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5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Real Estate & RE Education Sector in Turkey Kerem Yavuz ARSLANLI Istanbul Technical University Real Estate Development Msc Program [email protected] edu. tr

Outline l Turkey Country Profile Where we came from? l Where do we go Outline l Turkey Country Profile Where we came from? l Where do we go from here? l l General Indexes l İstanbul Profile l l l Office Market Retail Market Housing Market Real Estate Sector Demand Side l Real Estate Education Supply Side l Latest Economic Crises Pros/Cons!? l l Conclusion

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 TURKEY

TURKEY REAL ESTATE MARKET l In the last quarter of 2008, after 27 quarters TURKEY REAL ESTATE MARKET l In the last quarter of 2008, after 27 quarters of continuous growth period, a slowdown trend has started to be observed in Turkish economy with the prevailing effects of the global financial turbulence. GDP reached to USD 742 billion with 0. 9% annual growth in 2008. As end of the second quarter of 2009, GDP growth decreased 10. 6%.

l Since 2002, labour market trends remained remarkably stable and the unemployment rate has l Since 2002, labour market trends remained remarkably stable and the unemployment rate has fluctuated around 10%. However, it has started to increase with economic slowdown and reached to 12. 8% as end of July 2009.

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

Shopping Centers Shopping Centers

4 th European Real Estate Society Education Seminar The Bucharest Academy of Economic Studies 4 th European Real Estate Society Education Seminar The Bucharest Academy of Economic Studies ROMANIA 5 -6 December 2008 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 5 th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4 -5 2009 Kerem Y. ARSLANLI Istanbul Technical University [email protected] edu. tr

Historical Evolution of Istanbul Urban Footprint Historical Evolution of Istanbul Urban Footprint

Historical Evolution of Istanbul Urban Footprint Historical Evolution of Istanbul Urban Footprint

Historical Evolution of Istanbul Urban Footprint Historical Evolution of Istanbul Urban Footprint

Real Estate Education 4 Universities Real Estate Education Masters Programs (2 years with thesis) Real Estate Education 4 Universities Real Estate Education Masters Programs (2 years with thesis) (ITU/IU/Kultur/Yildiz) l 3 Universities Certificate Programs 2 -3 months (Bogazici-Bilgi) l 1 Undergraduate Program at IU l 10 -15 students graduate annually l >500 total graduates since 2001 l

Real Estate Education Certificate Programs Real Estate Education Certificate Programs

Real Estate Education Msc Real Estate Education Msc

Real Estate Education Undergraduate Real Estate Education Undergraduate

Real Estate Education ITU first Masters Program in Real Estate Development in Istanbul/Turkey in Real Estate Education ITU first Masters Program in Real Estate Development in Istanbul/Turkey in 2001 l First Graduates in 2003 l Followed in 2005 by other Universities l Mortgage Regulations 2007 expand RE market and Education Sector l

Real Estate Education l 2007 Mortgage Regulations lead to Education Sector to short term Real Estate Education l 2007 Mortgage Regulations lead to Education Sector to short term Certificate base programs rather than 2 or 4 years Bsc or Msc

Real Estate Education Demand Side Real Estate Sector demand on internationally standartized Regulations (Valuation Real Estate Education Demand Side Real Estate Sector demand on internationally standartized Regulations (Valuation and Forclousure Issues) l Finance and Construction Sector dominetes as an market player and on many cases they interfier with each other… l Demand for 1 year executive masters international joint programmes l

Real Estate Education Supply Side Real Estate Education seperated into different departments l Regulations Real Estate Education Supply Side Real Estate Education seperated into different departments l Regulations and Laws tightens Cirriculums Few departments run on international standarts l International Crisis on Real Estate Pro/Cons l Sectors volume shrink / High Qualified Human Resourses on demand l Time to loose the old habits l Way of making bussiness in real estate will l

Real Estate Education Istanbul Need for Joint International Programs l Regulations to be in Real Estate Education Istanbul Need for Joint International Programs l Regulations to be in International Standarts l Highly Qualified but disconnected human resourses l Demand on interdisciplineer Finance Departments oriented programs l

l Thank You… l Thank You…