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9th ERES EDUCATION SEMINAR –
Slovak University of Technology, Bratislava
6-7th December 2013
R EA L E S TAT E E D U C AT I O N AT I S TA N B U L T EC H N I C A L U N I V E R S I T Y:
R E P O R T O N 1 0 T H A N N I V E R SA RY O F I T U R EA L E S TAT E M A S T E R S P R O G R A M
K E R E M YAV U Z A RS L A N L I , ( P H D )
A RS L A N L I @ I T U. E D U.T R
TURKEY REAL ESTATE MARKET
After 2002 economic crisis in Turkey real estate market is evolved with
respect to international globalization agenda. Between the years 2002
and 2008, Turkish economy has grown by 7.5%. Consequently, private
consumption expenditure have increased by 8% annually, by 6% per
capita and private sector investments in fixed assets have increased by
23%.
In parallel, the housing and commercial real estate sectors have also
demonstrated a considerable growth. Foreign capital investments and
the shares of international investors in commercial real estate’s have
also increased (PwC, 2012).
TURKEY REAL ESTATE EDUCATION
The Real Estate Masters Program at Istanbul Technical University was
started in 2002. The program was the first one in Istanbul and Turkey
which has given more than 250 graduates in last 10 years. After 2005,
the growth of real estate sector in Turkey provides new business
opportunities to the educated young professionals.
Alumni survey reviews the Real Estate Masters program at Istanbul
Technical University and its graduates with respect to changing business
environment of real estate sector. Findings of the survey reveal the
need for more flexible and short-term lifelong education methods for
real estate professionals.
TURKEY
TURKEY General Outline
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%.
Istanbul Real Estate Market Outline
Commercial Real Estate Market
in Istanbul showed a different
behaviour with respect to
western markets after 2008
credit crunch.
Office space absorptions in
İstanbul Asian and European
sides reveals that european
market gets higher rates that
asian market.
Office Space Absorption sq meters
Istanbul Real Estate Market Outline
The pipeline for Office market,
European side of the city will get
more of the leaseable space
than asian side and vacancy
rates of the highly dense
market.
Office Market in Pipeline for Istanbul (1000 sq
meters).
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%.
Office Market in Pipeline for Istanbul Sub-Discricts.
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%.
Office Market Vacancy Rates Istanbul Sub-Discricts.
Kerem Y. ARSLANLI Istanbul Technical University [email protected]
Kerem Y. ARSLANLI Istanbul Technical University [email protected]
Kerem Y. ARSLANLI Istanbul Technical University [email protected]
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) (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 Certificate
Programs
Real Estate Education Msc
Real Estate Education Undergraduate
Real Estate Alumni Survey
In order to get the contribution of courses, thesis and networking
abilities of student to their future carier planning, questionerries were
asked to alumnies. Their feedback is give valuable information for
detecting new vision of Master’s program. The outcome of the
contribution of courses for their carier development get higher
percentage. This might caused by multidisciplineer scheme of student
undergraduation programs
Real Estate Alumni Survey
The contribution of the thesis gets a hard critic from alumnies that long
and demanding workload of thesis is taken little effect on their carier.
Real Estate Alumni Survey
Alumnies respond to contribution to their business network gets the
higher score where little critic from few where their work on public
enterprises. Which might get little help for static structure of
government job pursuits.
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
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)
Construction Sector dominates the market.
Demand for short term 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: Turkey
Need for Joint International Programs
Regulations to be in International Standarts
Highly Qualified but disconnected human resourses
Demand on «Asset Market» oriented programs
Thank You…