Strategies transforming the market are highlighted in today’s Turk Estate publication.
Let's discuss the new housing types gaining popularity in Turkey. These residences prioritise energy and resource efficiency, aid in flat management and feature ergonomic designs. They may be initially cheaper to purchase real estate in Turkey or more expensive, but they promise significant long-term savings in maintenance costs. This means that the future belongs to them.
The Turkish real estate sector has consistently employed innovative approaches due to its dynamic structure, continuously changing market conditions and evolving customer demands. These innovations in the construction segment have gained even greater importance as technology evolves rapidly and customer demands change.
Turkish developers, much like developers in many other countries, endeavour to adapt their business processes to embrace the most advanced trends, thereby gaining a competitive advantage. This adaptation is crucial for investors, as housing constructed using the latest technologies and operating principles tends to be in high demand.
If you choose to resell your apartments in Turkey in the near future, they will be among the "most advanced". Should construction companies introduce them to the market in a few years, they will continue to retain their modernity, unlike "traditional" buildings that may gradually become outdated in terms of materials, layouts and technological solutions.
Content:
- Digital transformation and artificial intelligence
- Eco-friendly buildings and sustainable development
- Blockchain, smart contracts and transaction security
- Virtual and Augmented reality
- Big Data and market analytics
- More thorough construction supervision
- Low-cost solution: Buying a factory house
- Timeshare
- Hotel apartments
- Luxury housing
So, here are the major trends:
Digital transformation and artificial intelligence
The digital transformation in the real estate sector presents significant opportunities for automating business technologies and improving customer service quality. Artificial intelligence (AI) enhances the efficiency not only of work processes but also the functionality of properties, from apartments in development projects in Turkey to buildings and residential complexes (site), enriching the customer’s experience. Moreover, it’s quite pleasant: individuals who have used the smart home system, for instance, during their hotel holiday stay, often seek to implement it in their apartments. Firstly, your flat (or villa) will utilise special technical equipment to "remember" preferred room temperatures, timing for activating heated floors, whether to open or close curtains, etc. Secondly, it ensures safety: the smart system monitors if children have locked the door before going out and if the iron is turned off when no one is at home. Artificial intelligence will "turn it off" and block the water supply in the faucet and so forth. Furthermore, the "smart" refrigerator displays a list of products you need to buy.
Digital transformation technologies also optimise the operations of housing and communal services, ensuring that applications are promptly dispatched to the emergency service if the door closer is jammed, the lift breaks down, the light bulb burns out, etc. Smart home systems manage parking spaces, guests' cars and visitors (including unwanted ones) within the community. This optimisation enhances the efficiency of these services by mitigating the drawbacks of the "human factor": guards may fall asleep or leave their post during working hours, but everything is monitored by cameras with 24/7 video recording and the ability to zoom in on "unauthorised" cars.
If elite projects in the largest megacities are equipped with smart home systems, this trend directly influences economy-class housing with the assistance of the authorities. For instance, the Atış group of companies, renowned for its premium conceptual projects, is implementing smart home systems adapted to the TOKI social housing project to offer owners a high level of convenience.
Eco-friendly buildings and sustainable development
It’s not just a question of landscaping in residential complexes. Communities in large cities, such as Istanbul, surrounded by small artificially created green oases, tend to be more expensive.
However, we observe the opposite: eco-friendly initiatives and sustainable development are gaining increasing importance in real estate. Energy efficiency and the use of the safest materials help reduce the environmental impact and offer long-term cost savings. If Istanbul Airport, with its substantial energy requirements and expenses, transitions to solar energy, developers should consider this opportunity. Implementing practices such as recycling, water reuse, stronger solar panels, electric vehicle charging facilities and other eco-friendly options can boost the market value of residential properties.
One example of complexes with numerous sustainable development initiatives is the project of villas in Şile. Collected rainwater will be utilised to water the greenery in the landscape and the selection of plants and trees for planting was based on the region's climate.
The second aspect of this trend is the concern for people to live better and more comfortably in their homes. Moreover, their environment aids them in achieving this goal. A prime example is the bungalow quarter near Istanbul, where residents can cultivate vegetables and fruits in the surrounding area; special areas are designated for this purpose.
Not only buyers of villas and mansions but also residents of apartment buildings have the opportunity to own gardens and vegetable gardens, provided there is a spacious adjacent territory. Another example from Istanbul is available at the link.
The "eco-city" in Çorum, known for its many environmental efforts, is a unique project resembling a "smart" city with renewable energy sources. Solar energy supply systems will be installed on every roof of this large complex. All buildings will have reservoirs collecting rainwater flowing from the roofs, which will be used for irrigation. There are charging stations for electric vehicles as well and the properties will be “fuelled” from the most eco-friendly sources. The buildings in the project will consume less electricity.
Regarding the certification of eco-friendly construction, Turkey has finally addressed this matter.
Blockchain, smart contracts and transaction security
Blockchain technology can make real estate transactions more transparent, secure and fast. Smart contracts automate transaction processes, reducing paperwork and increasing trust between seller and buyer.
Although the most advanced technologies in this area have not yet been widely adopted in Turkey, great steps in this direction have already been taken.
More and more procedures are being conducted online, such as using the E-devlet system for tasks like monitoring real estate transactions (both new and secondary properties) and car deals.
Additionally, registration for signing contracts with notaries is conducted via E-devlet as well.
Virtual and Augmented reality
Virtual (VR) and augmented reality (AR) technologies enable customers to remotely explore the property they want to purchase. Video shooting, 3D tours and modelling of the layout and design of the apartment allow buyers to understand what they are buying. Firstly, this makes the process much more convenient. Secondly, fraud is reduced by allowing buyers to witness the construction of their new home through a website or by conducting virtual tours of apartments, thereby decreasing instances of deception and legal disputes. We want to remind investors again about the common fraud cases experienced by foreigners who buy flats and houses in Turkey without physically seeing them (based on advertised photos), which may not exist or have been sold to someone else.
Big Data and market analytics
Statistics and conclusions about Big Data are utilised in the real estate industry to understand market trends, predict customer behaviour and support investment decisions. With proper analysis, real estate professionals can develop more informed strategies, adapt quickly to changes and provide more competent advice.
More thorough construction supervision
Due to Turkey's vulnerability to earthquakes, this is particularly crucial. Firstly, the country launched a general register of houses, where it’s possible to find out their age, "history" and distinctive features in the "passport" issued for the building. Secondly, walls can be checked with special chips embedded in the building concrete. This enables the monitoring of the property’s quality, with the data readily accessible.
Low-cost solution: Buying a factory house
Such a type of real estate is increasingly in demand on the market. Thanks to this technology, you can purchase a building for the price of an apartment. The only difference between these houses is that such a building will be typical and you’ll not be able to move the walls there. The quality of construction and long-term operation, given the progress in this segment, is close to conventional capital structures. So, you can purchase a ready-made factory house and have it built in a matter of days — all you need is to have a plot of land. However, Turk Estate reminds us that qualified specialists should build such houses: do not let the instructions for "assembling in three days" mislead you about this process.
Timeshare
Another option is for those who cannot afford to buy a flat or can afford it, but do not want to acquire social housing. Consequently, you can purchase a flat on the first coastline and spend several weeks or months a year in it, inviting friends, relatives, etc. Moreover, this trend belongs to the "new is well-forgotten old" category: foreigners learned about timeshare in the 90s of the last century and forgot about it. It is back on the agenda. One example is the timeshare project at one of the famous Turkish resorts in Marmaris, which has risen in price by TL 3.2 billion over the year (the project in the complex).
Hotel apartments
This investment option is also on the rise. Unfortunately, obtaining citizenship is not possible through this method, as hotel apartments are classified as commercial properties. Renting out these units involves fewer difficulties, as management companies or hotel operators handle everything resulting in higher profits from leasing. Turkey is a tourist country and high-quality rooms in advantageous locations will always be in demand among travellers.
Some projects offer apartments or villas in Turkey within complexes under the brand of well-known international hotel chains — there’s a choice. For instance, let's mention Four Seasons in Istanbul or Maxx Royal in the resort of Bodrum.
Luxury housing
Another emerging trend is that investors prefer luxury real estate to cheaper options that offer more comfort and space for living and resale.
In addition to clarifying whether the housing is equipped with a smart home system, buyers pay attention to how modern the architectural project is and whether there’s extensive infrastructure for sports and recreation, such as the number of pools, tennis courts, marinas, beaches, etc.
When buying luxury housing, the requests are becoming more specific. These "subjective preferences" may include a heated winter pool, a winter garden, a fireplace, interior decoration with works of art and a helipad in the complex.
As you can see, innovative approaches in the real estate sector play a crucial role in meeting the expectations of both businessmen and customers. They shape the "housing market of the future" and promise to create a more efficient, affordable and customer-oriented sector. Buyers can only make a choice.
To find out which real estate and in which cities most meets the requirements of modern life, please contact the professional consultants of Turk Estate.