Fri, 31 July 2015
Strategic development in Istanbul's emerging fringe districts will be key to avoiding oversupply in the city's central business district, says one of Turkey's leading developers.
Robert Varon, business development director of Maryapi, a mixed use developer and the company behind Istanbul's new G Yoo by Philippe Stark residential project, said that fears of gentrification and residential oversupply in Istanbul stem from too many of the same, premium projects being developed in the same location.
He said: "We believe in the future of the regeneration areas where there is a potential for investors to see good returns."
Varon is currently overseeing the development of a 721 flat Yoo scheme in the western district of Bagcilar. An area where 27 new hotels are currently being planned and one he predicts will be "transformed" within the next two years.
The G by Yoo project will be made up of two 35-storey towers, the first triangular buildings in Istanbul: "We are bringing this huge international brand here. And this will be a niche project delivering affordable luxury. In the premium locations you are looming at over $10,000 a square foot. What we are offering will be $3,000."
Thu, 30 July 2015
The Turkish real estate market is preparing for a slowdown as political instability fuels nervousness among overseas investors.
Property companies in Istanbul, Turkey's biggest city and the fastest growing in Europe, are anticipating a short term slowdown in activity following the recent Turkish airstrikes in Syria and the resulting impact on the Kurdish peace process.
Avis Alkas, chairman of JLL in Turkey said: "there have been some adverse affects of the political uncertainty here. Both to the west with the human tragedies in Syria and to the north with the economic issues across Russia and Ukraine. And we were very surprised by the airstrikes in Syria last week. People like to travel to and invest in calm countries so we might see a short term dip. But in the medium to long term Turkey, and Istanbul especially, will continue to be very good investment opportunities because of planned infrastructure upgrades and the growing population.
"In Istanbul new luxury hotels are opening up a new, high end market here. And the development of a third bridge across the Bosphorus and a third airport will open the city up even more."
Erkan Sonmez, chief executive of Turkish developer Aydinli added: "the political issues will maybe have an effect right now. But they will not last forever. They will be sorted out. And when that happens Istanbul will remain a very strong investment option. There is no public realm here. No green space. It is desperately needed along with the right residential and commercial developments to support the growing population. We are developing whole new urban regeneration projects like Vadistanbul which will deliver 3000 new homes and where the offices have sold before the buildings have been completed. That is a first in Istanbul I believe."
Thu, 9 July 2015
Bruce Ritchie, founder of Residential Land discusses the findings of the latest EGi London Residential Markets Analysis.
Tue, 7 July 2015
The Casual Dining Group, which owns Bella Italia and Café Rouge, today bought the 41-strong Latin American chain Las Iguanas for a rumoured £90m.
CDG’s chief operating officer, Steve Richards, said the chain was a perfect fit for the group. It plans to grow it to at least 200 in the UK.