Real Estate

Fuzul Yapi started pre-sales in its new project Barbaros48 on the Bosphorus axis

Zeki Akbal, Vice Chairman of Fuzul Yapi, said, “With our Barbaros48 project, we wanted to answer the search for a luxury residential project and designed a special project that would raise the value of our city.”

Fuzul Yapi started pre-sale for its signature project Barbaros48.

According to Fuzul Yapi’s statement, Fuzul Yapi’s Barbaros48 project, which will be developed with the assurance of Emlak Konut GYO and revenue sharing model, draws attention with its panoramic feature that will offer the opportunity to watch Asia and Europe from the same window.

Fuzul Yapi, which opened the Barbaros48 Acquaintance Office at the General Directorate of Fuzul Savings Financing Inc. in Zircirlikuyu, aims to complete the project in 24 months. The floor heights of the project, which will be built with an angle of 180 degrees to see the Bosphorus line from Asia to Europe, are designed as 4.5 meters.

The interior architect of the project, whose architecture was designed by Mental Design Works, was Koray Yavuzer from KY Architecture. In the project, which is planned only as a residence and will not include areas such as office-shopping malls, flat sizes vary between 100 square meters and 350 square meters. In the project, which has a panoramic view of the Bosphorus and the historical peninsula from the 3rd floor, prices start from an average of $10 thousand.

There is an infinity pool on the top floor of the project, which is planned to have two parking lots for 2+1 flats, three for 3+1 flats, four for 4+1 flats, and separate parking lots for guests.

Zeki Akbal, Vice Chairman of the Board of Fuzul Yapi, whose views are given in the statement, emphasized that they want to build a project that is worthy of two continents, that is worthy of Istanbul, that is the “real ruler of the Bosphorus”.

Stating that they will not follow an aggressive policy for sales and that they have set up a meeting office for those who want to get information about the project, Akbal said:

For example, the average square meter price of flats, including the suburbs of cities, is €15,260 in Geneva, €13,880 in Zurich, €13,750 in London, €10 thousand in Munich and Paris, while this figure is 26 thousand Euros on average in Istanbul. In other words, €1,320. The difference is more than six times compared to European centers. These figures are over €30-40 thousand in luxury residences in Europe and America.’

Noting that local and foreign luxury home buyers clearly see the premium potential in Istanbul, Akbal said, “With our Barbaros48 project, we wanted to answer the search for a luxury project for this session and designed a special project that would raise the value of our city. The investment value of our project is at the level of ₺2 billion. One day, the price per square meter of ‘precious’ housing projects in Istanbul will be over €30-40 thousand.

As a sector player, we take responsibility for Istanbul to reach these levels. We are getting ready to carry the know-how we gained in Turkiye to Europe. We continue our negotiations to develop land and projects in Germany, especially around Frankfurt.’

Housing sales in the world are on the decline, unlike in Turkiye

Reminding that nearly 1.3 million houses were sold in Turkiye in 11 months, Akbal said:

‘We are up 1% compared to last year. However, a 30% decrease is expected in housing sales in China this year. When we look at the official data for the first 6 months, there is a decrease of 7% in the USA, 19% in Canada, 23% in the UK and 25% in the Netherlands. So much so that the ‘perception that house prices are no longer accessible’, which started in the Netherlands, is spreading to Europe as well. In summary, no one invests in a project that they think will not make a premium.

In the new report of British research company Knight Frank, it is emphasized that luxury housing investments are shifting to important developing city centers for this reason. In addition, according to Knight Frank’s research, Istanbul ranks first with 184.9% in the valued cities index.

An interesting piece of information is that Ankara (165.4%) and Izmir (150.9%) share the second and third places. The appraisal rate of Geneva, where the sale price per square meter is over €15 thousand, is at the level of 8%. This rate is 6% in London and 5% in Milan. In summary, the premium for both global and domestic qualified real estate investors is in Istanbul, Ankara and Izmir.’

Source: AA / Translated by Irem Yildiz

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