Bridge, April 2021

Fikirtepe Urban Transformation project, which has been on the agenda for a long time, has become a hope for a solution for the contractors and subcontractors as well as the beneficiaries in the region with the Ministry of Environment and Urbanization becoming involved in.
There is no reason to be hopeless. In about 7 years since 2014-2015, when the first building licenses were issued and the projects were put on sale, sqm unit sales prices in the region made no progress as 11,000 TL /sqm. However, in the negotiations of the beneficiaries with the contractors in the beginning stage of the project in the Fikirtepe Urban Transformation Project, they expressed their request for the unit price of about 10.000 TL/sqm that is the unit price in the said project by giving the example of the Akasya Project that was being constructed in those years. Since there wasn’t any development in the Fikirtepe Urban
Project during that time due to known reasons, while the unit prices made no progress in the beginning level, the prices in theAkasya Project have nearly doubled to 20.000 TL/sqm since then. Undoubtedly, the below factors have been effective for
the increasing prices in the Akasya project;
• In addition to the location,
• The fact that the concept was correctly selected and applied,
• The fact that a Management Plan was developed in accordance with its purpose and being a well-managed complex
This situation is perceived as an important opportunity for the Fikirtepe Urban Transformation Project. Yet it is located in a highly preferable region due to its location. However, the fact that the Ministry is involved in this project, an adequate social reinforcement
area was created, a concept will be created considering functional definitions of the plan as well as regional needs is of vital importance.

Thus, while the reinforcement area share of 34% was planned compared to the previous plans by placing importance on the reinforcement and recreational areas in the region according to the implementary development plans that are prepared and are
put up for review by the Ministry, the reinforcement area share was planned to be 51% in the region according to the new plan. Based on the three years covering 2018-2020, when the statistics on the basis of the housing unit sales in the district of Kadikoy are examined, it is understood that there are approximately 11,000 houses sold per year. Considering that about 15.000 housing units will be constructed and these will be delivered to the right owners and the needy in 2023-2024, it is considered that there will be an important amount of housing supply and this situation will repress the price increases. Such that, as a result of the calculations we have made as Denge Degerleme, it is foreseen that the gross unit sqm prices of housing units in the region will be around 17.000,-TL/sqm at the end of 2023 and beginning of 2024.

The last issue that is brought into the agenda regarding the subject is that whether Value Increase Share Tax, also known as the rent tax, will be valid for the region. Value increase share is not collected since Fikirtepe Urban Transformation Area has been designated as a risky area within the scope of Law No. 6306 on Transformation of Areas Under Disaster Risk