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    MESA expects real estate sales to rise in September

    Hürriyet Daily News
    28.04.2009 - 00:00 | Son Güncelleme:

    ISTANBUL - Turkey’s real estate sector will revive starting from September this year and prices will swing up to their usual higher values by the summer of next year, according to the president of the Executive Board of MESA

    During a meeting with news reporters for MESA’s 40th year anniversary, Erhan Boysanoğlu said the real estate sector had been affected long before the global crisis began. He said they have experienced nearly 10 crises in 40 years and the recovery had always been late in comparison to the other sectors. "Estimating the time for the end of this crisis is not really possible. I thought it would take until mid-2010 for recovery but now I feel that it will be sooner," Boysanoğlu said.

    Boysanoğlu said that while lients are currently buying completed residences, they are not approaching to buy ones that will be completed in the next 12 to 18 months. To keep the sales active, MESA went for discounts that approach 15 percent, he said.

    Boysanoğlu said that due to the crisis, their ongoing construction work in Poland and Kyrgyzstan have paused at the moment but that those will become areas of development for them once the crisis is over. He said they are currently constructing a residence for Azerbaijani President İlham Aliyev with their Belgian partners and there have been no problems in receiving payments so far.

    Boysanoğlu said they have not dismissed any workers but according to the restructuring plan they prepared two years ago, they have parted ways with 30 senior administrators so far. He also informed reporters that the real estate investment partnership they formed has properties that total up to a value of 400 million Turkish Liras. However, he also noted that they are not thinking to go public with the shares of this partnership before 2010.

    MESA Executive Board Member Nejat Elaldı said the housing deficit in Turkey is currently 2.5 million with some 600,000 more added to this number every year automatically. He said the number grows even larger when residences at risk of earthquakes are included.

    Boysanoğlu also highlighted the company’s health investment, the MESA Hospital in Ankara, and its very advanced heart surgery unit. Prior to Turkish Finance Minister Kemal Unakıtan’s decision of going to the United States for treatment for his illness, Boysanoğlu said Unakıtan had reserved a place in their hospital. He said however that Unakıtan’s choice of Cleveland Ğ inspired by his wife’s dream one night Ğ worked in their favor. Given the importance of the operation for an individual of high office, Boysanoğlu said they were concerned about the extra tension on their surgical staff.
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