Real estate development means that successful business and profitable investment, which involves modification activities, namely, partial or complete repairing of old or neglected properties, renovating of existing buildings, or purchasing vacant land and then establishing an innovative project on it before selling it afterwards.
On the other hand, real estate developer is the person or company that develops a region or a specific location, or rebuilds and modernizes an existing entity. The real estate developer has multiple choices and deep knowledge of the real estate market. He also knows the purpose of the project and the aim of the developing process. Furthermore, he coordinates and manages the different activities of the developing process, he is the one who converts a creative idea on the paper into a touchable reality on the ground.
The real estate developer is not a contractor or a real estate consultant. He is a development manager who provides the better ideas of the project through the detailed feasibility studies, the study of the financial sources, the selection of the best advisory and the best-suited contractor, and at the end, through developing the marketing plan and the selling strategy of the project. He spends his time finding the appropriate places for developing, dealing with financial institutions, and contacting the construction offices and contractors.
Ideas in the real estate development are something essential, yet the critical thing is to know how to get them correctly applied away from the risks of market fluctuations after the completion of the project. Ideas should be carefully studied and examined at all possible levels, and at this stage, only wise planning and comprehensive feasibility studies work.
Real estate development in collaboration with Imtilak Real Estate
Imtilak Real Estate provides this kind of service by searching for lands with distinctive pivotal locations to carry out constructions and projects of real estate development. That shall be at both large and small levels of investments, and done by Imtilak team that are specialized in this field, and by the consultant engineers erudite in the Turkish real estate market.
For us, real estate development means:
- To start constructions within the areas newly developed in Turkey. Namely, to build housing complexes of apartments or villas, and sometimes both within the same housing complex the thing that is considered one of the most successful investments. Yet, such kind of investments requires companies' or a group of investors' capital funds. However, this kind of projects is characterized by attracting the Turks and those desiring to live permanently in Turkey, especially after the rise of the income of the Turkish citizen in the recent years.
- To start constructions within the cities, be that by constructing on vacant lands or by the demolition of old buildings and constructing new ones instead. In this regard, the Turkish government strongly encourages this kind of activities (replacing the old buildings with new ones) and this is called re-urbanization. Re-urbanization is much spread in Istanbul real estates, and it is characterized by the quick cash recovery. Turks and those desiring to live permanently in Turkey aim at this kind of projects.
Real estate development does not end by the sale of a housing unit and delivering it to the customer, it is essential to focus on the evaluation of the services provided and to consider the views of the experts after the end of the real estate development process.
Elements of real estate development
- First: the merchant or the funder of the project of real estate development.
- Second: the contraction company, which will carry out the work according to the plan ordered.
- Third: the real estate agency, which will be the link between the funder and the contraction company. These agencies are responsible for the project management and supervision, the provision of creative ideas, and the provision of the feasibility studies for the proposals and the investment projects. That shall be through the department of studies and research of real estate development, and through the project marketing to achieve the greatest sales ratio.
Imtilak services in the real estate development
- Guiding the foreign investors and developers to the places experiencing real estate growing and prosperity in domestic demand of the Turkish real estate market.
- Finding the appropriate lands for the developers to start their projects on.
- Developing detailed feasibility studies for real estate projects and providing the best ideas compatible with the Turkish projects market that would lead to achieve the best profits for developers and real estate investors.
- Participating in real estate development process with the investors or linking them to the best reliable real estate development companies in Turkey to carry out the construction and cladding.
- Marketing the real estate projects depending on our long experience in this field and on the extensive customer base that we have in the external and internal markets.
Elements of success of real estate development
- Department of studies and research in the real estate company to follow up with the market and update the data.
- Department of investment management, where the developer has a remarkable ability to manage the capital funds employed for the projects, especially that he is usually busy with more than one real estate development project.
- Scientific consultant team specialized in developing economic feasibility studies of the proposals and investment projects. Of course, to develop a feasibility study means to analyze and visualize future market trends, prices, and performance of the project.