is it to get deals done in Turkey? And how easy is it to exit? F.A.S: Turkey is an emerging market with very strong upside. Turkey’s fundamentals are very strong. The country’s population grows by 1% annually, the disposal income has increased and is projected to increase significantly in next five year, the economy grew by annually 4-5% on average over the last decade, and estimated to grow 3-4% in the near future. These fundamentals make the country very attractive. Furthermore, Turkey also benefits from its moderate climate and geographical proximity to Europe and Middle East markets which attracts further foreign interest in Turkish real estate market. F.A.S: The deals in Turkey are hard to close because some of the properties do not comply with the legal and technical requirements. Many of the deals cannot pass DD stage. The legal system also creates challenges for the foreign investors. For example a long term lease is hard to enforce based on Turkish commercial law. If a tenant does not pay then evacuating the premises and collecting unpaid rent are long and expensive processes 2. What are the hottest sub-sectors in Turkish real estate? F.A.S: Legal system could be improved to provide a decision in a shorter time since a court decision under current structure takes about 3-5 years. Additionally, some of the tax benefits available in the European and US markets could be adopted to encourage investments. F.A.S: Residential and logistic sectors are the main driver of Turkish real estate sectors. 5. What do the Turkish authorities need to do to encourage further investment? 3. What factors are currently holding investors back? F.A.S: High currency fluctuations, and legal problems are the main investor concerns. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH CEM ALFAR Cem Alfar, born on 1966, from early 2010 until 2012 had his own company, ACRES, which specialised in advising on retail real estate business in Turkey. Before ACRES, he was the MD of Foruminvest in Turkey from early 2007 until the end of 2009. Previously, Cem worked for Doğan Şirketler Grubu as real estate developer, ECE Türkiye as head of the Business Development Department, Efsane Motor as general manager and McDonald’s as senior real estate representative. Cem is the CEO for Corio Türkiye since May 2012. 1. Türk gayrimenkul piyasası hakkında ne kadar optimistsiniz? Piyasaya yön veren faktörler neler? C.A.: Corio Türkiye’ye 2005 yılında girmiş ve bu güne kadar 600M Euro üzerinde yatırım gerçekleştirmiştir. Bu yatırımların büyük çoğunluğu da Anadolu şehirlerinde yer almaktadır. Türkiye yara almadan bir küresel kriz geçirdi. Yerel seçimler ve Cumhurbaşkanlığı seçimlerin sonrasında ekonomik ve politik istikrarın tekrar sağlandığını gördük. Komşu ülkelerde yaşanan karışıklıkların etkisini azaltacak önlemlerin Hükümet tarafından alınmakta olduğunu görüyoruz. Cari açık küresel piyasalardaki enerji fiyatlarına paralel olarak azalmaya başladı. İşsizlik oranı düşüyor. Enflasyonun yeni yılda iki rakamlı haneleri görmeyeceğini umuyoruz. Öte yandan kişi başına düşen milli gelirin ve tüketim harcamalarının , konut ve araba satışlarının perakende ticaret hacminin, organize perakendeciliğin ve yerli yabancı marka sayısının artmakta olduğunu gözlemliyoruz. İşler böyle giderse yeni yılda yatırımcıların yönünün Türkiye’ye döneceğini düşünüyoruz. Nitekim şirketimiz de yeni yatırım imkanlarını araştırmaktadır. CEM ALFAR CEO CORIO TURKEY 2. 2015 yılı için öngördüğünüz en büyük risk yada zorluk nedir? 4. Yabancı yatırımda büyüme nereden gelecek? Orta Doğu? Hindistan? Avrupa? C.A.: 2015 yılında FED’in alacağı kararlar doğrultusunda sermaye piyasalarındaki dalgalanmaların TL ye olan etkisini izlemek durumundayız. Kur riski her zaman olduğu gibi 2015 te de önemli risk faktörlerinden biri olacaktır. Yaklaşan genel seçimler ve jeopolitik gelişmeler bölgesel istikrarın muhafaza edilmesini zorlaştırabilir. Ancak, kararlı ve güçlü bir hükümet bu sorunların üstesinden gelecektir. C.A.: Yabancı yatırımcılar, menşei neresi olursa olsun benzer beklentiler içindeler. Sadece yüksek getiri oranı aramıyorlar. Öncelikle yatırımlarını yönlendirecekleri ülkedeki sermaye piyasaları ve hukuk sisteminde istikrar ve derinlik , Ar-ge yatırımlarına olanak sağlanması ve eğitilmiş iş gücünün bulunması, vergi ve yatırım teşviklerinin bulunması ve bunların yerli ve yabancı gözetmeden herkese uygulanması , müktesep hakların korunması, anlık kararlar ve torba yasa tasarıları ile getirilen düzenlemelerden ve serbest piyasa ekonomisine yapılan müdahalelerden kaçınılması , döviz kurları, faizler ve diğer ekonomik göstergelerdeki tahminlerde sapmaların azalması önemli yatırım kriterleri olarak ön plana çıkıyor. Bunlar Hükümetin öncelik listesine girerse ve güvenceler sağlanırsa Türkiye’nin gayrimenkul sektöründe yıllık dış sermaye girişi 2 -3 Milyar Dolarlardan çok rahatlıkla 10 -15 Milyar Dolarlar seviyesine çıkacaktır. Günümüzde gayrimenkul fonlarının yöneticileri , eski itibarlarını kazanabilmek için pay sahiplerine daha fazla güvence vermek ve yatırım yapacakları ülke ile ilgili daha çok olumlu hikaye anlatmak zorundalar. 3. En büyük büyüme potansiyelini Türkiye’nin hangi bölge ve alt sektörlerinden bekliyorsunuz? Neden? C.A.: Yabancı yatırımcıların ilgisi İstanbul başta olmak üzere daha çok büyük şehirlere oluyor. Türkiye hala iş geliştiricilerin hakim olduğu, kurumsal yatırımcıların eksik bulunduğu bir ülke. Büyük şehirlerdeki risk getiri oranı daha yüksek ve büyük şehirlerin bilinirliliği daha yüksek olduğu için bu strateji daha fazla kullanılıyor. Oysa ki asıl boşluk ve potansiyel Anadolu’daki hızla büyüyen ve talep eden şehirlerde. Konut , otel , yurt ve perakende yatırımları için hala bu bölgeler cazip imkanlar sunuyor. Ancak buralarda beklentilerin baştan çok yüksek tesis edilmesi yanlış yatırım kararlarına yol açabiliyor. Dikkatli adım atılırsa iyi büyüme yakalanabilir. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH CEM ALFAR 5. Piyasaya giren yabancı yatırımcı artışının piyasa ve yerel yatırımcı olarak Corio üzerindeki etkisinin nasıl olacağını düşünüyorsunuz? C.A.: Corio Avrupa’daki önemli kurumsal ve halka açık gayrimenkul şirketlerinin başında geliyor. Şeffaf ve sürdürülebilir yapısı ve yönetimdeki deneyimi ve üstün başarısı sayesinde Avrupa’daki birçok kurumsal yatırımcı aslında Türkiye’ye dolaylı yoldan Corio Türkiye portföyü üzerinden yıllardır yatırım yapıyorlar. 2015 Ocak sonunda tamamlanması beklenen birleşme süreci sonrasında da Klepierre – Corio 21 Milyar Euroluk portföyü ile Avrupa’nın en büyük Alışveriş Merkezleri yatırım ve yönetim şirketi olacak. Bu şekilde , Türkiye’deki en önemli ve en geniş katılımlı kurumsal yatırımcı platformu da oluşmuş ve yeni yatırım imkanları da yaratılmış olacak. 6. Yatırım kriterleriniz nelerdir? Büyüklük? Sektör? Kâr?… C.A.: Yeni oluşumun tek hedefi , birleşme amacı gereği Alışveriş Merkezleri olacak. Kiralanabilir alanı 50.000 m2 nin üzerinde , sürdürülebilir , rekabete dayanıklı projelere yatırım yapacağız. Bunlar henüz geliştirme aşamasında olan projeler olabileceği gibi mevcut ve düzenli nakit akışı sağlayan , sektör ve marka karması kuvvetli Alışveriş Merkezleri de olabilir. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH MAKBULE YÖNEL MAYA Makbule Yönel Maya,a licensed valuation expert certified by the CMB and RICS (Royal Institution of Chartered Surveyors), graduated from the Yıldız Technical University, Architecture Faculty, Urban and Regional Planning Department in 2003.Starting her professional life in 2003, she has been in charge of various positions aimed for real property and Urban Planning. She joined the TSKB Real Estate Appraisal Company as a Valuation Expert in 2005 and subsequently has been promoted to the position of Assistant Director in 2007,Director in 2008,Manager in 2010 and Vice GM responsible of the Corporate Valuation Department and Financial and Administrative Affairs at the beginning of 2010.In March 2013,she resumed her position of GM of the company. 1. How attractive is the Turkish real estate market? And why? 3. What factors are currently holding investors back? M.Y.M.: When we examine the residential sales that have materialized in Turkey in 2014, it is observed the 1% (according to TÜİK data) of these sales have been realized as sales to foreigners. It is known that the sales to the Arab and the Gulf countries take the most significant share among these. Looking from this perspective, it may be foreseen that the Turkish Real Estate sector will be able to reach the desired position in the World market even faster in case higher rates of return are possible. M.Y.M.: It may be told that the investments will be accelerated in case more attractive rates of return are possible in the Real Estate sector in Turkey. However, definitely a transparent market and environment where the geopolitical location of our country and the associated strategic positional risks are minimized is necessary. 2. What are the hottest sub-sectors in Turkish real estate? M.Y.M.: The hottest sub-sector in the Turkish Real Estate sector is no doubt the “residential” investments. Our company performs best-use and consultancy studies for investments that will reach the correct users at the correct location. In that sense, especially in İstanbul, the locomotive city of Turkey, residential investments lead at the forefront and this is followed by office and SHC investments. In the coming days, a growth is expected also in the logistics sector in order to take advantage of Turkey’s location that interconnects the European and Asian continents. MAKBULE YÖNEL MAYA General Manager TSKB REAL ESTATE APPRAISAL COMPANY interest and trust of the foreigners will increase during this process. We all are experiencing that the tax advantages offered by the urban transformation process, which currently is locomotive of the construction sector in our country, is positively influencing the domestic interest in urban transformation. Likewise, offering similar advantages also for the foreign investors will provide significant contributions in the investments. Stability has to be our country’s objective in the coming period in all respects. 4. How easy is it to get deals done in Turkey? And how easy is it to exit? M.Y.M.: The most important factor is to have reliable consultants inside in order to operate in the Turkish market. Since the Real Property sector is not transparent in our country, we recommend proceeding with local partners in order to reach the correct know-how. 5. What do the Turkish authorities need to do to encourage further investment? M.Y.M.: Turkey has a structure that is “institutionalizing” both in the sense of small family companies and the general structure in the country. We predict that the Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH MAKBULE YÖNEL MAYA Makbule Yönel Maya,a licensed valuation expert certified by the CMB and RICS (Royal Institution of Chartered Surveyors), graduated from the Yıldız Technical University, Architecture Faculty, Urban and Regional Planning Department in 2003.Starting her professional life in 2003, she has been in charge of various positions aimed for real property and Urban Planning. She joined the TSKB Real Estate Appraisal Company as a Valuation Expert in 2005 and subsequently has been promoted to the position of Assistant Director in 2007,Director in 2008,Manager in 2010 and Vice GM responsible of the Corporate Valuation Department and Financial and Administrative Affairs at the beginning of 2010.In March 2013,she resumed her position of GM of the company. 1. Türk gayrimenkulü dünya piyasasının gözdeleri arasında yer alıyor mu? Neden? M.Y.M.: Türkiye’ de 2014 yılı içerisinde gerçekleşen konut satışları incelendiğinde bunun %1’ nin (TÜİK verilerine gore) yabancılara satış olarak gerçekleştiği görülmektedir. Bunda en önemli payı Arap ve Körfez ülkelerine olan satışların aldığı bilinmektedir. Bu açıdan bakıldığında, daha yüksek getiri oranlarının mümkün olması durumunda Türkiye Gayrimenkul sektörünün Dünya piyasası içindeki konumunun istenilen seviyeye daha hızlı ulaşabileceği öngörülebilir. 2. Türkiye gayrimenkul sektörünün en güçlü alt pazarları hangileridir? M.Y.M.: Türkiye Gayrimenkul sektörünün en önemli alt pazarı hiç kuşkusuz “konut” yatırımlarıdır. Doğru konumda doğru kullanıcıya ulaşacak yatırımlar için şirketimiz best-use ve danışmanlık çalışmaları yapmaktadır. Bu anlamda özellikle Türkiye’nin lokomotif şehri İstanbul’da ilk sırada konut, daha sonra ise ofis ve AVM yatırımları önplana çıkmaktadır. Türkiye’nin Avrupa ve Asya kıtalarını birleştiren konumunun avantajlarını kullanmak üzere önümüzdeki dönemde lojstik sektöründe de gelişme kaydetmesi beklenmektedir. 3. Hangi sebepler yatırımcıları Türkiye gayrimenkul sektörüne yatırım yapmaktan alıkoyuyor? M.Y.M.: Türkiye’ de Gayrimenkul piyasasında daha cazip getiri oranlarının sözkonusu olması ile yatırımların ivme kazanacağı söylenebilir. Ancak bunun için elbette ülkemizin jeopolitik konumu ve bunun getirdiği stratejik konumsal risklerin minimize edildiği, şeffaflık içeren bir piyasa ve ortam gerekmektedir. MAKBULE YÖNEL MAYA General Manager TSKB REAL ESTATE APPRAISAL COMPANY bir yapıdadır. Bu süreçle birlikte yabancıların ilgisinin ve güveninin artacağını öngörüyoruz. Ülkemizde inşaat sektörünün lokomotif konusu olan kentsel dönüşüm sürecindeki vergi avantajlarının, kentsel dönüşüm sürecine olan yerel ilgiyi olumlu yönde etkilediğini hep birlikte tecrübe ediyoruz. Benzer şekilde dış yatırımcılar için de benzer avantajlar sağlanması büyük katkı sağlayacaktır yatırımlara. Her anlamda istikrar önümüzdeki süreçte ülke hedefimiz olmalıdır. 4. Türkiye pazarında iş yapmak ne kadar kolay? Pazarı terk etmek ne kadar kolay? M.Y.M.: Türkiye piyasasında faaliyet göstermek için en önemli faktör içeride güvenilir danışmanlarınız olmasıdır. Zira ülkemizde Gayrimenkul piyasası şeffaf değildir ve doğru know-how’a ulaşmak için local partnerler ile ilerleme sağlanmasını tavsiye ediyoruz. 5. Uzun vadede Türkiye gayrimenkul yatırımlarını cazip kılmak için Türkiye hükümeti neler yapmalı? M.Y.M.: Türkiye gerek küçük aile şirketleri gerekse de ülkedeki genel yapı anlamında “kurumsallaşmakta” olan Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH MATTHEW WARNER Astaş Holding creates exclusive lifestyles for an elite clientele with sophisticated tastes and expectations. Whether this be in residential, office, retail or leisure sectors Astaş Holding is redefining the meaning of high-end lifestyle, developing unique projects that respect the environment, contribute to the urban and social fabric and generate high levels of added value. Projects include Kempinski Residences Astoria Istanbul; Bellevue Residences Managed by Kempinski; Maçka Residences Interior Design by Armani/Casa Managed by Kempinski; The Residences at Mandarin Oriental Bodrum and Mandarin Oriental Bodrum. Matthew Warner is Business Development Coordinator for Real Estate, with 26 years international real estate experience. MATTHEW WARNER Business Development Coordinator ASTAŞ HOLDING 1. How attractive is the Turkish real estate market? And why? 3. What factors are currently holding investors back? 5. What do the Turkish authorities need to do to encourage further investment? M.W.: Turkey and Istanbul in particular has seen significant advancement over the last decade, but there is still a great deal of opportunity within the Turkish real estate market as a whole, and especially within certain key sectors and sub-sectors. M.W.: The most important thing is that developers and investors should have a vision in line with stage that the Turkish market has reached in its progression from ‘Emerging’ to ‘Developed’ market. Many international investors tend to try and ‘pigeonhole’ the Turkish market in terms of ‘emerging market’ norms, but it is far more complex than that. Investors who have spent the right amount of time up front to research the market and to seek out opportunities within their subsector, are likely to experience less barriers to progression, especially if alongside quality local partners. The right advice from a quality local partner early on can save a lot of time. M.W.: There needs to be a greater understanding as to the huge advancements that have been made in the Turkish market over the last decade and of the ongoing projects that will further enhance what is an increasingly modern and truly amazing country. We are seeing increased interest from international investors from a wide range of destinations, attracted to the significantly improved quality of product. 2. What are the hottest sub-sectors in Turkish real estate? M.W.: For the right site and with the right quality of product the Residential and office sectors continue to offer good development opportunity. Our speciality is in the Luxury branded Residence and Hotel sectors. These sectors continue to excel and we trust that projects like our Maçka Residences İnterior Design by Armani/Casa Managed by Kempinski, in Istanbul; Mandarin Oriental, Bodrum and The Residences Mandarin Oriental Bodrum, have helped raise standards to be amongst the very best in the world. 4. How easy is it to get deals done in Turkey? And how easy is it to exit M.W.: Great deals almost always mean difficult negotiations to achieve a mutually beneficial solution. Once a deal has been agreed, however, documentation is relatively straightforward. There are clear incentives to holding property for a certain period time, but if an investor wishes to sell then exiting, in terms of a straight real estate asset sale, is generally a simple process. In this way investors will be able to begin their consideration process from the right starting point. More information stressing the modernity of Turkey and readily available data on successful developments, whether private or public, and future planned projects would be a certain benefit. 6. What does the future hold? M.W.: We see that there will once again be a shortage of high quality luxury residential stock in prime locations in the coming years. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH AHMET EDIP UGUR Ahmet Edip Uğur was born in Balıkesir on April 7th 1950. He completed Middle school in Istanbul and continued on to study Chemical Engineering at the State Engineering and Architectural Academy. He entered Parliament during the 18th term. Mr. Ahmet Edip Uğur was elected to Parliament during the 22nd and 23rd terms again and addittionally became Vice President of the AK Party. At the general local elections on March 30th 2014 he was elected Mayor of the Metropolis of Balıkesir. 1. How attractive is the Turkish real estate market? And why? A.E.U.: Turkish real estate market attract international investors and developers with strong demographics, young population, and favourable economic growth, especially in the last decade.Almost half of the population is under 30 years old, young and skilled labour force supports economic growth. The robust construction sector is also support real estate market, whichhelps to increase product availability in the recent years. Another major factor is the ongoing large-scale infrastructure projects such as3rd Bosphorus Bridge, 3rd Airport and New Istanbul Finance Centre, which will promote especially investments in Istanbul. 2. What are the hottest sub-sectors in Turkish real estate? A.E.U.: Residential has always been an important investment tool, especially for individuals in Turkey. The strong demographics and improving credit conditions also help to attract foreign investors and also developers, as well. Especially corporate companies are looking for opportunities to buy bulk condos for investment purposes. While international developers are searching JV opportunities for development alternatives. Office sector become more attractive in the last a few years with the increasing availability in investment grade products, and healthy demand coming from internationals also support the sector. Hotel sector is also attract investors, both in luxury and business segments with increasing tourism figures and business environment. As alternative investments, student housing, senior housing and data centres are becoming new hot sectors and it is expected to attract more investors in the coming years. 3. What factors are currently holding investors back? A.E.U.: The lack of institutional investment grade products has limited the investment opportunities. However, new pipeline projects offer alternatives, especially pre-lease and pre-saleoptions which investors are benefitting well-price opportunities in the a few years. Another reason is risk perception compared to the mature market. Especially, currency volatility can create extra pressure on pricing and credit conditions. AHMET EDIP UGUR Mayor BALIKESIR METROPOLITAN MUNICIPALITY theproduct. The deals with good assets located at good location can be easily closed. Furthermore, in terms of transaction advisory services, such as taxing, audit, legal or brokerage, are available in European standards. For exit strategies, the important issue is matching expectations of the buyer and seller. Similar like entrance strategy, the product quality may determine the timeline of the deal. 5. What do the Turkish authorities need to do to encourage further investment? A.E.U.: New regulations, such as reciprocity, urban regeneration, support Turkish real estate market. Alternative investment tools, like infrastructure REITs, real estate funds (REIFs), will also help to promote new investments in Turkey. 4. How easy is it to get deals done in Turkey? And how easy is it to exit A.E.U.: Easiness of the deal depends on the availability of Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015 Q&A INTERVIEW WITH KAZIM KOSEOGLU KAZIM KOSEOGLU CEO/Board Member ESAS PROPERTIES 1. How attractive is the Turkish real estate market? And why? 4. How easy is it to get deals done in Turkey? And how easy is it to exit K.K.: Turkish Real Estate market is very attractive with its young and vibrant population and good growth rates . The demand is ahead of the development pipeline making all segments of investment market very interesting. K.K.: Making deals are always difficult all around the world. Each country has its own dynamics we have shoppıng centres and office portfolios in UK, office and hotel portfolio in US and each country has its own difficulties having local partners are always better and I think this is also true for Turkey. 2. What are the hottest sub-sectors in Turkish real estate? Making a single building exit is not easy but there is good demand for portfolios at the right prices. Also for this portfolios the stock market is a good option for a partial exit. K.K.: The young population makes the retail market and growing economic demand make the office market very attractive. 3. What factors are currently holding investors back? K.K.: I do not think any factors are holding the investors back. There is good international and local demand in all sub sectors 5. What do the Turkish authorities need to do to encourage further investment? K.K.: If we had a little bit less bureaucracy it would make life easier but as a global investor investing in different geographies and countries we are not a difficult country to invest in. Turkey GRI discussions on 20-21 April in Istanbul, Turkey. For more information about Turkey GRI visit: w w w.globalrealestate.org/turkey2015