LARGE SCALE URBAN TRANSFORMATION OPPORTUNITIES IN TURKEY

600 BILLION USD

Estimated to create a market of over 600 BILLION USD in volume within the next two decades, Turkey’s urban transformation is the center of attention for the world’s leading construction companies.

7 MILLION BUILDINGS

Turkey’s multibillion-dollar urban transformation project, which sees the demolishing and renewing of 7 million of buildings deemed to be unsafe in the country’s earthquake-prone provinces is based on the Act 6306 Regeneration of Areas under Disaster Risk, 2012, not only to minimize the casualties in case of an earthquake but to address rapid urbanization, increasing population and housing demands in major cities.

INCENTIVES AND ADVANTAGES

Urban Transformation projects provides several incentives and advantages including VAT, property tax, building permit fees besides the lowered costs and reduced realization time by meeting consumer demands.

Advantages of Urban Transformation

Advantages over traditional property/land development projects
No Land Acquision Costs
Faster cycles of development
Resposible Investment
Flexibility – Retirement Villages etc.
Environmental Impact Asessment - EIA
Smart City Infrastructure
Tax advantages
Government Incentives
Central and/or Local Government Guarantee in Large Scale Projects

Advantages of Act. 6306

The ministry and municipalities assume vital roles in urban regeneration processes
Compare to current real estate development processes, provides a faster and easier regeneration process
Approval of 2/3 of beneficiaries on the project area is sufficient to commence the process
Project areas can be chosen at various scales, including central locations, as long as they match with the risk bearing criteria
Allows the development of blended projects which contain housing, office and touristic areas
Project areas can be chosen at various scales, including central locations, as long as they match with the risk bearing criteria
Allows the development of blended projects which contain housing, office and touristic areas