Real Estate Market Analysis 4

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Purpose
There is a place, also a need for improved marketing strategies in real estate development industry. Companies in this industry generally limit their marketing activities to marketing communications. Commonly used marketing activities are newspaper and/or TV ads according to size of the project and advertisement budget. Marketing communication activities that are currently used will not be sufficient as industry improves and competition arises. Neither giving full page newspaper ads is marketing, nor organizing a conference at a reputable hotel for industry’s media is public relations. As long as macroeconomic environment is suitable real estate development industry will attract many new entrepreneurs with industry’s high sales figures, profits and other preferable financial rates like IRR. Since existing players have not made so much investment to marketing, only entry barrier is financial power, which is not a very hard obstacle to handle for many possible entrants. Introduction

Real estate development is a very attractive industry in Turkish economical environment. With economical growth and suitability, evolution of peoples tastes, company needs, and retail industry, entrance of foreign investors and developers, Turkish construction industry shift up to real estate development industry along with brand new developers. Almost every day a new project is being announced, a new real estate developer established or an existing construction company extend or claim to extend its operations to real estate development. Number of players and naturally supply are increasing, but still it looks like market has not been saturated yet. The main reasons for this fact are maybe Turkey’s young population and its emerging economy state. Real estate development market may not be saturated yet, but power of buyers is increasing. Increasing power of buyer’s forces suppliers to develop more considered projects. Differentiation becomes a hygiene factor, rather than a motivator(Herzberg, two factor theory). Increasing supply and sophisticated needs of buyers end the confidence for selling whatever project is developed. A new era of understanding buyers, tenants and their needs begins, hence more marketing in real estate development. Generic media ads and basic PR activities will not be sufficient in the very near future. Real estate development industry can be categorized into two categories residential and commercial projects. Consumers (if it is a correct term for this industry) can also be categorized into two categories as buyers and tenants according to their transaction choices. Another categorization of consumers can be made according to their consuming purposes as investors and users. Turkey Real Estate Sector

There are many and similar definitions for real estate development, following one can be used like many others: Real estate development is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved parcels to others. (Peiser & Frej, 2003) Buildings that are subject to real estate development can be categorized into two; * Residential buildings

* Commercial buildings

Gayrimenkuller arsa, konut, ticari ve çok amaçlı (karma) kullanımlar olmak üzere asağıda dört ana baslık altında incelenmistir(Kodal, 2003). Çizelge 2.1: Gayrimenkullerin sınıflandırılması (Kodal, 2003). ARSA VE ARAZİ

KONUT
Müstakil Apartman
Ayrık nizam, Toplu yerlesim,Sıra evler
Apartman
Yüksek Katlı Alçak Katlı
TİCARİ
Ofis
Merkezi İş alanında Birden fazla müsteriye hitap eden
Merkezi İş alanı dışında bir veya daha fazla müşteri Tek müşteri hedefli
Ofis+Showroom
Perakende
Bölgesel alışveriş merkezi
Semt ölçeğinde alışveriş merkezi
Özellikli merkezler
İndirim merkezleri
Endüstriyel
Ağır sanayi
Hafif sanayi/depolama
Ofis/depo
Depo
Otel/Motel
İş/kongre
Turistik/tatil
Rekreasyon
Klüp
Marina ve resort
Spor...
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