9th eres education seminar – slovak university of technology, bratislava 6-7th december 2013 real...

9th ERES EDUCATION SEMINAR – Slovak University of Technology, Bratislava6-7th December 2013

REAL ESTATE EDUCATION AT ISTANBUL TECHNICAL UNIVERSITY:

REPORT ON 10TH ANNIVERSARY OF ITU REAL ESTATE MASTERS PROGRAM

KEREM YAVUZ ARSLANLI, (PHD)

[email protected]

TURKEY REAL ESTATE MARKET

After 2002 economic crisis in Turkey real estate market is evolved with respect to international globalization agenda. Between the years 2002 and 2008, Turkish economy has grown by 7.5%. Consequently, private consumption expenditure have increased by 8% annually, by 6% per capita and private sector investments in fixed assets have increased by 23%.

In parallel, the housing and commercial real estate sectors have also demonstrated a considerable growth. Foreign capital investments and the shares of international investors in commercial real estate’s have also increased (PwC, 2012).

TURKEY REAL ESTATE EDUCATION

The Real Estate Masters Program at Istanbul Technical University was started in 2002. The program was the first one in Istanbul and Turkey which has given more than 250 graduates in last 10 years. After 2005, the growth of real estate sector in Turkey provides new business opportunities to the educated young professionals.

Alumni survey reviews the Real Estate Masters program at Istanbul Technical University and its graduates with respect to changing business environment of real estate sector. Findings of the survey reveal the need for more flexible and short-term lifelong education methods for real estate professionals.

TURKEY

TURKEY General Outline

In the last quarter of 2008, after 27 quarters of continuous growth period, a slowdown trend has started to be observed in Turkish economy with the prevailing effects of the global financial turbulence. GDP reached to USD 742 billion with 0.9% annual growth in 2008. As end of the second quarter of 2009, GDP growth decreased 10.6%.

Istanbul Real Estate Market Outline

Commercial Real Estate Market in Istanbul showed a different behaviour with respect to western markets after 2008 credit crunch.

Office space absorptions in İstanbul Asian and European sides reveals that european market gets higher rates that asian market.

Office Space Absorption sq meters

Istanbul Real Estate Market Outline

The pipeline for Office market, European side of the city will get more of the leaseable space than asian side and vacancy rates of the highly dense market.

Office Market in Pipeline for Istanbul (1000 sq meters).



Office Market in Pipeline for Istanbul Sub-Discricts.



Office Market Vacancy Rates Istanbul Sub-Discricts.

Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University [email protected]@itu.edu.tr

Historical Evolution of Istanbul Urban Footprint

Real Estate Education 4 Universities Real Estate Education Masters Programs (2 years with thesis) (ITU/IU/Kultur/Yildiz)

3 Universities Certificate Programs 2-3 months (Bogazici-Bilgi)

1 Undergraduate Program at IU

10-15 students graduate annually

>500 total graduates since 2001

Real Estate Education Certificate Programs

Real Estate Education Msc

Real Estate Education Undergraduate

Real Estate Alumni Survey

In order to get the contribution of courses, thesis and networking abilities of student to their future carier planning, questionerries were asked to alumnies. Their feedback is give valuable information for detecting new vision of Master’s program. The outcome of the contribution of courses for their carier development get higher percentage. This might caused by multidisciplineer scheme of student undergraduation programs


The contribution of the thesis gets a hard critic from alumnies that long and demanding workload of thesis is taken little effect on their carier.


Alumnies respond to contribution to their business network gets the higher score where little critic from few where their work on public enterprises. Which might get little help for static structure of government job pursuits.

Real Estate Education ITU first Masters Program in Real Estate Development in Istanbul/Turkey in 2001

First Graduates in 2003

Followed in 2005 by other Universities

Mortgage Regulations 2007 expand RE market and Education Sector

2007 Mortgage Regulations lead to Education Sector to short term Certificate base programs rather than 2 or 4 years Bsc or Msc

Real Estate Education Demand Side

Real Estate Sector demand on internationally standartized Regulations (Valuation and Forclousure Issues)

Construction Sector dominates the market.

Demand for short term executive masters international joint programmes

Real Estate Education Supply Side

Real Estate Education seperated into different departments

Regulations and Laws tightens Cirriculums Few departments run on international standarts

International Crisis on Real Estate Pro/Cons

Sectors volume shrink / High Qualified Human Resourses on demand

Time to loose the old habits

Way of making bussiness in real estate will change so the sector professionals

Real Estate Education: Turkey

Need for Joint International Programs

Regulations to be in International Standarts

Highly Qualified but disconnected human resourses

Demand on «Asset Market» oriented programs

Thank You…

9th eres education seminar – slovak university of technology, bratislava 6-7th december 2013 real...

Documents

real estate professionals

growth of real estate

real estate marketafter

turkey real estate education

turkey real estate marketin

commercial real estate

gdp growth

office market