Table of Contents
- Stages of establishing a real estate project in Istanbul:
- Difficulties in establishing a real estate project in Istanbul:
- What are the appropriate safety procedures that should be implemented in a construction project?
- Is it better for a foreign real estate investor to buy properties under construction or to build his own project?
Introduction:
The process of establishing a real estate project in Istanbul includes several complex stages and difficulties that need to be addressed. In this article, I will give you an overview of the main stages of setting up a real estate project in Istanbul, as well as the common challenges and difficulties that can be encountered during this process.
Stages of establishing a real estate project in Istanbul:
1- Planning and preliminary study:
The process of establishing a real estate project begins with the initial planning and study stage. This includes identifying the ideal location for the project, and conducting a feasibility study to determine whether the project can be financially successful. At this stage, the main objectives and requirements of the project are also determined.
2-Detailed design and planning:
After conducting the preliminary study, the focus is on detailed design and planning of the project. This includes developing architectural and engineering designs, preparing precise plans for proposed residential or commercial units, as well as determining the materials and techniques used in construction.
3- Obtaining licenses and approvals:
This stage is considered one of the most important steps in establishing a real estate project in Istanbul. The necessary licenses and approvals must be obtained from the relevant authorities, such as local authorities and the Ministry of Construction and Urban Planning. This requires compliance with local standards and regulations.
4-Finance and investment:
Since setting up a real estate project requires significant financing, the next step is to ensure that the necessary financing is available for the project. Financing can be obtained from banks, investors or real estate investment companies.
5-Construction and implementation:
When the necessary funding is obtained, the construction and implementation phase begins. Workers, contractors and resources must be coordinated to begin construction. The quality, timeline and budget set for the project must be taken into account.
6- Marketing, leasing or selling:
After completing the construction phase, comes the marketing, leasing or selling phase. The project is marketed and attracts potential customers to buy or rent real estate units. This includes preparing innovative advertising campaigns and marketing strategies to attract customers.
Difficulties in establishing a real estate project in Istanbul:
-Intense competition:
Istanbul is one of the largest global cities and has an active real estate market. So competition among real estate developers is strong. It can be difficult to outperform competitors and attract potential customers, especially in up-and-coming urban areas.
-Regulations and licenses:
Obtaining government licenses and approvals can be complicated and tedious. You may face difficulties in dealing with the bureaucratic procedures and technical specifications required for the project.
-Legal challenges:
The process of setting up a real estate project requires compliance with local real estate laws and regulations. You must deal with issues such as real estate property rights, contracts, taxes, and consumer protection.
-Financing and investment:
Obtaining the necessary financing for a project can be a challenge. Banks and investors may be risk averse in this sector, and you may be required to demonstrate a strong business feasibility and investment plan
-Time and resource management:
Managing time and resources is crucial in a construction project. Unexpected delays may arise due to factors beyond our control such as adverse weather conditions or delays in the delivery of materials. Therefore, developers must have a solid timeline and effective resource management to deal with any challenges the project may encounter.
-Coordination between work teams:
The construction project involves several different work teams such as architecture, civil engineering, electrical, plumbing, etc. Harmonious coordination must be ensured between all these teams to ensure smooth project execution as per the required designs and specifications.
-Quality and compliance assurance:
High quality standards must be adhered to and compliance with specified designs and specifications must be ensured. This requires careful monitoring of construction processes, regular quality checks, and constant review of materials used in the project.
-Structural problems and specifications changes:
Unexpected structural problems may arise during the construction process, such as the discovery of weak soil or obstructions on the site. These problems must be dealt with immediately and the necessary measures taken to avoid negative impacts on implementation.
-Compliance with local regulations and laws:
Developers must comply with all local building, construction and safety regulations and laws. This requires following up on legal updates and local legislation and cooperating with relevant authorities to obtain the necessary licenses and ensure compliance at all stages of construction.
-Safety and facing risks:
Occupational safety and health is an important challenge in a construction project. Appropriate safety procedures must be implemented to protect workers and ensure a safe working environment. Site safety must be monitored and workers must be provided with the necessary training and equipment.
What are the appropriate safety procedures that should be implemented in a construction project?
Implementing proper safety procedures in a construction project is crucial to ensuring worker safety and reducing work accidents and risks resulting from construction. Here are some basic safety measures to put in place:
- Providing training and awareness: Appropriate training must be provided to all workers involved in the project regarding safety procedures, potential risks, and how to deal with them. This includes training them to use personal protective equipment and tools correctly.
- Use of personal protective equipment: Appropriate personal protective equipment must be provided and used for workers according to the nature of the work performed. This includes the use of safety helmets, goggles, safety shoes, work gloves, seat belts, etc.
- Risk analysis and implementation of prevention measures: A comprehensive analysis of potential risks must be conducted at the construction site and appropriate preventive measures to be determined to deal with them. This includes securing the site with protective barriers, providing clear safety signals and controls, and providing procedures for handling hazardous materials and heavy equipment.
- Management of hazardous materials and waste: Hazardous materials used in the project must be handled carefully and ensured that they are stored and disposed of in safe ways and in compliance with laws. Contaminated soil or hazardous waste resulting from construction operations must also be properly handled.
- Safety monitoring and periodic inspection: Continuous safety monitoring should be conducted on site and periodic inspections should be carried out to ensure that all workers are adhering to safety procedures and using protective equipment properly.
- Collaboration and Communication: Collaboration and effective communication should be encouraged among all those working on the project. Workers must share information about potential hazards and safety problems and report any unsafe condition immediately.
Remember to consider these as general procedures, and specific procedures may vary depending on the type of project and surrounding environment. Developers should consult local experts and safety professionals to ensure that appropriate safety measures are implemented in their construction project.
Is it better for a foreign real estate investor to buy properties under construction or to build his own project?
Buying a property under construction:
- Investing in an off-plan property can be a good option if you are looking for a faster way to get a property ready for use or for rent.
- There may be an opportunity to negotiate price and terms with the developer or seller. You can try to get a better deal by discussing prices and possible modifications in specifications.
- If you purchase a property under construction in a large residential or commercial project, you may benefit from the additional facilities and services provided by the project such as swimming pools, gyms, and public areas, Commercial and gardens.
Building a special project:
- Building a custom project provides you with complete control over all aspects of the project, from design to implementation. You can adapt the project according to your personal needs and preferences.
- The private project can be an opportunity to achieve higher returns when selling or renting real estate units after completion of construction.
- You may have more flexibility in setting a budget and controlling costs when building a private project. You can make decisions based on the materials used, specifications, architectural designs, and technology used.
- You could have the opportunity to develop a unique and distinctive project that is in line with your own vision and contributes to meeting the needs of the local market.
- Remember that no matter which option you choose, it is important that you verify the legal and financial documents of the property before purchasing or building, and cooperate with a specialized local attorney to ensure that the legal procedures are carried out properly.
We always advise you to consult with an experienced and reliable local real estate advisor for personalized advice tailored to your circumstances and investment objectives.
