View Yapi Chairman of the Board of Directors, Ali Imran Bozdogan, stated that their 2024 vision is based on democratizing the market through real estate investment funds and said, “We expect activity in the sector towards the second half of 2024.”
The event, where details about the company’s projects and developments in the sector were shared, was held in Istanbul.
Speaking at the event, Bozdogan stated that 2023 was a difficult year for the sector and explained that it was a difficult year with the increase in costs due to inflation and the contraction in demand.
Bozdogan said, “Our expectations are different in 2024. We are currently developing a project in Ankara. We have brought our Metafor Ankara project to the delivery stage in Scythians, a transformation region of Ankara, despite difficult conditions. We will continue to develop the project this year.”
Stating that the decrease in purchasing power does not make financing instruments attractive, Bozdogan said:
“The decrease in demand due to price increases also prevents the development of projects and increasing the supply. A problem in supply causes prices to rise in our sector. We believe that there will be activity in the domestic market in the second half of 2024. We care about capital market instruments. Our Metafor Ankara project, a mixed living project, combines offices, residences and a shopping center. We will continue to remain as investors after the project in our shopping center is completed.
We also turned our shopping center into a real estate investment fund. Real estate investment funds will be more on the agenda in the coming period. We plan to accelerate innovations in the sector by using real estate investment funds in 2024. This will make real estate investments more fair and accessible, thus enabling a wider range of investors to participate in the sector. We see these funds as an investment tool where big profits can be achieved with small savings. View Yapi’s 2024 vision is based on democratizing the market through real estate investment funds and thus ensuring investment equality. This strategy contributes to increasing social welfare and allows everyone to invest in real estate. As these become more widespread, we expect a movement in the sector towards the second half of 2024.”
“We follow a growth-oriented strategy”
Bozdogan pointed out that they observed a regression from time to time in 2023, but there were months when growth at an average level of 5% was observed.
Stating that the figures are especially striking at the point of demand, and that the lowest figures of the last 8 years have been seen in the statistics in the last months, Bozdogan said, “The decline in demand due to price increases also affects the increase in housing supply. Even if the investor is in need, when it is not possible to acquire a new real estate with his existing savings, this also affects the supply.”
Emphasizing that their long and medium-term goals are growth-oriented, Bozdogan concluded his words as follows:
“Another issue we care about is that the sector continues to focus on growth globally, and we believe that we should be included in this value when we consider not only the domestic market but also the foreign market. We also follow a growth-oriented strategy with our long and medium-term goals. Metafor Ankara project is a project that has been going on for 3 years. We are currently at the delivery stage in certain areas, all of which will be delivered within the year. Then, life will begin in both our shopping mall, offices and residences. Rental processes related to these are continuing. We increased our sales significantly during periods of market decline. Working to increase demand with the right campaigns at the right time brought us success.”
Source: AA / Prepared by Irem Yildiz