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Cumberland Properties

Cumberland Properties. Properties in Turkey. Cumberland Properties. .. is a real estate agent and property developer in Turkey, specialising in building property for sale or rent in Bodrum and Kalkan

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Cumberland Properties

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  1. CumberlandProperties Properties in Turkey

  2. CumberlandProperties.. • .. is a real estate agent and property developer in Turkey, specialising in building property for sale or rent in Bodrum and Kalkan • ..created a well-known brand in the United Kingdom and in other European countries with offices all across Europe • ..works with its own localconstruction companies and architects (including world-renowned Turkish architectDeniz Kutay) and offers full after-sales servicesto its clients • ..has received numerous accolades and is frequently recognized for itsleadership in the Turkish market

  3. CumberlandProperties.. • ..currently holds in excess of 500 properties in the range of US$105,000-1,000,000 and is in the developing five sites, with its own construction company • ..Since 2003 the company has sold properties worth US$ 41m, generating US$ 18.6m of net profit. • ..aims to achieve a 50-70% profit margin, backed up with strong cash flows and liquidity. • ..is expecting the inflow of tourists to increase further the company’s product demand

  4. Turkey • 5th largest population in the OECD with 71.2 million people, ahead of UK, France and Italy • Political stability with single party government • Economical reforms assisted by the IMF and continued cooperation with EUwill further improve the economical and social integration of Turkey. • GDP grew more than 5% in 2005 and the CPI diminished to single digits in the last 2 years and still continueing. • Residental real estate demand will be increased by a mortgage system which will be introduced in Turkey in 2007

  5. Turkey: Macro Forecasts

  6. Turkish Real Estate Market • Last three years saw a big rise in the demand in all segments of real estate investments. • Nearly all segments saw a rise in rents and sales rates varying between 10 and 50 % • Key factors: Growth in demand, stabilization of the economy, lack of quality supply, depreciation of the dollar, future developments in EU accession • Desire to enter the market through acquiring ‘cash flow real estate’ • The flow of foreign direct investment (FDI) to Turkey next year will double this year's amount to almost $20 billion, of this amount approximately $4 billion will flow into the attractive real estate market • The introduction of the mortgage system will take Turkey’s real estate market into a new dimension

  7. Turkish Real Estate Market • The Holiday Homes market • The Residential Market • Retail Market and Shopping Centers • Office Market

  8. The Holiday Homes Market • Tourism is a key industry in Turkey, with foreign visitors bringing in US$13.9 billion (€10.85 billion) last year. • Five years ago, Turkey allowed foreigners to buy property. Recent publication of statistics showed until 7 july 2006, 61803 foreigners took this opportunity and purchased 56953 properties in Turkey. • The United Kingdom provides the largest group of buyers, with 14456 properties, up from just 2420 in 2003. The Tourism Industry in Turkey boomed in the past years and the trend is expected to continue. • There is more space for real estate developments and prices are relatively lower than other holiday markets such as Spain and Italy. According to DTZ high quality houses in Turkey’s south/sout west area cost about US$ 1,074 per sqm. (Spain’s Costa del Sol prices are above US$ 4,200) • Cumberland Properties expects the prices in Turkey to increase by 60%-80% in the next two years.

  9. In the first 7 months of 2006 a total of 6053 sales has been established in Turkey to foreigners. In this period the total sold property area reached to 800.000m2: Source: Alanya Chamber of Commerce report August 2006

  10. As shown above page the origin of the majority of foreigners is European. Most purchases were done in Istanbul, for commercial purposes. • The most popular locations for holiday home buyers are Bodrum and Fethiye, followed by Antalya area (Kemer, Side, Alanya), Izmir region (with Kuşadası) and Aydın (Altınkum). • Like many countries that are becoming the focus of (most British) residential investors, growth is estimated at anywhere from 10 to 40 per cent a year.[1] • [1]Source: Colliers CRE United Kingdom

  11. Forecast on Turkey’s Holiday Home Market • The transformation will be dramatic with the introduction of a mortgage system in 2007. It will stimulate demand for domestic housing and drive prices up. • There's been a liberalisation of foreign property-ownership laws, with new legislation in 2005, and the possibility of EU accession has increased foreign investment. Helped by the fact that all property is freehold and eligible for inheritance by spouses or offspring.** • Recent events such as the bombattacks last summer have not had much of an immediate impact. The attacks were fairly late in the season, so people who booked their holidays went on and continue to go on, adding that the attacks were not large or dramatic enough to shock people into not traveling to,or buying property inTurkey.  

  12. The Residential Market • The residential market continued being very active both on the demand and supply side in 2006 • Due to population growth “the need for new housing” will remain. • Migration of people to suburban areas caused by movement of industrial sector • Holiday home trend in Turkey’s coast areas • Upgrading and investment purposes for buying

  13. Istanbul Residential Map

  14. Retail Market and Shopping Centers in Istanbul • High demand for shopping centers and high street retail, Turkey is still in the first stages of shopping center development with 26.8 sq.m. per thousand people • Total GLA of the shopping centers is around 800,000 sq.m.and approximately 400,000 of sq.m. under construction • Average occupancy rates vary from 90% to 100% • The yields currently stand at13% for retail properties • Average rents in shopping centers vary between $30 – $180/sq.m./month • Average rents in high street retail vary between $60 – $150/ sq.m./month

  15. Retail Market Map

  16. Office Market in Istanbul • There is a high demand for, but a limited supply of Class A office buildings on the European side. • Rents vary between $12 and $25 per sq.m. for Class A • The yields currently stand at 10% • Occupancy rate average is about 90% • “Build-to-suit” investment model and Office Park projects are becoming popular

  17. Central Business Districts of Istanbul

  18. CumberlandProperties.. • ..recently signed an agreement with Meditinvest, Landmark Property Management SA and CA IB Corporate Finance, to invest in real estate and residential/commercial property development in Turkey • Meditinvest has acquired four sites on the Bodrum Peninsula, with a total area of approx. 40,500 sqm, as well as an exclusive site of 405 sqm in Istanbul, on the Bosphorus waterfront. • Construction and off-plan sales have commenced on all sites. The owners intend to convert Meditinvest into Real Estate Investment Company and to pursue a public listing on the Istanbul Stock Exchange within 12 months

  19. Current Projects Seaview Regency Prestige 19 villas Gökçebel Project – 18 villas Konacık Project – 78 villas Gerişaltı Project – 5 villas Yalı Project – Palace

  20. Seaview Regency Prestige • This project offers a great seaview and close proximity to a very nice little sandy beach. • The architect of the project is Deniz Kutay. He got the award of one of the ten best architects of the world by Homes Overseas magazine. • The project offers 13 detached 3+1 villas with en-suite bathrooms and 6 semi detached villas with the option of their own private swimming pool in the front garden. • Gündogan, which is one of the many towns around the peninsula with lots of facilities, is at 10 minutes walking from Seaview Regency Prestige.

  21. Seaview Regency Prestige

  22. Seaview Regency Prestige Bodrum Financial Projection

  23. Gökçebel Project, Bodrum • Our development will be 18 prestigious apartments with garden and roof terrace offering seaview. • Gokcebel land is in a very popular area within walking distance to the beach, 4 star hotels and all facilities. • Target group is young families looking for the facilities of a town but within walking distance to the beach. • The best feature regarding this project is its seaview and surrounding mountains. Its location is a plus giving this land the ability to draw investors due to its high earning potential.

  24. Gökçebel Project, Bodrum

  25. Gökçebel Project, Bodrum Financial Projection

  26. Woodland Regency Konacık Bodrum • This project is in the centre which gives easy access to all facilities, e.g. 10 minutes drive from Bodrum and 40 minutes from the airport. • Woodland Regency offers 56 chic apartments and villas devided in 4 sectıons. The different types of villas furfill every individual need of the target group: • 6 one-bedroom apartments are for the young professional 32 two-bedroom apartments for families with young child(ren) 16 semi detached three-bedroom villas suited for families, full time living and elderly. • All property is built in high quality standards and contains first class supllies and design.

  27. Architectural impressions Woodland Regency

  28. Woodland Regency Konacık Bodrum Financial Projection

  29. Gerişaltı Project, Bodrum • In a very exclusive neighbourhood with full view over sea and Yalikavak Marina, we offer the option of 5 detached villas with private pools and landscaped gardens. • The demand for these properties would not only interest foreign buyers but Turkish investors too. This unspoilt area is 10 minutes by car to Yalikavak marina which is stylish and open 12 months a year. • The land is an unusual find, as buying in such a sought after area can be rare.

  30. Gerişaltı Project, Bodrum

  31. Gerişaltı Project Bodrum Financial Projection

  32. Seaside Residence Project Yalı Bosphorus, Istanbul • Recontruction and rebuilding of an old historical palace, the Yalı. With preservation of original architecture the Yalı will be a phenomenal luxurious villa. • Central Location and Easy Accessibility • Panoramic Bosphorus view • Located in Bosphorus which has the highest property prices in Istanbul • The advantage of limited property supply in Bosphorus. Only 360 plots on the bosphorus shore.

  33. Seaside Residence Istanbul

  34. Seaside Residence Istanbul Financial Projection

  35. Future Projects • Bodrum: Iasos Golf Project • Istanbul: Bahçeşehir Mixed-use Project • Çerkezköy Retail Project

  36. Iasos Golf Project This unspoilt bay with private beach front has vast scope for a holiday village which appeals to investors and singular buyers Increased desirability of this development could include a 9 hole golf course with restaurants, small marina for sailing boats and other facilities The project offers in the form of one and two bedroom apartments with full sea views

  37. Iasos Golf Project • Land Area: 900,000m2 • Location: Iasos, Milas • Beach Front: 800 metres • Distance from Airport: 15-25 minutes • Distance from Bodrum: 45 minutes • Distance from Iasos village: 4km • Distance from Gulluk: 10 minutes by boat • Price: € 30,000,000 • Building licence: 30% • Type of building licence: Residential Title-deed • Number of units possible: 2500 (100m2 perunit) • Construction Cost: €120 per sqm from land

  38. Bahçeşehir Mixed-use Project This project offers a total of 790 residential units and a shopping mall to be completed in two phases in Bahçeşehir. Total land area for these phases is around 72,000 sq.m with over 127,000 sq.m of construction area. Total cost for this project is estimated at $30.000.000

  39. Bahçeşehir Mixed-use Project Shopping Center Information Land area 41,909sqm Shopping Mall Gross Area 8,735 Small&medium shops leasable area 2,296 Anchors leasable area1,628 Foodcourt Area 371 Cinema Area 1,168 Circulation area 3,269 Office Gross Area 11,671 Office leasable area 8,443 Common areas 3,228 Sports area 1,693

  40. Çerkezköy Community Center Project Shopping Center Information • Land area 4,900 sqm • Shopping Mall Gross Area 10,300 • Small&medium shops leasable area 3,660 • Anchors leasable area 1,570 • Foodcourt Area 1,240 • Cinema Area 1,150 • Circulation area 2,700 The shopping mall is developed for 60 small&medium shop units, 4 cinema salons and 1 anchor hypermarket Total cost for this project is estimated at $8,000,000

  41. Çerkezköy Community Center Project

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