The Business Year

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Erol Özmandıracı

Member of the Board, Bay İnşaat

NEW ARTISTS

Art is a growing industry in Turkey. Lately, Turkey has been booming, both in its economy and in art. We have a lot of new artists in Turkey. This will be the next big thing in the next five years. Higher profile individuals are exponentially becoming more involved with art every year. The price of Turkish contemporary artwork is rising very quickly.

MAYBE DREAMING

A lot of people are doing business in Turkey, and many of them require long-term housing. There will be demand, but it will not be as high as some people expect. A lot of people are dreaming, but I think in a few years Turkey will realize even more of its potential.

PLAYING THE CARDS

Turkey needs so many new housing projects that the demand will go on forever. The more you produce, the more you will sell. I think demand will rise seriously. Of course, the next five to 10 years will be very important for Turkey—this is the period where, if we play our cards right, Turkey will advance to European standards.

H. İnanÇ Kabadayı

Founder & President, Ege Yapı Group

USING OUR EXPERIENCE

We founded the group five years ago, although we have 35 years of experience behind us in the real estate and contracting market in Turkey as well as in Kazakhstan.

DRIVEN BY CONCERN

People are nervous about earthquakes and want to be sure that they are living in solid, safe, and modern homes. Another reason for growth can be attributed to urban renewal in Istanbul. Projects like this are being promoted to alleviate inner city congestion and urban infrastructure.

PRESTIGE IS OURS

We are a young and dynamic team at Ege Yapı, and we are very fast and efficient; our quality is exceptional. On top of that, we also have worldwide experience. We have a top-notch team of 200 engineers and architects. All of these factors explain how we won the bid for a prestigious project.

Ramadan Kumarova

Board Member, Ramadan Kumarova

TIGHTLY WOVEN

Turkey is changing, and therefore there are new and different demands. It is not the Turkey of 20 years ago, where everything was more rigid. Today we have a more independent-minded population, but we still have strong family values and tight family units that span generations and are interwoven.

INCORPORATING UNITS

We have three high-rise buildings on the outskirts of our latest project. These are intended for singles. We then have family-oriented apartments in the center of the project, so they are in the same project but they are not living together.

IN THE AFTERMATH

After the effects of the crisis lose their impact and the market becomes smoother, most of our funding will come from abroad. Turkey is a safe harbor—the money will flow here, costs will go down, and there will be a larger contribution from the international finance markets. This is going to have to start from Turkey.

Metİn Esİn

Chairman, Esin Yapı

SUIT OURSELVES

At Esin Yapı, we use all of the newest and latest technology for our projects. We work with an international network of people and firms that develop and offer this technology. We aim to use the innovations that are best suited to Turkey.

LOVING GREEN

We use many green materials. They are very expensive, but our customers are willing to purchase green technology, recognizing that the use of green materials will lower their utility costs in the long term. This is especially true for residences, as people can live in buildings at a lower cost.

RECIPROCITY RULES

There are 16 million inhabitants and many people from abroad who are interested in purchasing real estate in Istanbul. With the new reciprocity law, everyone wants to own a house in Istanbul. There are many potential investors because Istanbul is an attractive city that boasts central real estate where people can enjoy a high-quality lifestyle at an affordable price.

Burhan Karahan

CEO, Onduline Avrasya

A CERTAIN MATURITY

Here, in Asia, and in South America we have growing markets that we think will continue growing, whereas in Western and Eastern Europe, as a group, we are stagnating. For some people, Turkey is still an undiscovered place, but for experienced investors, like our group, Turkey has attained a certain maturity that classifies it with European countries.

THE CHAIN

Our client base is quite varied. We work only with dealers, people with whom we have a contract, and we do not sell to anyone else. We don’t sell directly to construction companies, for example. We have regional directors in Izmir, Ankara, Istanbul, the Mediterranean, and the Black Sea, who work with around 350 official dealers.

THE NEW MODEL

Unlike 10 years ago, the competition has improved its quality, and it is very competitive. Fortunately, the market is growing. If you are vigilant and careful enough, we welcome the competition in Turkey. I think that is the new model for investors.

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