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Kartal Playing for High Stakes in Urban Transformation

Kartal Playing for High Stakes in Urban Transformation
Nova Property

The region of Kartal, a shining star of Istanbul, is playing for high stakes with ‘on location and collective transformation’. Giant groups are in Kartal with numerous different projects, with 150 projects of different sizes currently ongoing. The target in real estate is a volume of 200 billion dollars.

The regional of Kartal, a shining star of Istanbul, has stepped on the gas in real estate, with its urban transformation models and completed infrastructure plans. Giant groups are in Kartal with numerous different projects, with 150 projects of different sizes currently ongoing. In addition to this, many companies are searching for land – especially industrial transformation areas – in order to develop projects in Kartal.

Investment in Kartal is Investment in the Future

kartal municipality logoThe current business volume in Kartal is 20 billion dollars. The Municipality of Kartal, which has turned the district into an example for both Istanbul and Turkey, with its ‘On Location and Collective Urban Transformation’ models, has brought together the important actors of the sector with its summit themed, “Investment in Kartal is Investment in the Future”. Three separate panels were organized at the summit, which took place at the Dragos Archeological Excavation Site.

There is a queue to demolish

Altınok Öz, the Mayor of the Kartal, who described the Kartal model in transformation, stated that they had explained urban transformation to the residents of Kartal, one by one, in order to ensure that transformation continued at pace and with awareness, and said:

The re-organization of the industrial wreckage area, which is not present in the other districts, takes up a significant amount of space in Kartal. There were three different situations in Kartal. The first were the complexes, which could not be transformed in any way, the second were the complexes requiring just a little amount of work, and the third were the complexes which would be transformed without us having to do anything at all. Whatever was necessary for each of them, has been, or is being done. Our success is involving the public with the existing situation, issues and solutions. We explained it to the public. Due to the automated transformation system, we saw that 169 of the 252 complexes in Kartal were accepted as being at risk from natural disasters. People are currently in a queue to get these demolished.

Kartal has a very solid foundation

Nazmi Durbakayım, the Chairman of the Board of Directors of Teknik Yapı, who was among the speakers at the first panel, themed, “High Flyers”, called to mind the Marmara Deniz Sitesi, which they had brought to life as a transformation project in Kartal, in 1987, said that they had seen that Kartal has a very solid foundation, when carrying out the ground surveys. Durbakayım said that they had continued with transformations in the region after this, and that they had reclaimed 6-7 factory areas.

Durbakayım stated that transformation was currently progressing at a fast pace in Kartal, and said, “During the years we did our first project here, we used to call this place Dragos rather than Kartal in the signboards. We used to say Dragos, as if we were shy about calling it Kartal… I regret that now.” Durbakayım, who said, ”We have ties of affection with Kartal,” stated that the biggest problem in transformation was having to deal with tens of people, but that the industrially intensive area in Kartal had ensured speed.

kartal bolge platform logo

200 billion dollars business volume

Ali Dumankaya, the Chairman of the Board of Directors of DKY İnşaat, who have made Kartal their headquarters, emphasized that when the region was looked at from the perspective of investment, 200 billion dollars of business volume could be created in 10 years. Dumankaya stated that Kartal had become one of the exemplary areas in urban transformation, and that there were 4 million square meters of land set aside for transformation in the quarry area – just as a central business area. Dumankaya said, “The redundant factories here will begin to be transformed from next year. There is an atmosphere where everything is ready for developers now, at the point we have arrived at today. We can see this when we look at the plans. An understanding which supports transformation is in control.”

Mayor Altınok Öz said that archaeology, the arts, technology and ecology would take their places as 4 separate factors in the journey of the region to its new identity. Öz emphasized that unplanned urbanization would lead to a new transformation within the next 20-30 years, and underlined that Kartal was preparing for the next 100 years.

Investors will make good profits

Turgay Kanes, the Managing Director of İş GYO, stated that the Anatolian side had been placed within a ‘golden circle’, with the Gulf Crossing Bridge, the 3rd Bridge and the Çanakkale Crossing Bridge, and that Kartal was the star of this circle. Tanes said, “Before we invested, we saw and believed the potential of Kartal.” Tanes, who also made an assessment of the sector, said as follows concerning the interest rates for home loans: “Under 1 percent does not look particularly possible in the next 3 years. We might not even see the 0.80-0.90 of the past periods, for short periods. However, when it does fall below 1 percent, record sales of 1.5 million properties may come with it.”

On the other hand, Ali Baki Usta, who stated that the Anadolu Group had begun real estate investments in the region, said that they expected the increase in premiums in the region to rise to double of what they are currently. Usta said, “Those who come to Kartal will make good profits.”

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