60 seconds with… Universal21 Director, Adil Yaman
Universal21 is the leading property agency in South-West Istanbul, with a range of projects that offer investment opportunities in a growing market. Director Adil Yaman explains more about the company, his role and the exciting Istanbul market.
As Director, what does your role include?
“I am responsible for developing sales through our own sales force and contracting local agencies; added to this I also look to develop our media coverage and lead generation. I am always seeking to source new contacts and developments for our pipeline; this involves carrying out thorough due diligence on each project of interest and regrettably many do not make the grade. Our focus is always on maintaining the highest of standards.”
How did you become involved with Universal21?
“I am one of the three Founders of Universal21. I met Philip Skorochod and Monica Anca, the other partners, on previous projects they were selling to the international market. My team was focused on dealing with local sales and we worked on two projects jointly and discovered a good synergy between us – the rest is history! Last year our sales turnover was in excess of 20 million Turkish lira ($8mil USD) and we are looking to double that in 2015.”
What do you think 2015 holds for the Turkish property market?
“The market is being forced to grow due to rapid migration and expansion of the local population and as more foreigners see the investment potential. Outside Istanbul’s CBD prices are still sustainably cheaper compared to other European cities such as Prague, Budapest, Bucharest and Sofia. Istanbul has a ready-made market for rental management as there is such a huge influx of students each year and a lot of transitional employees whilst there is also very little progress in respect of campuses because the cost of land is prohibitive.
“The high percentage of young people in terms of the overall demographic will ensure that the rental market remains buoyant and with the new airport and canal developments in the close vicinity of Beylikdüzü, continued demand and growth is ensured.
“The spectacular changes since the Arab Spring is making Middle Eastern buyers look at Istanbul as a safe haven and we expect a rapid growth in this area of our business. We are also seeing the beneficial effects of the new capital gains tax in the UK and this, together with some of the issues surrounding the student market, is starting to drive traffic to Istanbul. The government’s plans to increase the international student market by 500% in the next decade will also naturally assist this growth.”
With Istanbul tourism at an all-time high, what would be your top tip for an investor currently looking at the options available in the market?
“Do not buy in tourist areas as the prices are far too high and yields low. Deal with a good rental management company who have the same values as yourself and look to studios and one bedroom units for high growth potential and higher yields if you are looking purely at investment as larger properties do not give the same returns.
“As is written in all property books the essence of investment in property is always location, location, location! Buy close to major shopping centres, near metro links and all necessary local amenities as most people in Istanbul do not want a car because it is too expensive to tax, buy and insure, petrol is very expensive, roads are congested and young people prefer to walk or use public transport to get around. They prefer to spend their money on renting a fully furnished apartment in a good residential development.
“It is always a challenge for any foreigner to buy overseas and as a company we understand the concerns and lack of familiarity with local laws and customs so take care of all of this for our clients. We make sure we walk our clients through the buying process step by step and we are there afterwards 24/7. Universal21 understands the fundamentals of investment and client care and we see a sale as an opportunity to build a long term relationship based on trust and confidence in our ability to deliver.”
Do you have a favourite Universal21 project and if so why?
“Yes, Anfa Life. This project is developed for both family life and investment, it is competitively priced for the area and is within easy walking distance of local shops, shopping malls and public transport. The beach is close by, the existing airport and new airport are within 20 minutes of the development – it ticks all the boxes.”
What is it about Beylikdüzü that sets it apart from other districts within Istanbul?
“Beylikdüzü is the fastest growing district in Istanbul. High population growth has been predicted, it boasts superb educational standards with more than 20% of people having a degree, it has five universities, lots of shopping malls and the main Istanbul exhibition centre. Being located close to both airports is also very important to overseas clients, as of course is price, and it is still relatively cheap in comparison to central districts.”
At Universal21, you pride yourselves on the rental management and rental guarantee options available. What are the benefits of this service and how does this differ to other Istanbul-based property investment?
“If a client chooses to use a mortgage to finance their purchase then they need guaranteed income, they cannot afford void periods and we take away the insecurity of this, as well as all dealings with the tenants. We also provide to clients the service of a regular visit to clean and check the property if the purchase is used as a holiday home.
“As a company we pride ourselves on always offering the best located projects, other developers and agents often fail to provide any aftersales services or use third party agents who quite frankly are not up to the task. Our motto says it all: ‘What we provide after the sale is what makes us exceptional’.
For more information about Universal21, visit www.universal21.com or call 0203 287 8700.