Overcome the crisis by selling small, low-cost fla

Real estate companies in Istanbul are preparing new projects with smaller, more economic apartment sizes to boost investments. Through payment plans and smaller unit sizes, some companies have managed to reduce prices to as low as 35,000 Turkish Liras for a housing unit. The daily payment for that price is a mere 19 liras.

Studio apartments in the Adres complex in Aydınlı of Tuzla, in the Fi-Yaka at Beylikdüzü, at Narinpark in Çerkezköy, at the Innovia in Beylikdüzü again, at the Garden Houses in Esenyurt, at Park Orman in Taşdelen, at the Orionpark in Esenyurt, at Ovalbahçe in Sarıgazi and at the Firdevs Houses in Beylikdüzü are being sold at extremely low prices and with reasonable payment plans. With the new strategy, apartments are being sold out as soon as they are put on the market.

The housing projects, which targeted lower-priced one-bedroom apartments, or 1+1s, for the purpose of revamping house sales, have brought the industry back to life.

Sale success in similar housing projects was accomplished after constructors gave serous consideration to low-cost smaller plans. Bigger projects are being modified into studios or two bedroom apartments. And the new trend has also brought new marketing methods into the game. For example, daily payments can be fixed as low as 19 liras and many down payments can be paid on closing.

Dumankaya Co. is leading the market with 280-unit Adres apartment complexes built in Tuzla, with 35-square-meter 1+1s selling at 39,000 liras. When 235 units were sold in 10 days, the company rolled up its sleeves for a second set of apartments where apartments sold for 39,000 liras. In the second leg of the Adres Project, 70 percent of the apartments were sold in three days. Dumankaya Co. now includes 35-square-meter 1+1s in the Minimal Project in Kurtköy. Flats will be sold at 59,500 liras.

Özyurtlar Construction Co. is selling 76-square-meter flats for 68,500 liras in the Garden Houses Project in Esenyurt. The payment plan requires a 20,000 liras down payment and 850 liras payments over 30 months, with the remaining 23,000 liras paid on closing. Because the apartments were sold so quickly, the company has now put a 250-unit second complex on the market.

At the Narinpark Project by Martı Co. in Çerkezköy, apartments vary in sizes between 45 and 62 square meters. The price for a one-bedroom apartments starts at 59,000 liras. With all of Narinpark’s apartments already sold, Martı Co. has just begun a new project where 40 percent of houses are already sold.

The Innovation Project by Yeşil in Beylikdüzü consists of one bedroom studios in the second set of constructions, most of which were sold at 60,000 liras. A total of 2,664 apartments were sold in two weeks. Over 4,000 potential customers visited the company in five days. After such tremendous interest, Yeşil Co. has decided to put a total of 6,530 flats in three blocks on market. The company also provides a payment plan with a zero interest rate and no banking credit.

Fi-Yapı launches a new project
Fi-Yapı put 1,592 apartments in the Fi-Yaka Beylikdüzü Project on the market March 14. The 54-square-meter apartments went on sale at 44,000 liras. In various campaigns, a total of 500 apartments were sold in four days. The remaining 60-square-meter 1+1s are being sold at 59,000 to 69,000 liras.

Parkorman Houses in Taşdelen consists of 70-square-meter apartments that were sold starting from 64,750 liras and were sold out in 20 days. In the project, banking credits by Yapı Kredi Bank and ING Bank with 120-month maturity dates and 1.48 percent interest rates were offered.

In the Firdevs Houses Project by Bilge Çınar Housing Construction Cooperation Union in Beylikdüzü, 1+1s are being sold at 53,700 liras. In Ovalbahçe Mansions in Sarıgazi by OM-İş partnership, 1+1s are being sold for 67,000 liras. The Orion Park project of Topkapı Co. in Esenyurt has one-bedroom apartments and two-bedroom apartments for 89,500 liras with a payment plan of 19 to 27 liras daily with 60 percent of the total payment up front.