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EVA’s
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2011 Number: 10
EVA’S PERISCOPE
Countries have troubles in their
economy, each day we read news
about another country falling into
crisis. The economic equilibriums are
fragile, but we are in a phase which
may present opportunities for us.
Turkey, amid all this mess sets
example as a stable country with a
sound banking system. However, the
economy has accelerated a lot and as
it was expected; measures for cooling
it down have been taken.
Banks had lowered housing loans'
interest rates to a level where they
could not profit. They are now
increasing them due to measures
taken. A group of banks have already
increased their rates and another
group is about to. The likelihood of
lowering the maximum percentage
condition of maximum 75% housing
loan utilizations for house purchases
in the forthcoming period is being
talked behind the scenes. Let's hope
that this will not happen since our
people even have difficulties in
accumulating the front payment of
25%, how will they be able to
accumulate 40%? As a matter of fact,
with the fall in the loan interest
rates, the percentage of population
with a revenue level eligible for
extending credits had grown and this
had caused an increase in the credit
utilizations. As interest rates
increase the situation shall evolve
against financial institutions.
Furthermore this situation presents a
risk of pushing the sector to
unregistered operations; we hope
that this shall not happen.
As we had estimated, the first half of
2011 has been six months with
serious activities in housing
investments and with a pressure for
increase in prices. In the last year,
public offerings of Real Estate
Investment Trusts had slightly
gathered speed, nowadays new
companies prefer to wait. No one
wants to sell property at the stock
exchange at a discount when the real
April-May-June
APRIL NEWS
Five Star Hotel to Samsun
Rönesans Gayrimenkul Yatırım
Ortaklığı, one of the largest real
estate investment companies of
Turkey and Russia shall construct a
shopping center under the name of
''Karadeniz Optimum'' and a 5 Star
hotel in Samsun. The construction of
a 5 Star hotel on a ground plot of 165
thousand square meters with an
investment of 146 Million Euros has
been announced. It is said that the
hotel and shopping center to be
constructed in the administrative
district of Canik in Samsun shall be
completed within 2 years and it shall
have a leasable space of 65 thousand
square meters. The hotel is expected
to be 5 Star with 300 beds. Having its
foundation laid this project is said to
provide employment opportunity to
approximately 2.500 people.
12 More Companies Obtained Authorization
for Real Estate Appraisal
Companies authorized by the BRSA
shall be able to provide valuation
service to real estate projects. The
Banking Regulation and Supervision
Authority (BRSA) has authorized 12
companies to “provide valuation
services concerning real estates, real
estate projects or rights and benefits
on a real estate”.
The Owner of Meysu Entered into
Outlet Shopping Center Business
Gülsan, the owner of Meysu Brand has
also entered into the real estate
sector. The company, opening a
shopping center in Kayseri under the
name of Meysu Outlet, has realized its
initial project in the real estate sector.
Built on a total area of 51 thousand
square meters with a cost of 40 Million
Euros, Meysu Outlet expects a yearly
turnover of 50 million Euros and 8
million visitors.
estate market is so buoyant.
In the last three months the hotel
sector is experiencing a lively time,
hotel constructions follow one
another. In Istanbul room rates
increased so much on certain weeks
in the recent past that there was
almost no difference left between 3
Star and 5 Star, with no place
available left at the hotels.
Nowadays leaving the first six months
of the year behind us we observe that
the local investor with funds is
looking for opportunities. However
buying property is very difficult now.
Everyone wants to be a real estate
investor; companies which have not
built a wall so far embark on
constructing millions of square
meters. We hope that this real estate
profession does not turn into the
video shop business that we had seen
in the 90's, if it does we shall see
constructors in every corner as we
had seen a video shop then. We all
know what happened in the end, they
all became things of the past.
The Real Estate Sector in Turkey Back Again to Growth Process
Having contributed to the
development of the sector by having
yearly, quarterly corporate research
and reports prepared, GYODER, the
Real Estate Platform of Turkey, at a
press conference realized in 5 April
declared the conclusions and
evaluations stated in the “Basic
Indicators of the Real Estate Sector
in Turkey 2010” as well as the
“Turkey and World Real Estate Sector
Report of the 4th Quarter 2010”
examining the last quarter of the last
year.
Champion Provinces in Pre-Owned Home Prices
According to the real estate indexes of
the month of March, pre-owned home
sales prices raised most in Adana and
declined most in Bursa. According to
the Report dated March 2011 of real
estate indexes prepared by Reidin.com
and GYODER with the support of Garanti
Bank, in the month of March, Adana
has been the province where preowned home sales prices were most
increased and Bursa has been the
province where they have most
declined. Whereas new home sales
prices have increased by 0,19 percent
in comparison to the previous month.
The March 2011 report of the real
estate indices prepared on pre-owned
and new home sales in Adana, Ankara,
Antalya, Bursa, Istanbul, Izmir and
Kocaeli has been published. According
to Reidin.com Real Estate indices, in
March, with 1,13 percent per square
meter of value increase in pre-owned
home sales prices in comparison with
the previous month, Adana became the
province with highest price increase.
For the same period pre-owned home
sales prices have increased by 0,58
percent in Ankara, by 0,51 percent in
Antalya, by 0,31 percent in Istanbul, by
0,09 in Izmir and by 0,23 percent in
Kocaeli. With a decrease of 0,11
percent in the sales prices Bursa
became the province where the prices
have fallen the most.
Worn Out Cities Remained Weak in Performance
Anatolian Cities Shined Out
According to the research on the
“Sustainability of Cities in Turkey”
realized by the joint work of
Mastercard and Boğaziçi University
with the contribution of Frekans
Research Company, while Eskişehir,
Kayseri, Konya and Bursa were
provinces that shone out in
sustainability, while Istanbul lagged
behind in sustainability.
İstanbul could rank only 24th in
sustainability, 15th in environmental
performance, 22nd in economic
performance. While in social
performance it could only rank just
ahead of Ağrı which was the last.
The Telegraph's Recommendation of Altınkum and Istanbul
According to the newspaper The
Telegraph, in the list prepared with
the recommendations of real estate
agencies and real estate market
analysts, Altınkum in Aydın and
Istanbul are among the 10 best
overseas places for real estate
investment. In the list, Como Lake in
Italy, the states of Atlanta and Florida
in the USA, the Tarn region in France,
places such as Berlin in Germany and
Malta are found. In the news
recommending that courageous
investors might pay 150 thousand
Pounds (375 thousand TRY) for
apartment flats in Istanbul with the
expectation that Turkey would join
the European Union, cheap flats at
prices starting from 25 thousand
pounds (62 thousand TRY) were
available in Altınkum were
mentioned.
Bursa Çelik Palas Reopens
We Would Like To
Share A Legend
The Story of Water in Istanbul
Water Supply of the City
in History and Pipelines
Istanbul is one of the oldest cities of
the World established B.C. 658 in
Sarayburnu and the periphery is also
a very important settlement place
from the geopolitical perspective as
well. The need for water of the city at
its foundation phase was met from
underwater resources. The first
important water facilities have been
built during the time of the Roman
Emperors. Records indicate that a
waterway has been built in the
second century from the resource
outside the city walls to the outskirts
of Haliç and that in the fourth
century; water has been brought from
nearby Halkalı up to Beyazıt by
aqueducts which have been built. It is
also known that with reservoirs
constructed in the Forests of
Belgrade, the waters of the
Kağıthane River have been collected
in grids and pools and these waters
brought to the city. In the following
centuries, in order to meet increased
demand for water and as a measure
against the likelihood of drought and
wars, open and covered cisterns have
been built in the city. The most
famous covered cisterns are; The
Basilica Cistern with 336 columns
(Yerebatan Palace), and the
Philoxenus Cistern (Binbirdirek) with
224 columns. While water facilities
built by the Roman emperors have
been subsequently repaired and
expanded to a certain extent by the
Byzantine Emperors, they have
become derelict and on the verge of
depletion in the last periods of
Byzance. From these facilities, Mazul
and Valens (Bozdoğan) Aqueducts
have been excellently repaired by the
Ottomans and have been saved from
demolition.
Ottoman Era
Turks, opening a new era with the
conquest of Istanbul, have developed
a good system according to the
conditions in these days. With the
increase in the population of the city
after the conquest, existing water
facilities became insufficient. Fatih
Sultan Mehmet has improved water
facilities which have been
constructed before him.
The historical Çelik Palas Hotel of
Bursa has been renovated by MSN Yapı
Yatırımları A.Ş. and reopened. Çelik
Palas Hotel had been acquired by MSN
Yapı Yatırımları A.Ş. at the price of
38,9 million Dollars in a privatization
tender in August 2007. The facility is
said to be renovated with a budget of
55 million Dollars.
A Room in Istanbul is More Expensive than in Europe
Istanbul became one of the cities
experiencing the highest increase in
the European Hotel Price Indexes.
While average room prices in Europe
were around 120 Euros, prices in
Istanbul have been 144 Euros in April.
In April, Istanbul had its share from
the hotel price increases throughout
Europe. At the Hotel Price Index
surveying hotel prices in European
cities, Istanbul was among the cities
experiencing the highest with 29
percent increase. While room prices
throughout Europe remained around
120 Euros, in Istanbul the average
room price has been 144 Euros in
April, leaving the average Europe
price behind. Compared to April 2010,
in Istanbul, the hotel price change
materialized as 14 percent. Istanbul,
with this price increase takes its place
among the most expensive 10 cities in
Europe. Tourism officials advocate
that the price increase was the result
of Istanbul's being an attraction
center in tourism as well as from the
benefit created by the activities which
have been carried out. According to
the explanation made, there is a price
increase between last year and this
year on the basis of room prices. We
think that increased numbers of
international flights of Turkish
Airlines have greatly contributed to
that. We certainly think that when the
beauty of our city is united with
resources, everything develops more
positively.
February 2011 Turnovers Increased by 17%
Compared to February 2010...
February results of the Shopping
Center Index prepared jointly by the
Shopping Center Investors
Association and Akademetre Research
have been announced. Published
regularly each month, data show that
an increase of 17% was experienced
in the turnover index of February
2011 with 108 points in comparison
to February 2010 index. A decline of
4 points was observed in the turnover
index of February when compared to
the previous month. An increase of
4% occurred in Shopping center visits
in February 2011 when compared to
February of last year. Whereas in
comparison to the month of January
2011 the Shopping Center Visitors
Index declined to 97 points from 99
with a 2% fall. When compared to the
month of February of last year, this
year increases by 19% in clothing
and accessories turnovers, by 23% in
shoes and bag category turnovers, by
9% in hypermarket, supermarket and
charcuterie turnovers, by 23% in food
and beverage areas of shopping
centers turnovers and by 22% in the
turnovers of technology market and
electrical appliances have been
observed. An increase of 13% has
experienced in the other stores within
the shopping centers compared to
February of last year and reached 108
points. In the light of the data
announced we can say that the
turnover has increased despite a
decrease in the number of visitors. In
other words the number of average
sales slips increased in comparison to
last year.
MAY NEWS
Bombed HSBC building opened as “Edition Hotel”
Later many Sultans and High State
Officials have added to the Water
Facilities Complex of the Marmara
Region new branches fed by several
sources around Halkalı Village and
named Halkalı Waters. When water
shortage was once more observed with
the increase of population in time, the
sovereign Kanuni Sultan Süleyman has
appointed Mimar Sinan to solve this
problem. Thus, the construction of
Kırkçeşme Water Facilities has started
in 1555. Waters collected from the
watercourses of Alibey and Kağıthane
Rivers have been collected in pools
and brought to Eğrikapı then brought
to the city from there. As pipes
resistant to excess pressure did not
exist in those times, aqueducts have
been built in the valleys letting waters
flow through them to carry water from
one place to the other. It is observed
that the fine calculations and
measurements made in the
construction of watercourses are as
reliable and accurate as the
calculations made today with modern
tools. In fact today some of the
aqueducts still continue to exist. On
the other hand, various source waters
have been connected to fountains
with water pipelines to meet the needs
of the population. The water problem
of Beyoğlu district of Istanbul was
initially resolved in 1732 with the
water facilities of Taksim. Water
collected in the vicinity of Bahçeköy
has been brought with a water
pipeline of 20 km to a reservoir in
“Taksim” and from there to Fountains,
Water Dispensers and Sadirvans. In
fact, the name of the district Taksim
comes from being the center where
waters are divided.
Period of French Water Companies
In order to meet the need for water
which was insufficient and to provide
pressurized water to newly built
modern buildings in Istanbul which
was one of the most important cities
worldwide a concession has been
given to the French Company in 1868
by Sultan Abdulaziz and the company
"Dersaadet Anonim Su Şirketi"
(Terkos Company) has been founded.
Thus, the collection by this company
of waters from sources, rivers and
underground and their allocation as
well as conveyance to the city after
treatment of the water to be taken
from Lake Terkos and its distribution
has been accepted.
The former Head Office building of
HSBC which left its mark in our
memory because of the bombing had
been bought by Palmali Group of
Companies at 93 million TRY from the
Saving Deposit Insurance Fund (SDIF)
in 2007. The building, after becoming
"The İstanbul Edition" with an
investment of 150 million dollars, is
being operated by Marriott
International. The building belonging
to the hotel which was opened on the
3rd of May belonged to Demirbank in
the past. The building had been
transferred to SDIF after the takeover
of the bank by BRSA, in 2002 was
leased to HSBC which had bought
Demirbank in 2003; it had been
targeted by a terrorist attack.
Projects Expected to Boost the Economy
Prime Minister Erdoğan announced
the “Crazy Project“. It has been
announced that the project whose
details are not exactly known is an
approximately 50 kilometers long
canal in European Side to link the
Black Sea to the Sea of Marmara. It is
said that with this canal, an island
shall be formed on the European Side
and that feasibility studies will last 2
years. Time will show whether the
project shall be realized or not.
Crown Plaza Returns to Bakırköy
Managed by the sons of the ex Prime
Minister Tansu Çiller, Berk and Mert
Uçuran Çiller, Marsan Marmara
Holding is making a hotel investment.
Owner of Pera Rose, Pera Tulip and
Pera City in Tepebaşı, the Group has
recently leased for 12 years the
operation of the hotel constructed by
Astemya İnşaat right opposite to
Titanic Port Hotel operating in
Bakırköy. It is being said that the
hotel which has cost 15 million
dollars is planned to start operating
in July. The brand of Holiday Inn
Crown Plaza from the Intercontinental
Group brands which had been in
service on the coast of Bakırköy since
1990 had become Sheraton in 2009.
Akfen GYO in Public Offering
29.1 Percent shares of Akfen GYO
which is a GYO company focused in
city hotel business is being offered to
the public. Having delivered 10 hotels
to Accor group with a framework
agreement of 5 years concluded in
2005, Akfen GYO, with the agreement
renewed for 5 years in 2010 shall
develop and deliver at least eight
hotels in Turkey. Having also
investments in Russia in addition to
Turkey, the constructions for İbis
Hotel in Samara and Yaroslavl by
Akfen are about to be completed.
The first facility which has been
constructed was the Elevation Center
at Terkos lakeside in 1883. The
Junction raising the lake periphery
was realized in 1888. The first Water
Purification Plant has been
constructed in 1926 on the hills of
Kağıthane and the water, after being
treated and chlorinated, has been
transmitted to the city. On the other
hand, in order to meet the increased
demand of the constantly developing
Anatolian Side, the Water Company of
Üsküdar - Kadıköy established in 1888
has constructed the 1st Elmalı Dam in
1893 on the Elmalı River, laid water
supply network on the area from
Anadoluhisarı to Bostancı. Later a
Water Treatment facility to purify the
water of Elmalı Dam, an Elevation
Center, Water Distribution Pipeline to
Bağlarbaşı and the Water reservoir of
Bağlarbaşı have also been
constructed by the company.
Historical Samsun Tobacco Factory
Becomes a Shopping Center
The Period of Istanbul Water
Administration (İ.S.İ)
Having stepped into the city hotel
business with Swissotel Grand Efes
İzmir in 2005, Murat Vargı's MV
Holding has purchased an old
building in Taksim Tünel. It is
expected to turn the building into a
boutique hotel with 33 rooms. The
real estate named as Çubuklu Building
is said to be an old commercial
building.
When Concession companies took the
maximum from their rights and
avoided to fulfill their responsibilities,
it was decided that the issue of water
could not be solved through these
companies and Terkos Company has
been bought in 1932 and Üsküdar Kadıköy Water Company in 1937 and
have been transferred to İstanbul
Water Administration (İ.S.İ.).
International Meeting in the Sector with GYODER
Today, Istanbul Water and
Sewerage Administration Era (İSKİ)
However, the population of Istanbul
has increased with individuals
migrating in large numbers and
bringing service to the neighborhoods
has become increasingly difficult.
When the capacity of İ.S.İ. could not
meet the increasing population's
need for water and sewerage, the need
for establishing a new administration
with larger authority and means has
emerged. As a consequence, Istanbul
Water and Sewerage Administration
(İSKİ) was founded in 1981 under the
supervision of Istanbul Governorship
and with a law enacted in 1984 was
taken into the organization of the
Metropolitan Municipality of Istanbul.
With the new law entering into force in
2005 the service area of İSKİ General
Directorate has been expanded.
Source: İSKİ internet site
www.iski.gov.tr
Samsun Tobacco Factory which had
been in an idle state is being brought
back to the economy under the name
of Bulvar Samsun project developed
jointly by Torunlar GYO and Turkmall,
two very important Shopping Center
investors of Turkey. In the scope of
the project the old Tobacco Factory
buildings shall be evaluated as stores,
restaurants, cafes, offices and culture
center, the project of 50 million Euros
under restoration in conformity to the
original is expected to be completed
in 2012. Realized on a surface area of
17.400 square meters in total, the
Bulvar Samsun project has a leasable
area of 16 thousand square meters. In
the project, an area of 11.600 square
meters is available for the stores, of
2.400 square meters for restaurants
and cafes, of 2.000 square meters for
offices and then 20.000 square meters
for parking garage.
Vargı's Company has purchased a Building
to Construct a Hotel in Tünel
“ISTANBUL REstate” bringing
together the real estate summit and
exhibition organized by the
Association of Real Estate Investment
Companies (GYODER) was held
between the dates of 17-18 May at
Lütfi Kırdar International Convention
and Exhibition Center. In the summit
participated by 100 speakers with 25
of them being from abroad, the
subject of “Real Estate Market from
Sociological Perspective” was
approached for the first time.
Companies participated with 62
stands in total to the Real Estate
Exhibition organized by GYODER with
the event organizer company Reed
Exhibitions. GYODER Summit, having
displayed projects of 18 billion
dollars, has this year also felt the
pulse of the sector. The General
Manager of our Company and member
of the Management Board of GYODER
Cansel Turgut Yazıcı presided a panel
held at the exhibition on the “Effects
of the Crisis on the Real Estate Value,
Changing Rules of the Game”.
Investments in the Real Estate Sector shall continue
According to the report Real Estate
Sector in Turkey – review of the first
six months of 2011 prepared by
Colliers International Turkey, real
estate investments are foreseen to
continue with the favorable
atmosphere in this year's economy as
well as with the strong domestic
demand. As the largest market for
offices, Istanbul has a modern office
space of 1.810.570 square meters.
Due to the limited stock of quality
offices on the European Side and the
high rents, the demand for A type
office aimed at new business areas is
increasing at the Anatolian Side.
Torunlar GYO Paid Dividends
Latest on
Bank Credits
Mortgage Credits
Interest Rates (%)
Torunlar GYO, as the most valuable
second Real Estate Investment Trust
(GYO) traded in the ISE with its
portfolio size and market value, has
organized its initial general assembly
in 25 May after the public offering
phase. In this initial General
Assembly, the company took decision
to totally distribute its distributable
profit related to 2010. According to
this decision Torunlar GYO, shall share
with its investors its total
distributable profit of 12,6 million TRY
as dividend. Furthermore, Torunlar
GYO took decision in the General
Assembly to continue with the
existing management. Torunlar GYO
has closed the year of 2010 with 2.5
billion TRY net asset value, 3.1 billion
TRY portfolio value and 1.4 billion TRY
market value.
Real Estate Stock Has Increased
Mortgage Volume 2009-2011
(% Rate of Change in Previous Months)
Consumer Credits in Collection
The report "Real Estate Sector in the
Emerging Countries and Turkey;
Evaluation and Forecasts” has been
presented at ISTANBUL REstate by Dr.
Can Fuat Gürlesel in the session
”Rising Countries in Post Global
Crisis”. According to the report,
regarding economic growth, Turkey is
behind Qatar, India, China and
Indonesia. While the housing
development area in Turkey is in the
middle segment, housing finance
system is developing; the market for
luxury houses and residences displays
a stable growth. Istanbul ranks at
27th in the global positioning of
cities, ranks at 71st among global
financial centers. Istanbul shows also
a stable growth in the office market.
While, in the hotel market there is an
increase in the revenues per room.
According to the report, looking at
the development forecasts for the
investable real estate stock, the real
estate stock in Turkey increased in
2010 and reached 239 billion dollars.
It is foreseen that this stock shall
reach 582 billion dollars in 2020.
Finally One Part of Izmir has its Zoning Plan
Development
in Consumer Credits
The application zoning plans in the
scale of 1/1000 remaining in the
boundaries of Konak of the
Metropolitan Municipality of Izmir
was accepted unanimously by the
Council of the Metropolitan
Municipality. The new city center,
with the construction foreseen, shall
resemble Manhattan District in New
York of United States, famous with its
skyscrapers. The plans had been
cancelled twice previously by decision
of the court. However last March, the
application zoning plan covering 315
hectares of the area has been
approved with the votes of the
members of the Municipal Council of
Konak. Thus, after an intermission of
8 years, the way was cleared for the
investors who foresaw an investment
of approximately 50 billion dollars for
the area. We are pleased for Izmir,
after having its way obstructed for so
many years for lack of plans.
Turkmall has Added MallAssist to its Companies
The real estate development and
investment company Turkmall has
established a company named
"MallAssist" with a purpose to serve
projects outside its investments.
MallAssist, which shall provide service
in leasing, construction, shopping
center management and asset
management, is being managed by a
team equipped with international
knowledge and experience
accumulated through many years.
News from
Our Company
The “Analysis of
Shopping Centers Potential
in Turkey” has been prepared
by Eva Real Estate
Consultancy Company and
Akademetre Research &
Planning Company
The result of a joint study conducted
by our company EVA Real Estate and
Akademetre, Turkey's largest
research company with domestic
capital was presented under the
name of “Analysis of Shopping
Centers Potential in Turkey”.
According to the report resulting
from the studies, Turkey still needs
shopping centers. However, as the
investments are not all made to the
right places, difficult days may be
ahead of investors in the forthcoming
period. The study has been conducted
with the aim of examining the
Shopping Center sector, of putting
forth the real accumulation and
potential, of determining potential
investment areas in Turkey and of
presenting needed types and sizes of
Shopping centers. It the study
determining the Shopping Center
Map of Turkey; shopping centers in
81 provinces and more than one
EVA Real Estate has prepared
“Istanbul Residential Market
Research Report”
EVA has prepared a detailed market
research report of 428 projects we
may define as “branded” located in
Istanbul in the scope of Istanbul
Residential Market Research Report.
The number of housings studied in
the report is above 280 thousand and
the report has been prepared to
include detailed records of the
residential projects. The report
consists of 450 pages including
annexes. In the study, the current
situation of the residential market in
Istanbul has been studied and
analyzed, at the same time, with a
perspective of 5-10-15 years, the
districts representing a development
potential for the future are
announced with the basis.
Denizli Shopping Center AVM on Sale
by the Savings Deposit Insurance Fund
The Savings Deposit Insurance Fund
(SDIF) has put up for sale Denizli
Shopping Center Commercial and
Economic Complex (Denizli Alışveriş
Merkezi Ticari ve İktisadi Bütünlüğü)
in exchange for the debts of EGS Real
Estate Investment Company. The
tender of the commercial and
economic complex with estimated
price of 50 million dollars has been
made in May 3rd, 2011. The
commercial and economic complex is
formed by the movable and
immovable properties necessary for
the continuation of the operations of
EGS Park Denizli Shopping Center
belonging to EGYO A.Ş as well as all
the goods, rights and assets arising
from the contracts of these assets.
As a buyer could not be found in the
tender made in the 3rd of May, it
seems that the property shall be put
to tender once more.
Trabzon Cevahir Shopping Center was opened
Trabzon Cevahir Shopping Center
opened its doors on May 14th with 95
percent full capacity excluding
entertainment areas. The Shopping
center planned to provide
employment to approximately 800
persons and to create a commercial
volume above 20 million Euros has a
total construction area of 33
thousand square meters and 20
thousand square meters of leasable
surface area.
18 Facilities from Turkey are
among the “Top 100 Hotels”of TUI
The largest tour operator of the world,
TUI has determined the top 100 hotels
worldwide in a survey study based on
“Customer Satisfaction” made with 35
million tourists who have travelled
with its brand for more than 10
thousand hotels. In the "2011 TUI
Holly" contest 18 hotels from Turkey
have succeeded to be among the 100
hotels determined worldwide. Last
year in the same study 20 hotels from
Turkey were among the top 100
hotels.
JUNE NEWS
TerraCity Shopping Center was opened
“TerraCity" realized with an
investment of 220 million dollars
under the partnership of Premerica
Real Estate and Eria Partners opened
its doors on June 1st, in the Lara
district of Antalya. In the shopping
center to bring together 180 brands
consisting of 150 stores, 30 cafes and
restaurants, there is a parking area
available for 1400 vehicles. Operating
in accordance to green principles with
a special system taking care to
prevent wastage of energy, TerraCity
has a gross leasable area of 48
thousand square meters. TerraCity
creating employment for
approximately 1500 persons in
Antalya is expected to be visited more
than 12 million people per year.
EVA Real Estate prepared
“Turkey Hotel Sector Market
Research Report”
EVA, in the scope of “Turkey Hotel
Sector market Research” has
prepared a detailed market analysis
report related to hotels throughout
81 provinces with their locations,
prices and much other information.
In the indexation study conducted by
taking to account the occupancies,
the development potential of the city
and hotel prices, which cities needed
hotels of 3, 4 and 5 Star categories
to be opened and which pricing
would bring success were calculated.
All three reports can be obtained
from EVA Real Estate Appraisal
Company against payment.
EVA Real Estate participated
with a Stand to
Istanbul REstate and GYODER
Real Estate Summit
EVA Real Estate Appraisal
Consultancy has participated with a
stand to the exhibition held between
the dates of 17-18 May 2011 at Lütfü
Kırdar Convention and Exhibition
Center.
Furthermore, the General Manager of
our Company and member of the
Management Board of GYODER Cansel
Turgut Yazıcı presided a panel held at
the exhibition on the “Effects of the
Crisis on the Real Estate Value,
Changing Rules of the Game”.
Opening of 3 Shopping Centers realized in 8 Days
KDM Shopping Centers Leasing and
Management Consultancy Center
realized the opening of 3 shopping
centers in 8 days. According to the
written announcement made by KDM
Consultancy, the 3 shopping centers
have a total area of 123 bins 500
square meters. Margi Outlet costing
30 million dollars in Edirne was
opened in May 28th, Sarar Outlet
Shopping Center costing 50 million
dollars, on the 3rd of June, İnegöl
Shopping Center costing 28 million
dollars on the 4th of June. While
Edirne Margi Outlet was an open
concept shopping center, İnegöl
Shopping Center is characterized as
the shopping center with the largest
plaza in Turkey.
Galleria Renovated at 17 Million Dollars,
Leasable Space Increased by 3.000 m²
Having a separate importance in the
sector as the first shopping center in
Turkey, Galleria has been renovated
with an investment of 17 million
dollars for the first time since its
establishment in 1988. Having its
internal space renovated by Dati
Yatırım Holding which also has Ataköy
Marina, Ataköy Marina Hotel, Galleria
and Sheraton İstanbul Ataköy Hotel
within its organization, the second
phase of the investment in Galleria
was to the external spaces. In the
scope of the renovation, the brands in
Galleria were renewed; technical
arrangements were made in the
internal spaces. Thus, 3 thousand
square meters were added to the
leasable space of 44 thousand 500
square meters of the shopping center
and 6 cafes were opened. With the
renovation made, the number of
visitors of Galleria is expected to
reach 20-25 thousand per day.
Rixos to Operate the Hotel of Sinpaş
Sinpaş, in the real estate project it is
realizing in Marmaris has come to
agreement with FTG Real Estate and
FINE Hotel Turizm İşletmeleri from
Rixos Group of Companies. In the
project formed by hotel, residences
and villas that Sinpaş will realize in
Marmaris, it was announced that the
brands of Sinpaş and Rixos would be
used. Sinpaş shall complete within
three years the construction of a hotel
complex with at least 140 rooms. The
property was bought by Sinpaş from
Hema Holding in 2009.
Construction Cost per Square Meter Increased
The Turkish Statistical Institute
(TURKSTAT) has declared the
“Construction Permits Statistics
Results of the 1st Period of 2011”.
According to that, construction costs
“excluding land share” of buildings
receiving building utilization permit
from the municipalities has been
607,2 Liras in the first quarter of this
year. Therefore construction costs per
square meter in the first quarter
increased by 7.4 percent compared to
the same period of last year and the
figure went up to 607,2 liras. The
construction cost per square meter
was determined as 565,2 liras in the
same period of last year.
AMPD Awards
2010-2011
Shopping Center of the year
Awards..... Awards....
(Larger than 50 thousand square meters)
Honorable Mention - Kent Park
Shopping Center of the year
(Smaller than 50 thousand square meters)
Award - Kozzy AVM
Award - Malatya Park AVM
Shopping Center of the year
(Outlet)
Award - Optimum Outlet
İstanbul
Retail Company of the Year
(Supermarket Category)
Award - Migros
Honorable Mention - BİM
Retail Company of the Year
(Chain Store Category)
Award - Kiğılı
Marketing Campaign of the Year
(Shopping Center Category)
Honorable Mention - Korupark
Shopping Center
("Korupark 1000 Basar" Project)
Marketing Campaign of the Year
(In Retail Sector)
Award - YKM
("YKM Kampus Kart" Project)
Creative Retail
Concept of the Year
Award - Mudo
Customer Satisfaction Project of the Year
(In Retail Sector)
Award- Migros
(Money Club Project)
Technology application
of the Year in Retail
Honorable Mention - Global Blue
("Instant tax refund project in Shopping Centers")
Honorable Mention- Kiğılı
(Corporate Automation Module)
Human Resources Application of the Year
Award - YKM
(YKM Career Management System and
Store Career Maps)
Honorable Mention - Sanko Park
(Sanko Park Akademi)
Civil Society Initiative of the Year
Award - Teknosa
("Nadir Eserler (Rare Works of Art)" Project)
Honorable Mention - Boyner Holding
("Nar Taneleri (Pomegranate Arils)" Project)
Awards Bestowed by ICSC 2011to Shopping Centers in Turkey
ICSC (International Council of
Shopping Centers) has announced the
winners of 2011 ICSC Solal Marketing
Award (AB) subsequent to the
European Marketing Conference held
in The Marmara Taksim Hotel in
Istanbul between 6 and 8 April 2011.
There were many Shopping Centers
from Turkey among 177 finalists from
22 countries for 2011. From 7 golden
and 21 silver awards 7 categories,
FORUM İSTANBUL Shopping Center
won one gold and KANYON Shopping
Center won one gold and one silver,
AKMERKEZ Shopping Center won one
silver award and made our country take
the first place in awards. Established in
1957, with its 60.000 members in more
than 80 countries, ICSC (International
Council of Shopping Centers) is the
global trade association of the
shopping center sector.
Award for Kozzy Shopping Center
at the 2011 ICSC European Shopping Center Awards
11 shopping centers from Austria,
Belgium, Bosnia-Herzegovina, France,
Germany, Russia, Sweden, Turkey and
Great Britain succeeded in receiving
awards. ICSC European Shopping
centers Awards as the most reputable
awards in the field of Commercial real
estate brings international credibility
to all finalists and winners. Kozzy
Shopping Center developed by
Rönesans Real Estate Investment
Company and designed by Fehmi Kobal
Architecture and 5+ Design has won an
award.
Jury's Special Award in the “Project of the Future”
Category given to Mall of Istanbul
"Mall of İstanbul" of Torunlar Real
Estate Company prepared to become
the largest mixed project of Turkey
with its concept formed by Residence,
Shopping Center and hotel, received
Jury's Special Award "Highly
Recommended Project" in the
category Project of the Future at
Global RLI Awards in 2011 organized
by the magazine of the retail and
entertainment sector Retail&Leisure.
The Global RLI Awards are given each
year to projects with innovative
thought and approaches worldwide.
“Certificate of Excellence” for Novatel and İbis Hotels
Novotel İstanbul, Ibis Hotel İstanbul
and Novotel Trabzon developed by
Akfen Real REIT and operated by chain
hotel group Accor S.A. received the
“Certificate of excellence” by
“Excellence Award 2011”. The
Excellence Award 2011 is prepared by
Tripadvisor.com, one of leisure and
travel sites, taking into consideration
the results of the customer
satisfaction surveys. As a result of
evaluations by customers worldwide,
hotels receiving 4,5 points over 5 are
deemed suitable to receive this
award.
QUOTE OF THE DAY
“An investment
in knowledge
always pays
the best interest.”
(Benjamin Franklin)
Düşündüren
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Published By:
EVA Real Estate Appraisal Consultancy Company
Bostancı E5 Kavşağı,
Şebnem Sokak Tavukçuoğlu İş Merkezi
No:10 K:5 34742
Bostancı-Kadıköy/İSTANBUL
Tel: 0 216 361 57 57
http://www.evagyd.com
mail@evagyd.com
News were selected, organized and comment by EVA Real Estate Appraisal and Consultancy Company
from various news organizations.
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