Dr. M. Emre Çamlıbel, Soyak Holding CEO and Member of Board of Directors of GYODER (Turkish Association of Real Estate and Real Estate Investment Companies) chaired the panel "The New Rules of the Game and Sustainability" at the Real Estate Summit 2013.
Speaking at the panel, where participants covered issues such as the new face of Turkey with urban transformation, consumer power in real estate and the Type Construction Regulation , Dr. M. Emre Çamlıbel said that a holistic approach is key in discussing urban transformation projects.
The much-awaited annual Real Estate Summit was held on 10 December 2013 in Four Seasons The Bosphorus. Soyak CEO and GYODER Board Member Dr. M. Emre Çamlıbel chaired the panel "The New Rules of the Game and Sustainability" in the 13th edition of the conference. Panellists participating in the session were Altan Elmas, Member of Board of Directors of Konutder, Ahmet Ayyıldız, Istanbul Provincial Director of the Ministry of Environment and Urban Planning, Pınar Ersin Kollu, President of İȘGYO Legal Counselling HR & Training Group, and Haluk Sur, Chairman of Cushman&Wakefield and Member of Board of Directors of Emlak Konut Real Estate Investment Company Chairing the panel, where participants covered issues such as the new face of Turkey with urban transformation, consumer power in real estate and the Type Construction Regulation, Dr. M. Emre Çamlıbel revived discussions by asking the participants to answer four questions in three minutes each. Panellists discussed the Turkish Consumer Protection Law and the Planned Zones Type Construction Regulation, urban transformation and the state of play in the real estate industry in the face of changing laws and economy.
Soyak Holding CEO and GYODER Board Member Dr. M. Emre Çamlıbel said, "Urban transformation is an issue that needs to be addressed in a holistic manner. Holistic approach, master plan and urban design work are key in the enactment and implementation of urban transformation laws." Sharing his views on how urban transformation should take place, Konutder Board Member Altan Elmas said, "Useful and progressive work is done when drafting laws. We will see the shortcomings when laws begin to be implemented."
Participants pointed out in the panel that defining the term "defective good" in more detail is key for the real estate industry and that it would be wrong to consider the goods that have reparable or recoverable manufacturing defects as "defective". Panellists also stated that given the fact the industry secures funds through pre-sale, there was a need for further regulations regarding the right of withdrawal. They said that under consumer protection law, construction certificate must be present to carry out pre-construction sales and that misleading advertisements should be avoided.
It was noted that the Planned Zones Type Construction Regulation standardized definitions, general provisions and procedures related to construction certificates across Turkey. Participants also underlined the fact that the regulation partially addressed the issue of acquired rights, of critical importance for the industry, but said there is need for more articulate regulations in an industry where millions of liras are at stake.
Participants acknowledged the importance of green and energy-efficient real estate projects for the future of the industry and country and that energy-efficient projects will help Turkey save at least 25 billion USD in the next 5-10 years. In this regard, participants called for necessary legislative measures.
Answering the question "Will Mega projects become a reality?" by Dr. M. Emre Çamlıbel, Soyak CEO and GYODER Board member, Haluk Sur, Cushman&Wakefield Chairman and Board Member of Emlak Konut Real Estate Investment Company, said, "We have to succeed. Istanbul has already taken the first steps in this regard with projects such as Marmaray, the 3rd bridge, and Kanal Istanbul." Dr. Çamlıbel pointed out that all Mega projects are infrastructure projects and added, "When investments for these infrastructure projects are finalized, real estate, projects and investments in the country will increase in value." Panellists stressed how significant it is to implement these projects to promote Istanbul as a global city and attract foreign investments.
Soyak CEO and GYODER Board member Dr. Çamlıbel, asked whether there is "a housing bubble", to which all panellists answered that there is neither a price nor a stock bubble. Dr. Çamlıbel agreed that there isn't a housing price bubble, but reiterated that in the long run 8-18% VAT and 12% of sales price as taxes and fees should be slashed in order to avoid a supply surplus bubble.
Panellists agreed that 2014 will be a good year. Dr. M. Emre Çamlıbel said, "We expect a growth rate of around 7%, along the lines of last year. We believe that the Ministry of Finance will re-address the issue of VAT this year." before concluding the panel.