Tamer Çiçekçi - Reha Medin Global CEO - has been featured on the november issue of Glober, stating a positive outlook on the construction and real estate in Turkey, especially in Istanbul.
Here is the interview as appears on the magazine.
"CURRENTLY, TURKEY IN GENERAL, AND ISTANBUL IN PARTICULAR, IS UNDERGOING A DRAMATIC PROCESS OF URBAN RENEWAL, ACCOMPANIED BY THE CONSTRUCTION OF VAST NEW RESIDENTIAL AREAS AND LARGE-SCALE INVESTMENTS IN INFRASTRUCTURE AND TRANSPORT TO SHAKING UP THE PROPERTY SECTOR MORE AND MORE WITH EVERY PASSING DAY. EXPERTS PREDICT THAT DEVELOPMENT WILL BE ONGOING, AS ISTANBUL CONTINUES TO REPRESENT AN ALLURING LOCATION FOR BOTH RESIDING AND INVESTING. WE SPOKE TO TAMER ÇİÇEKÇİ, CEO OF REHA MEDIN GLOBAL, AND RASİM ACAR, FOUNDER OF ULAŞTIRMA PROJE YÖNETİM, ABOUT THE STATE OF THE INDUSTRY TODAY, AND THE COMING FUTURE.
CEO of Reha Medin Global, Tamer Çiçekçi: “MEGA PROJECTS ARE A GUARANTEE FOR INVESTORS”
Tamer Çiçekçi, CEO of Istanbul-based property investment consultancy Reha Medin Global, believes that Istanbul’s mega projects, such as the Yavuz Sultan Selim Bridge, and the North Marmara Highway, along with the third airport project, will be great factors in attracting international and domestic investors to the property sector in the coming future, adding that “thanks these projects, Istanbul’s expansion and development in the property sector will continue to attract investment in Turkey and Istanbul for many years.
Can you tell us a little about what kind of area Reha Medin Global works in and what services it provides?
Reha Medin Global has been working for 30 years, and represents Turkey’s first domestic property investment consultancy network to work in the international arena. We are the only private company to provide surveys and evaluations, facilitate and process sales, and deliver long-term consultancy services to foreign buyers looking to invest in property in Turkey from abroad. Reha Medin Global has over 50 branches around Turkey covering all regional markets going under the name ‘Reha Medin Real Estate Services,’ and provides assistance on commercial real estate, property investment, sales and property management-related subjects.
What are the criteria you take into account when choosing a partner to work with on marketing Turkish sales projects?
With international investments in the property sector, most of our business is paid for in credit installment, for investment or residency purchases. That’s why at Reha Medin Global we like to make sure that when we are choosing partners to work with we don’t have anyone who will disappoint clients, will not have financial difficulties, who will deliver commitments on time, keep up to date with the latest developments in property, and even pave the way for such trends. We essentially require trustworthy developers. At Reha Medin Global we do far more than serve as a place you can sell your property with, and we go forward with an approach aiming to create longterm, sustainable relationships with the clients we work with.
What do you think the effect of recent development in the Turkish economy will have on the sector as a whole?
Recently, it was anticipated that international investments in emerging economies would decrease whilst international financial markets spent time recovering, but Turkey’s property sector has continued to flourish. This situation is a result of a lack of residential housing in Turkey, which creates high demand on the domestic market. The speed the sector is expanding in may have slowed down a little due to economic developments, but it is still undoubtedly growing. The Turkish real estate sector still ranks amongst the most lucrative for financial institutions. This contributes a lot towards the inflow of foreign currency into the country, depending on monetary exchange rates.
Where in Istanbul do foreign buyers prefer to buy estate retail for residency or investments?
For international investors, the main sites in Istanbul tend to be Esenyurt, Beylikdüzü and the area around the Basın Express Road. The reason for this seems to be that this is an area which shows the most investment in infrastructure and is developing in a very structured way. This develop has only just started and looks to continue. In the property market you gain from purchases. As these areas start realise their potential, we expect to see them rise to it, and for it to affect other areas’ rise in the future. As Reha Medin serves as a consultancy service more than a real estate firm, we are choosing to direct investors to these areas to ensure they make real gains.
How do you think the new third Bosphorus bridge and airport will affect the property market?
The third bridge and the North Marmara Highway, are complementary elements of the expansionist vision of the air travel sector. These two mega projects will act as a guarantee for investors of the furtherment of Turkey’s and Istanbul’s expansion and development for foreign investment many years into the future, and will ensure the city remains attractive to investment in the long run.
You represent one of the biggest firms to accommodate for foreign buyers in Turkey’s property market. How many countries to you work in?
The regions we have worked with most clients from in recent years have been the Middle East and Gulf region. However, at the same time we work with seven countries in Europe, including Germany, Belgium, Bulgaria, Hungary, Spain, Portugal and Greece, where purchases which necessitate a residence permit are popular.
How many property projects have you marketed abroad so far?
Right now, we are currently marketing over 50 projects abroad."
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