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5th 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 arslanli@itu.edu.tr. Outline. Turkey Country Profile Where we came from?
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5th 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 arslanli@itu.edu.tr
Outline • Turkey Country Profile • Where we came from? • Where do we go from here? • General Indexes • İstanbul Profile • Office Market • Retail Market • Housing Market • Real Estate Sector Demand Side • Real Estate Education Supply Side • Latest Economic Crises Pros/Cons!? • Conclusion
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 TURKEY
TURKEY REAL ESTATE MARKET • 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%.
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.
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
5th ERES EDUCATION SEMINAR - Vienna University of Technology, December 4-5 2009 Kerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr
Real Estate Education • 4 Universities Real Estate Education Masters Programs (2 years with thesis) (ITU/IU/Kultur/Yildiz) • 3 Universities Certificate Programs 2-3 months (Bogazici-Bilgi) • 1 Undergraduate Program at IU • 10-15 students graduate annually • >500 total graduates since 2001
Real Estate Education • ITU first Masters Program in Real Estate Development in Istanbul/Turkey in 2001 • First Graduates in 2003 • Followed in 2005 by other Universities • Mortgage Regulations 2007 expand RE market and Education Sector
Real Estate Education • 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 and Forclousure Issues) • Finance and Construction Sector dominetes as an market player and on many cases they interfier with each other… • Demand for 1 year executive masters international joint programmes
Real Estate Education Supply Side • Real Estate Education seperated into different departments • Regulations and Laws tightens Cirriculums Few departments run on international standarts • International Crisis on Real Estate Pro/Cons • Sectors volume shrink / High Qualified Human Resourses on demand • Time to loose the old habits • Way of making bussiness in real estate will change so the sector professionals
Real Estate Education Istanbul • Need for Joint International Programs • Regulations to be in International Standarts • Highly Qualified but disconnected human resourses • Demand on interdisciplineer Finance Departments oriented programs