Dynamism in the real estate sector in Ankara, the new limelight of luxury residence market, is continuing. Life at Incek Loft project where Akfen Holding is working with Tabanlioglu ArchitectS is starting in April 2016. AKFEN Real Estate Developing General Manager Baris Barcak determines that people are moving away from the understanding of sheltering and occasionally changing their homes and mentiones a difference between property buyers in Ankara and in Istanbul: “When compared with Istanbul, one characteristic that attracts our attention of the property buyers in Ankara is that they have a very high savings consciousness”. In recent years Ankara has become the companies’ new favorite. In this context, how do you perceive Ankara’s real estate market? Would you evaluate it especially in terms of competition? Yes, Ankara is the new favorite of luxury property market. People in Ankara have become fully accustomed to meeting all their needs in the same area. I think that today’s high supply together with a satisfactory demand level is a sign that several new projects will be implemented in the future. However, while Ankara has become the new favorite of the companies in the luxury property market, it is quoted by the land owners. Therefore, I believe that the property sale prices are a little above what they really should be. In the region of Incek, there are prices at TL 4000 per m2 gross. Owing to the land that we have developed with the right costs, we have set off a starting price opportunity of TL 3000/m2 which is quite low comparing to the region’s avarages and that is way below Incek Loft’s real value. This is giving us strength in competition. In accordance with the profit model that we have established, our gross square meter sale price at hand over will TL 4000. While continuing at a price of TL 3,450/m2 untill June 2015, we will be selling at a very advantageous price of TL 3000/m2 untill June 8, 2014. In short, even in case that today’s avarages are valid in April 2016 which is the Project delivery date, the profit opportunity that we are offering is above 30%. And yet, our expectation of the region’s price average at this date is way above TL 4000/m2. What do you think about the luxury property need in Ankara? How will this demand shape in the coming period? With the increasing income per person, changing residences occasionally has become a routine behaviour. Having moved away from the understanding of meeting the sheltering need, the property sector will continue swiftly with its production towards the renewd needs. As long as this differentiation in production and moving forward continue, I believe that the demand will also increasingly continue. With the reciprocity law, property sales to the foreign investors have been made possible. What will be the share of foreign investors in this project? It is true that the reciprocity law has made the sale of property to goreign investors possible. However, this has not been sufficient fort he foreign investor to show interest in your project. Although all our citizens have the right to purchase, only the ones that we can get in touch with show interest in our projects. When the reciprocity law was first issued, the appetite of the whole sector has increased, but, because we could take near to none sales-marketing action for foreign customers, we had very low benefits. As long as onsite marketing webs are not established in the target cities of the target countries, it will not be possible to benefit from this law sufficiently. There is no budget for overseas activities in Incek Loft’s marketing plan. However, we are in touch with collegues at the estate agents abroad who want to make sales from the property projects in Turkey and make offers to us. How do you evaluate the property buyers in Ankara? When evaluated from the expectations, economics and such points of view, could you compare it with the potential in Istanbul? When compared with Istanbul, the quality that attracts our attention most of the property consumers in Ankara is their high savings consciousness. While our customers in Istanbul make their purchasing decisions mostly considering their future income expectations, our guests in Ankara act with a more cautious approach. At the sales that have been made untill today, they have preferred to make much higher down payments than we have required in our payment plans. I think that when we offer the right product with a correct feasibility, we can meet sufficient amount of buyers in every market. Although several projects are being developed simultaneously, the potential interest of many of our guests from Ankara who have recently started getting to know the advantages of building complex life seem to be at a level that can compete with Istanbul. Levent Loft is one of Istanbul’s most favorite buildings with its architecture. You are working with Tabanlioglu at this project. What kind of architecture have you planned at this Project? I can say with complacency that following Levent Loft, Incek Loft will also become one of the most favorite projects of Ankara. At the concept Project meetings that we have held with Tabanlioglu Architects we have conveyed that our target audience will primarily be interested in buildings that can increase their living standards, with a high allure and prestigeous building complex environment, functionel property plans produced with optimum utilization areas, with a shopping area that can meet almost all their needs and that has been built with high Standard materials with high safety. Our Project owner Tabanlioglu who is also the creator of the Project has offered more than what we demanded with their advanced architectural knowledge as Incek Loft. Our high blocks that start with a garden level over basis that are decorated with pleasurable fitting areas keep rising with Mogan and city view. On the Mogan side, the Ankara houses in the front carry traces of Gaziosmanpasa houses that are known with their low storeys and their gardens in the front. Located between these two groups is the shopping square with 44 trading areas which we believe will attract the attention of the residents at Incek Loft as well as the local inhabitants with the shopping and leisure opportunities offered. In short, we have the pleasure of having produced the right Project for Incek working with the right solution partners at a period when sales are increasingly continuing. When are you planning to complete the project? What sort of a development do you expect at the sales chart following the launching? We are projecting the completion of construction operations in the overall Project by April 2016. As delivery of one thousand 135 residences to its owners will take some time, we will be determining various delivery dates on a basis of sales stages. We have presented the Project to our employees and their relatives before the launching period. During this period when we had almost no advertising activity, we are happy to have made over 100 sales. However, we are expecting the real activity in May when we will increase our widespread communication. At the end of this period when we will move on with an agressive communication plan, I find it possible that we will reach the highest sales/time that Incek region has experienced untill today. Would you talk about the characteristics of the project that stand out? Its general concept that has been developed by a very strong architects team that is highly satisfying in terms of esthetics and functionality with its shopping street , observation house equipped with Professional devices, outdoor sports facilities, a pocket cinema, fitness center, Pony Club and many other fitting areas distinguish Incek loft from its competitors. The feature that stands out most is that having been designed with such a pleasurable concept, Incek Loft is offered for sale with reachable prices that also offer high profit opportunities. Do you have new Project plans in Ankara in the coming period? Are you planning to be permanent in the market in Ankara? Although we do not have a denominated project yet, our valuation process for several lands is continuing. We are open to Project development not only in Ankara but at every location in Turkey. What is determining for us is to be producing a project that is worth our brand with the quality that we desire and that we will sell with appropriate prices at the correct location. Whenthese three prerequisites come together, we can easily lay the plans in our heads on a sheet.