Construction sector starts to dress down
Güncelleme Tarihi:
Hürriyet
Oluşturulma Tarihi: Ocak 27, 2009 00:00
ISTANBUL-Major construction companies are building economic housing units in the face of the global crisis. This trend also reveals the profile of new projects. Many firms are targeting middle- and upper-middle-income customers in their new construction projects.
Turkey’s construction sector has saturated luxury premises for the moment and is now targeting middle and lower income customers, according to major construction firms.
Homebuilders have been adding various new qualities, such as recreational areas, security, technical infrastructure and state-of-the-art technology to new houses to meet the demand for "luxury premises" in Turkey. But now, the sector has taken a different turn. It is now targeting middle- and lower-income buyers.
This is partly due to the shrinkage in upper-class housing market and reservations of investors suffering in the global financial crisis. The latest formula in the sector is to meet the housing needs of middle-income buyers.
Real estate companies are targeting economic housing units in the face of the economic crisis and that reveals the profile of the prospective projects in 2009. Many firms including Teknik Yapı, Dumankaya, Fi Yapı, Garanti Koza and Osmanlı İnşaat are targeting middle- and upper-middle-income customers with their new construction projects.
The price per square meter is down below 1,000 Turkish Liras in new housing complexes being built by the sector’s leading companies such as Adres complex by Dumankaya in Tuzla district; UpCity by Teknik Yapı in Uğur Mumcu; Fiyaka houses by Fiyapı in Esenyurt and Tuzla; Akkoza by Garanti Koza in Esenyurt; Nadide Evleri by Osmanlı İnşaat in Beylikdüzü; Ekinoks Residence by Ekinciler in Beylikdüzü.
Studio flats are selling for 39,000 liras, apartments with two bedrooms and a family room are selling for 70,000 liras, and apartments with three bedrooms and a family room flats are going for 109,000 liras. Even Yuvataş Co., which is to launch a new housing project in Kurtköy in the second half of 2009, is targeting the middle and upper-middle classes.
Projects targeting middle-income buyers
Dumankaya, Fi Yapı and Teknik Yapı have lowered their prices due to the global economic crisis. Especially popular are the 35-square-meter studio flats by Dumankaya with a low down payment and a 120-month payment plan.
Flats with three bedrooms and one bathroom in the Fi Yaka-Esenşehir project by Fi Yapı are selling for 109,000 liras, and two-bed-one-bath flats as part of the Tuzla Project, also by Fi Yapı, are for 77,000 liras. Fi Yapı provides a 60-month payment plan in addition to financial support.
Teknik Yapı in its latest UpCity housing offers 24 months zero interest to customers who agree to pay 20 percent for down payment. Ekinciler Construction Co. has launched a 990-lira monthly payment campaign for the Ekinoks Residence. Propa Construction Co. set the price per square meter at 850 liras and is selling three-bed-one-bath flats for 133,000 liras. The Armada City project by Mimart is being advertised for 1,000 liras per square meter and the average sale price is 68,500 liras. The price per square meter at Nadide Evleri by Osmanlı Construction Co. is 1,196 liras. At Nadide Evleri, studios are sold for 60,500 liras. The price per square meter at Garanti’s Akkoza housing project is 1,495 liras and studio flats are sold for 123,760 liras.
Teknik Yapı Construction Co. President Nazmi Durbakayım said that they have made a deal with banks and obtained advantages and reasonable interest rates in order for middle-income class to buy houses. "We have never made concession in construction material and recreational areas do not cost much. We prefer to minimize the profit. Besides, in the shrinking market it is easy to obtain construction materials at a reasonable price."
Ali Dumankaya, a member of the executive board for Dumankaya Construction Co., said the company bought lots at a low price and have lowered the company’s profit margin. Therefore they reflect the Dumankaya quality to the Adres housing project in Tuzla. "We offer flats between 39,000 and 97,000 liras. We have sold a total of 280 houses in this crisis environment."
Fi Yapı CEO Fikret İnan said the company makes no concession in quality but discounts in construction materials due to the crisis help them a great deal. "We lowered our profit margin and still reach our targets. Well-planned projects give the same perfect results."
Homebuilders have been adding various new qualities, such as recreational areas, security, technical infrastructure and state-of-the-art technology to new houses to meet the demand for "luxury premises" in Turkey. But now, the sector has taken a different turn. It is now targeting middle- and lower-income buyers.
This is partly due to the shrinkage in upper-class housing market and reservations of investors suffering in the global financial crisis. The latest formula in the sector is to meet the housing needs of middle-income buyers.
Real estate companies are targeting economic housing units in the face of the economic crisis and that reveals the profile of the prospective projects in 2009. Many firms including Teknik Yapı, Dumankaya, Fi Yapı, Garanti Koza and Osmanlı İnşaat are targeting middle- and upper-middle-income customers with their new construction projects.
The price per square meter is down below 1,000 Turkish Liras in new housing complexes being built by the sector’s leading companies such as Adres complex by Dumankaya in Tuzla district; UpCity by Teknik Yapı in Uğur Mumcu; Fiyaka houses by Fiyapı in Esenyurt and Tuzla; Akkoza by Garanti Koza in Esenyurt; Nadide Evleri by Osmanlı İnşaat in Beylikdüzü; Ekinoks Residence by Ekinciler in Beylikdüzü.
Studio flats are selling for 39,000 liras, apartments with two bedrooms and a family room are selling for 70,000 liras, and apartments with three bedrooms and a family room flats are going for 109,000 liras. Even Yuvataş Co., which is to launch a new housing project in Kurtköy in the second half of 2009, is targeting the middle and upper-middle classes.
Projects targeting middle-income buyers
Dumankaya, Fi Yapı and Teknik Yapı have lowered their prices due to the global economic crisis. Especially popular are the 35-square-meter studio flats by Dumankaya with a low down payment and a 120-month payment plan.
Flats with three bedrooms and one bathroom in the Fi Yaka-Esenşehir project by Fi Yapı are selling for 109,000 liras, and two-bed-one-bath flats as part of the Tuzla Project, also by Fi Yapı, are for 77,000 liras. Fi Yapı provides a 60-month payment plan in addition to financial support.
Teknik Yapı in its latest UpCity housing offers 24 months zero interest to customers who agree to pay 20 percent for down payment. Ekinciler Construction Co. has launched a 990-lira monthly payment campaign for the Ekinoks Residence. Propa Construction Co. set the price per square meter at 850 liras and is selling three-bed-one-bath flats for 133,000 liras. The Armada City project by Mimart is being advertised for 1,000 liras per square meter and the average sale price is 68,500 liras. The price per square meter at Nadide Evleri by Osmanlı Construction Co. is 1,196 liras. At Nadide Evleri, studios are sold for 60,500 liras. The price per square meter at Garanti’s Akkoza housing project is 1,495 liras and studio flats are sold for 123,760 liras.
Teknik Yapı Construction Co. President Nazmi Durbakayım said that they have made a deal with banks and obtained advantages and reasonable interest rates in order for middle-income class to buy houses. "We have never made concession in construction material and recreational areas do not cost much. We prefer to minimize the profit. Besides, in the shrinking market it is easy to obtain construction materials at a reasonable price."
Ali Dumankaya, a member of the executive board for Dumankaya Construction Co., said the company bought lots at a low price and have lowered the company’s profit margin. Therefore they reflect the Dumankaya quality to the Adres housing project in Tuzla. "We offer flats between 39,000 and 97,000 liras. We have sold a total of 280 houses in this crisis environment."
Fi Yapı CEO Fikret İnan said the company makes no concession in quality but discounts in construction materials due to the crisis help them a great deal. "We lowered our profit margin and still reach our targets. Well-planned projects give the same perfect results."