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4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Real Estate Education in Istanbul: Analysis of Real Estate Education in Istanbul: Analysis of Demand and SupplyDemand and Supply
Kerem Yavuz ARSLANLIKerem Yavuz ARSLANLI
Istanbul Technical UniversityIstanbul Technical University
Real Estate Development Msc ProgramReal Estate Development Msc Program
arslanli@itu.edu.trarslanli@itu.edu.tr
OutlineOutline Turkey Country ProfileTurkey Country Profile
Where we came from?Where we came from? Where do we go from here?Where do we go from here?
General IndexesGeneral Indexes İstanbul Profileİstanbul Profile
Office MarketOffice Market Retail MarketRetail Market Housing MarketHousing Market
Real Estate Sector Demand SideReal Estate Sector Demand Side Real Estate Education Supply SideReal Estate Education Supply Side Latest Economic Crises Pros/Cons!?Latest Economic Crises Pros/Cons!?
ConclusionConclusion
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
TURKEY
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
4th European Real Estate Society Education Seminar4th European Real Estate Society Education SeminarThe Bucharest Academy of Economic Studies ROMANIAThe Bucharest Academy of Economic Studies ROMANIA5-6 December 2008 5-6 December 2008
Kerem Y. ARSLANLI Istanbul Technical University arslanliKerem Y. ARSLANLI Istanbul Technical University arslanli@itu.edu.tr@itu.edu.tr
GDP - composition by sector: GDP - composition by sector: agriculture:agriculture: 8.9% 8.9% industry:industry: 30.8% 30.8% services:services: 59.3% 59.3%
Budget: Budget: revenues: $137.8 billion revenues: $137.8 billion expenditures: $151.9 billionexpenditures: $151.9 billion
Real Estate EducationReal Estate Education
4 Universities Real Estate Education 4 Universities Real Estate Education Masters Programs (2 years with thesis) Masters Programs (2 years with thesis) (ITU/IU/Kultur/Yildiz)(ITU/IU/Kultur/Yildiz)
3 Universities Certificate Programs 2-3 3 Universities Certificate Programs 2-3 months (Bogazici-Bilgi)months (Bogazici-Bilgi)
1 Undergraduate Program at IU1 Undergraduate Program at IU10-15 students graduate annually10-15 students graduate annually>500 total graduates since 2001>500 total graduates since 2001
Real Estate EducationReal Estate Education
ITU first Masters Program in Real Estate ITU first Masters Program in Real Estate Development in Istanbul/Turkey in 2001Development in Istanbul/Turkey in 2001
First Graduates in 2003 First Graduates in 2003 Followed in 2005 by other UniversitiesFollowed in 2005 by other UniversitiesMortgage Regulations 2007 expand RE Mortgage Regulations 2007 expand RE
market and Education Sectormarket and Education Sector
Real Estate EducationReal Estate Education
2007 Mortgage Regulations lead to 2007 Mortgage Regulations lead to Education Sector to short term Certificate Education Sector to short term Certificate base programs rather than 2 or 4 years base programs rather than 2 or 4 years Bsc or MscBsc or Msc
Real Estate EducationReal Estate Education Demand Demand SideSide
Real Estate Sector demand on Real Estate Sector demand on internationally internationally standartized Regulations (Valuation and standartized Regulations (Valuation and Forclousure Issues)Forclousure Issues)
Finance and Construction Sector dominetes Finance and Construction Sector dominetes as an market player and on many cases they as an market player and on many cases they interfier with each other… interfier with each other…
Demand for 1 year executive masters Demand for 1 year executive masters international joint programmesinternational joint programmes
Real Estate EducationReal Estate Education Supply Side Supply Side
Real Estate Real Estate Education seperated into different Education seperated into different departmentsdepartments
Regulations and Laws tightens Cirriculums Few Regulations and Laws tightens Cirriculums Few departments run on international standartsdepartments run on international standarts
International Crisis on Real Estate Pro/ConsInternational Crisis on Real Estate Pro/Cons Sectors volume shrink / High Qualified Human Sectors volume shrink / High Qualified Human
Resourses on demandResourses on demand Time to loose the old habits Time to loose the old habits Way of making bussiness in real estate will Way of making bussiness in real estate will
change so the sector professionalschange so the sector professionals
Real Estate EducationReal Estate Education Istanbul Istanbul
Need for Joint International ProgramsNeed for Joint International ProgramsRegulations to be in International StandartsRegulations to be in International StandartsHighly Qualified but disconnected human Highly Qualified but disconnected human
resoursesresoursesDemand on interdisciplineer Finance Demand on interdisciplineer Finance
Departments oriented programsDepartments oriented programs
Thank You…Thank You…
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