English - Eva Gayrimenkul Değerleme

EVA
REAL ESTATE
APPRAISAL
COMPANY
COMPANY
PRESENTATION
JANUARY 2015
“Real Professionalism”
in Real Estate
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
EVA REAL ESTATE APPRAISAL CONSULTANCY COMPANY
COMPANY PRESENTATION
TABLE OF CONTENS
1.)
OUR COMPANY, WHO ARE WE?
2
2.)
KNOWLEDGE AND EXPERIENCE IN THE SECTOR
2
3.)
CONFIDENTIALITY AND ETHICS
3
4.)
OUR FIELDS OF SERVICES
3
5.)
OUR STANDARDS
5
6.)
OUR CLIENT PORTFOLIO
5
7.)
OUR PUBLIC DISCLOSURE PROJECT
5
8.)
REFERENCES
5
9.)
APPRAISAL WORK, DEFINITIONS, METHODS AND METHODOLOGY
8
9.1.) DEFINITIONS AND METHODOLOGY OF APPRAISAL
8
9.2.) METHODS USED FOR APPRAISAL
8
9.2.1.) SALES COMPARISON APPROACH
8
9.2.2.) INCOME CAPITALIZATION APPROACH
8
9.2.3.) COST APPROACH
8
9.2.4) DEVELOPMENT APPROACH
9
10.) CONTACT US
EVA/ January 2015
Regulated by RICS
10
1
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
EVA REAL ESTATE APPRAISAL CONSULTANCY COMPANY
COMPANY PRESENTATION
Please find below the detailed presentation of our company including our services, principles and
methodologies of work, which we have prepared in order to provide a detailed description of our
company.
1.) Our Company, Who are we?
EVA Real Estate Appraisal & Consultancy Company was founded in Istanbul in September 2008 as a
Joint Stock Company.
Our company accepted as Licensed Company by Capital Markets Board of Turkey (CMB) as of March
2009. With the resolution by the Banking Regulation and Supervision Agency dated 27.01.2011
and numbered 4030, in accordance with the article 11 of the “Regulations for the Authorization of
the Institutions that Will Provide Appraisal Services for Banks”, our company was entitled for carrying
out appraisal for banks.
On 16.02.2011, our company regulated by RICS (Royal Institute of Chartered Surveyors), which is an
international professional organization that was first established in the United Kingdom in 1868 and
which currently has more than 140.000 members in more than 120 countries across the world.
Euromoney Magazine, the leading publication of Euromoney group, recognized as one of the major
authorities in the field of financial markets – awards every year under various categories, the most
successful corporations in many countries around the world in their field of expertise, as the result of a
scientific study. EVA Real Estate Appraisal has been awarded three times under this organization.
Euromoney has awarded our company in the year 2011 as “Best Real Estate Advisory Firm in
Valuation in Turkey”, in the year 2013 as “Best Real Estate Advisory Firm Overall”, “Best Real
Estate Advisory Firm in Research” and “Best Real Estate Advisory Firm in Valuation in Turkey”,
and in the year 2014 as “Best Real Estate Research Firm in Turkey”. Furthermore, EVA Real Estate
Appraisal Company was also awarded by another international organization, International Property
Awards as the “Best Real Estate Advisory Turkey” and as the “Best Real Estate Advisory Europe”
for the years 2013-2014.
EVA has ISO 9001 Quality Management Certification and also has ISO 14001 Environment Management
Certification as a first in Turkish appraisal sector.
2.) Knowledge and Experience in the Sector
The foundation of the knowledge of our company is based on the long-years experience of our founders
and employees in the sector, on real estate and machinery and equipment appraisal. The employees and
founders of our organization are the representatives of knowledge and expertise in the real estate and
construction industry, and they are pioneering for the sector with a professional approach based on
their vast experiences.
The employees of our company create a highly professional team with many years of experience in the
sector and various professional education backgrounds such as architecture, city planning and
engineering. 6 of the personnel within the staff and with founder status are people who were licensed
by the Capital Market Board (SPK). Also, the general director and managing partner of our Company,
Cansel Turgut Yazıcı has international certification from a British institution, Royal Institue of
Chartered Surveyors (FRICS) and director of appraisal department, Ozdil Sahin have international
certification from a British institution, Royal Institue of Chartered Surveyors (MRICS).
EVA/ January 2015
Regulated by RICS
2
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
Our managers share our sectoral experiences with the audiences through various press channels. Our
publications, which indicate our opinions, based on regular or irregular researches can be found on
Internet, periodicals or on certain real estate supplements of newspapers and the number of our
publications are continuing to increase.
Apart from these activities, the managers of our company are also sought after in the sector as tutors.
For this reason, they are also lecturing at Dogus University and Garanti Bank on “Appraisal Techniques”.
3.) Confidentiality and Ethics
Our most prominent principles and ethics of work are: Confidentiality, Full Independence, Reliability
and Impartiality. Our services are prepared and presented as professional, high quality and certainly
scientific.
Due to the principle of confidentiality, the reports and studies are not shared by any third parties
without the written approval of our clients.
4.) Our Fields of Services
Our company is able to offer appraisal activities in various areas of specialization owing to the vast
experiences of our employees. Especially during the project appraisal and best use studies, the works
are carried out through the matrix system created by our team formed from different occupational
disciplines. Our services mainly include:
I) APPRAISAL & COUNSELING SERVICES
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Real Estate Appraisal,
Plots and lands
Factories and Production Plants
Commercial Buildings (Offices, Stores…etc.)
Shopping Centers
EVA/ January 2015
Regulated by RICS
3
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
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Hotels, Holiday Villages, Accommodation Facilities
Marinas and Ports
Golf Facilities
Fuel Oil Stations
Logistics Buildings
Residential Properties
Entertainment Facilities and Theme Parks
Quarries and Mines
Dorms
Highway Recreation Facilities
Appraisal of the Real Estate-Related Rights and Interests,
Rent Value Appraisal
Superficies Value Appraisal
Resource Rights Appraisal
Market and Sectoral Research Reports,
Shopping Centers, Hotels, Lojistics, Ofices, Student Dormitories, Service Station Sector..etc
Feasibility Studies,
Location Analysis,
Goodwill Appraisal Studies for Projects and Buildings,
Urban Transformation Consultancy and Goodwill Appraisal
Strategic Advisory,
Project Appraisal Studies,
Highest and Best Use Studies,
Tender Process Management Counseling,
Portfolio and NPL appraisals,
Real Estate Training Activities,
Title Deed Due Diligence Reports,
Opinion Reports for Evaluation of the Assets
II) CONSTRUCTION INVESTMENT PROGRES REPORTS
Preparation of Const.Invest.Advancement Reports” for Financial Organizations Finance
organizations especially work with us to control the expenditures of the investments which they
finance.
EVA Techincal department gives the appraisal services for machinery and equipment valuation.
 Machinery & Equipment Appraisal,
Machinery Park and Fixed Asset Appraisals
Appraisal of All Industrial Machinery & Equipment
Cement Facilities
Refineries
Ships
Shipbuilding Yards
Fleets of Vehicles
Appraisal of Renewable Energy Sources
o Hydroelectric Power Plants
o Wind Turbines
EVA/ January 2015
Regulated by RICS
4
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
III)
EVA + APPRAISAL SERVİCES FOR MORTGAGES
The EVA + Department of our company offers “appraisal services for the Credit Appraisal of Banks”.
This department continues working with solution partners from various professional disciplines around
Turkey, that are specialized and able to receive all sorts of technical support from us.
5.) Our Standards
Our studies are based on the standards of International Valuation Standards Council (IVSC) and also for
“RED BOOK” -which Royal Institute of Chartered Surveyor- (RICS) or according to International Finance
Regulation Standards (IFRS).
In addition to the aforementioned, in case of demand, it is also possible for us to prepare reports in
compliance with the standards set by the Capital Market Board (SPK).
Our Company principles include following up the international activities and innovations, share the
developments with our customers and include the applicable techniques in our studies.
The studies can be conducted in Turkish and/or in English according to the demands from our
customers.
6.) Our Client Portfolio
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Banks
Real Estate Funds
Real Estate Investors
Real Estate Project Developers
Real Estate Investment Trusts
Banks and Financial Institutions
Financial Leasing Companies
Industrial Enterprises
Independent Audit Companies
Insurance Companies
Private Finance Organizations
Attorneys and Lawyer Companies
Energy Development Companies
Construction Companies
Participation Banks
7.) Our Public Disclosure Project
EVA’s research working group is publication each quarter named “PERİSKOP” which includes latest
information and developments from Real Estate Industry and our short term expectations.
8.) References
Our company serves for national and international companies. Due to the last experiences of the
employees of our company, appraisal services can be given in the fields that require very different
specializations. Some of the references of EVA Real Estate Appraisal Consultancy are stated as follows;
APPRAISAL & COUNSELING SERVICES
Real Estate Development & Construction Companies
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CORIO GAYRIMENKUL YONETIMI VE YATIRIM , VARDE PARTNERS EUROPE, DOLPHIN LLP, KREA
GAYRIMENKUL GELIŞTIRME, MIRATUR GAYRIMENKUL YATIRIM, METRO MAM ASSET
MANAGEMENT, DEMIR GROUP, KARSAN KARADENIZ KIMYA SANAYI, TESCO-KIPA KITLE
EVA/ January 2015
Regulated by RICS
5
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
PAZARLAMA, TURKVEN REAL ESTATE, SILVAN SANAYI, TRAKYA SANAYI, ARMADA OTEL,
ALBAYRAK TURIZM SEYAHAT INSAAT , INANLAR INSAAT, EGE AKTIF TEKSTIL, ASTAY
GAYRIMENKUL, RONESANS GAYRIMENKUL, ZORLU GAYRIMENKUL, EFE AKTIF TEKSTIL, ERIA
PARTNERS, DAIHATSU ALC OTOMOTIV, APEC YAPI, SOYAK YAPI , MILPA- MILLIYET PAZARLAMA,
FER YAPI, EROGLU GAYRİMENKUL, BAINBRIDGE, AGAOGLU–AKDENIZ INSAAT, GEDIZLER
OTOMOTIV, YAMATA, DEDEMAN GAY. GELISTIRME, ESKIDJI GAYRIMENKUL, IS KORAY,
DUMANKAYA GAYRIMENKUL, REGNUM GAYRIMENKUL, UKRA INSAAT, KONYA GAYRIMENKUL
GELISTIRME VE YATIRIM A.S., ORTAKLAR GAYRIMENKUL, VENIVEST GAYRIMENKUL, MODERN
YAPI, EA REAL ESTATE DEV.& CONSTRUCTION, PRIME DEVELOPMENT, ATILGAN INSAAT, TAT
TURIZM INSAAT, ATA GAYRIMENKUL GELISTIRME, ASTAY GAYRIMENKUL INSAAT, ISKAN
GAYRIMENKUL, EMLAK CONCEPT, HOCHTIEF GAYRIMENKUL GELISTIRME, HEBIL INSAAT, BLG
CAPITAL LTD, OSEL ART, ANEMON TURIZM INSAAT, ORIX CORPORATION, AYMET CANKAYA
TURIZM VE TICARET, BAINBRIDGE HOLDING, EGE YAPI, ASTRA YAPI, ORKON INSAAT
Real Estate Investment Companies (GYO)
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MARTI GYO, AKMERKEZ GYO, IS GYO, Y&Y GYO, ATAKULE GYO, OZAK GYO, HALK GYO
Industry Companies
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UNILEVER TURK TICARET, GOODYEAR, CP STANDART GIDA SANAYI VE TICARET, BESAN BESIN
SANAYI VE TICARET, EGEPLAST EGE PLASTIK TICARET VE SANAYI, KENT-CADBURY GIDA
MADDELERI, TATA MOTORS LTD.-INDIA, DS SMITH COPIKAS, ALMANA YIYECEK IÇECEK (KATAR),
LC WAIKIKI TEMA MAGAZACILIK, BAHCIVAN GIDA, DR. F.FRIK ILACLARI, BETOPAN, GERSAN
ELEKTRİK, HIZIROGLU SERNIKEL GRUBU, MEY IÇKI, KONYA SEKER SANAYI VE TICARET A.S.,
MUTLU AKU, GOODYEAR, ARILI PLASTIK SANAYI, OKCU TEKSTIL, YASAR HOLDING, UNIPRO,
UNILEVER, METALSAC, NURYILDIZ TEKSTIL , KILIM MENSUCAT, BICAKCILAR TIBBI CIHAZLAR,
GERSAN, VATAN KABLO, ONCU GRUP, METAL SAC, BAHCIVAN GIDA, ADEL KALEMCILIK, ORKIDE
YAGLARI, FRITO LAY, UNIPRO, MAINETTI ASKI, HOBIM BILGI ISLEM HIZMETLERI, VIKO ELEKTRIK
Consultancy Companies & Attorney Offices
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KRONUS
KURUMSAL
FINANS
DANISMANLIK,
BASE
HUKUK
BUROSU,
MOROGLU&ARSEVEN&OZDEMIR HUKUK BUROSU, PRICEWATERHOUSE COOPERS KURUMSAL
FINANSMAN, ERKE DANISMANLIK, EGELI&CO HEDGE FOUND, GERSAN, VATAN KABLO,
BICAKCILAR TIBBI CIHAZLAR, ONCU GRUP, DU FINANS
Others
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SEDES HOLDING, ANADOLU SIGORTA, POAS-PETROL OFISI, TNT EXPRESS, SELAHATTIN BEYAZIT
MUESSESESI, HURRIYET GAZETECILIK, ROSY BLUE-DGM, OZEL AYDEM SAGLIK HIZMETLERI,
OXFORD GROUP , DATATEKNIK BILGISAYAR SISTEMLERI, TELLCOM ILETISIM, BILGILI HOLDING,
BIS ULUSAL LOJISTIK, DILEK TEKSTIL, ERGO SIGORTA A.S., TUVTURK, HIZIR VINC, ARAS KARGO,
BURSA TASIT MUAYENE, AKTES DOGALGAZ, DIREN YATIRIM, WEBER YAPI, DIMES, KREDI
GARANTI FONU, HAK-MET METAL, INAPA INVESTIMENTOS, ILICA HOTEL, VOYAGE TURIZM
HOTELCILIK, BAYSAL TURIZM, MANCHES LLP, ETS GRUP , DOĞAN ORGANIK, IZMIR ATATIRK OSB,
LUKOİL, ALJ OTOMOTİV, UYUM GIDA, MEDITERRA, MARTI OTEL ISLETMELERI, REGRUP DIS
TICARET, DENSAN DENIZ NAKLIYAT SANAYI, AREMAS GAYRIMENKUL PAZARLAMA, TEKNOSA,
PIRAMIT MENKUL DEĞERLER, TURING, YILDIZ HOLDING, ULKER GRUBU, KOMAGENE , DILEK
PASTANELERI, BAYCAN BISIKLET, KARSIYAKA SPOR KLUBU, PETLINE , ENERGY PETROL, LUIK OIL ,
SIRMA GRUP, GURSES OTOMOTIV (LEVENT TURIZM), YASEMIN TURIZM(PLAZE OTEL), ERESIN
OTELLERI, ÇAYDAVUL ORMAN URUNLERI, HATTAT TARIM, DILEK TEKSTIL, EGE SERAMIK (BTM) ,
REHAN MEDIN, GULAYLAR GROUP (CITI’S AVM), HYUNDAI ASSAN, YAPI KREDI SIGORTA, EA REAL
EVA/ January 2015
Regulated by RICS
6
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
ESTATE DEV.& CONSTRUCTION, GARANTI YATIRIM, ALDA PETROL, ALISAN ULUSLARARASI
NAKLIYAT, DOW CORNING, ALJEZEERATURK, DOGAN GAZETECILIK, KALE GRUP, KALE MADEN,
CEFIC JESTIYON AVM YONETICILIGI, ANADOLU VARLIK YÖNETİM, REMAX, SAHINLER HOLDING,
ATA HOLDING, IMMERGAS ISITMA SISTEMLERI A.S
Leasing Companies
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FORTIS LEASING, HALIC LEASING, A LEASING, BNP PARIBAS FINANSAL KIRALAMA A.S, FON
FINANSAL KIRALAMA, DENIZLEASING, VAKIFLEASING, IS FINANSAL KIRALAMA (ISLEASING),
ALTERNATIF FINANSAL KIRALAMA, KREDI GARANTI FONU
Public, Association, Union and Foundations
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MILLI SAVUNMA BAKANLIGI, DARUSSAFAKA CEMIYETI, GALATASARAY SPOR KULUBU DERNEGI,
TURKIYE TURING VE OTOMOBIL KURUMU, TOPLU KONUT IDARESI-TOKI, SOSYAL GUVENLIK
KURUMU, ISTANBUL BUYUK ŞEHIR BELEDIYESI-IBB, IMAR BANKASI EMEKLI SANDIGI VAKFI, ORTA
ANADOLU IHRACATCI BIRLIKLERI, RASIM AKSU YAPI KOORERATIFI, TARIS PAMUK ve YAGLI
TOHUMLAR TARIM SATIS KOOP.BIRLIGI, GUPGUPZADE HACI EBUBEKIR AGA VAKFI, SS ISKITLER
TOPLU ISYERI YAPI KOOP.BIRLIGI, TESIS SENDIKASI, ISTANBUL SGK IL MUDURLUGU, ILLER
BANKASI, TURK TELEKOM, GAVRAMZADE VAKFI , ILLER BANKASI , TURK EGITIM VAKFI, ISTANBUL
BUYUK SEHIR BELEDIYESI, ISTANBUL KULTUR SANAT VAKFI, T.C. BAŞBAKANLIK VAKIFLAR İZMİR
BÖLGE MÜDÜRLÜĞÜ
Financial Institutions
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TEB-TURKIYE EKONOMI BANK, AKBANK, CITIBANK, STANDART UNLU BANK, OASIS CAPITAL
BANK, TURKIYE IS BANKASI, GARANTI BANK, FIBA BANK, AAREAL BANK, ALTERNATIF BANK,
TURKIYE FINANS, AKTIFBANK, TURKIYE FINANS KATILIM BANKASI, HALKBANK
Construction Investment Progres Reports
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AKBANK
GARANTI BANK
YAPI KREDI BANK
T.C. IS BANKASI
T.C. ZIRAAT BANKASI A.S.
KARDEMIR A.S.
ENBATI ELEKTRIK URETIM SAN. VE TIC. A.S.
ANKARA LOJISTIK YATIRIMLARI VE AKARYAKIT A.S.
ERIA PRAMERICA MED GAYR. INSAAT YONETIM VE TIC. A.S.
T.C. BEYKENT UNIVERSITESI
ATA GAYRIMENKUL GELISTIRME YATIRIM VE INSAAT A.S.
ANTALYA AKVARYUM ISLETMECILIGI INS. TIC. LTD. STI.
KILICBEY TURIZM ISL. SAN. VE TIC. A.S.
CEYLAN INSAAT SAN. VE TIC. A.S.
PD THREE DEVELOPMENT GAYR. YATIRIM LTD. STI.
SEVKON GAYR. GELISTIRME VE INS. TUR. PAZ. TIC. A.S.
PROMESA INSAAT YAPIM VE YONETIM A.S.
ELIF GRUP GAYRIMENKUL INSAAT A.S.
Our company staff has served both for the appraisal of many real estates such as Lands, Residences,
Buildings, Plazas, Gas Stations, Hotels, Accommodation Facilities, Golf Facilities, Shopping Centers,
Logistics Buildings, Shipyards, Ports and Marinas; and for the machinery & equipment park appraisal of
EVA/ January 2015
Regulated by RICS
7
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
various sectors such as Quarries and Mines, Cement Factories, Oil Refineries, Fleets of Vehicles, Power
Generation Plants, Ship Building, and Textile.
9.) Appraisal Work, Definitions, Methods and Methodology
9.1.) Definitions and Methodology of Appraisal
Appraisal and counseling works may be required for various purposes. The requirement may be for the
“Market Value”; the estimated amount for which a property should Exchange on the date of valuation
between a willing buyer and a willing seller in an arm’s-length transaction after proper marketing
wherein the parties had each acted knowledgeably, prudently and without compulsion, or the Worth
and Investment Value, Present Use Value, Mortgage Lending Value, Forced Liquidation Value, Regular
Liquidation Value and/or “Fair Value”1.
9.2.) Methods Used for Appraisal
The internationally-accepted concepts define four different appraisal approaches (methods). These are
“Sales Comparison Approach”, “Income Capitalization Approach”, “Cost Approach” and “Development
Approach”.
9.2.1.) Sales Comparison Approach
In this approach; the prices of similar properties to the appraised property are taken into consideration.
The properties are compared according to the sales/rental price, its date, location, size, occupancy and
physical status and all other related data. In this study, the purpose is to estimate the value with a
calculation based on the comparison with similar properties exchanged in the market. The bids and
quotations of similar properties are also taken into consideration.
9.2.2.) Income Capitalization Approach
This method takes into consideration the income and expenditure data of the property appraised with
sales comparison approach, and the final value is estimated through the capitalization method. This
study can be performed with two methodological approaches.
Direct Capitalization: This is the calculation of the real estate value by dividing the potential net
income to be generated by the property in a year to the capitalization rate according to the current real
estate market conditions.
Yield Capitalization
This is the calculation of the potential net value in the future through the rental or operation of the
property for a logical sequence of periods,
And at the end of the sequence of periods, the calculated income is capitalized to the date of appraisal in
accordance with the valid economic conditions, and the final value is estimated as a result.
9.2.3.) Cost Approach
In this technique, the value of the property is assumed as consisting of two different physical aspects;
the land and buildings.
In the cost approach, the property is appraised according to the cost that might occur if the property
was reconstructed, or according to the cost of the new construction. The reconstruction cost also
1
The definitions of Fair Value and Market Value were redefined by RICS (Royal Institute of Chartered Surveyors) in 2008 and the concept of “Fair
Market value” was removed. The related modification has been published on the Sixth Edition of RED BOOK, Valuation Standards.
EVA/ January 2015
Regulated by RICS
8
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
includes the estimated venture profit. In this method, it is assumed that the property has a remaining
economic lifetime.
Therefore, because the value of the property would decrease in times due to physical depreciation, and
due to functional and economic outdating; the depreciation is deducted from the reconstruction value.
In other words, it is assumed that the building value of an existing property would never be higher than
its reconstruction cost. The calculated value is added to the land value in order to identify the final value
of both the land and the building.
During these studies, the building cost values are appraised according to the Construction Unit Costs of
the Ministry of Public Works, the technical characteristics of the buildings, the construction materials
consumed, the construction costs of the similar buildings in the market, interviews with contracting
companies, and our past experiences.
The depreciation cost of buildings is calculated with the consideration of the visible physical condition
of the building and the table published on the Official Gazette, which indicates the depreciation rates of
buildings per years.
9.2.4) Development Approach
In this approach, one or more development projects proposed for the property can be applied as the
model. In this study, the designed project and/or projects that might be realized on the land are
modeled with assumptions. This modeling should be legally and physically possible, financially feasible
and provide the utmost economic efficiency. With these studies, the projects are examined from the
entrepreneur’s point. Within the scope of the study, the current status of the sector that covers the
subject output of the project, and the prospective expectations are examined and appraised. The costs to
be incurred upon the realization of the project are estimated, the marketing policies and general
feasibility principles of the company are taken into account, and the income-cost estimation is
concluded with regard to the total income and expenditure.
Considering the development, the general status of the sector, the statistical figures of similar projects
and the current economic conditions and expectations are taken into consideration to determine the
assumptions related with the project. As a result of these studies, the performance of the project is
estimated and the net present value is calculated with the capitalization of the income to be obtained
from the project. Actually, this approach is in a sense, a different model of income capitalization
approach.
EVA/ January 2015
Regulated by RICS
9
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
10.)
Contact Us
Please do not hesitate to contact us for any requirements on appraisal and counseling, or for any
technical questions related with appraisal. Our specialists will reply you as soon as possible.
HEAD OFFİCE
EGE BRANCH
Bostancı E-5 Kavsagı, Tariki Has Sokak
Kultur Mahallesi 1378 Sokak
Tavukcuoglu Is Merkezi
Akademi Apartmani
No:2 Kat:5-7-8 34742
No:6/A Kat:1 Daire:3
Bostanci/Istanbul
Alsancak/Konak/Izmir
Tel:
+90216 665 36 36
Tel:
+90 232 422 22 53
Faks:
+90 216 361 57 65
Faks:
+90 232 422 02 71
e-mail: [email protected]
www.evagyd.com
ANKARA BRANCH
EUROPE BRANCH
Armada Is Merkezi, Bestepe Mahallesi,
Baris Mahallesi, Belediye Caddesi,
Dumlupinar Bulvari No:6
No:30, Ginza Lavinya
A Blok Kat: 14 Bagimsiz Bolum 1427
Kat:2, B Blok, Ofis No:98
Yeni Mahalle/Ankara
Beylikduzu/Istanbul
Tel:
Tel:
+90 312 295 62 02
+90 212 872 23 33
Faks: +90 212 872 17 77
EVA/ January 2015
Regulated by RICS
10
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
KAYSERI BRANCH
BURSA BRANCH
Serce Onu Mahallesi Ahmet Pasa Caddesi
No:30/100
Altinova Mahallesi Buttim İs Merkezi E-4
Kocasinan Melikgazi/Kayseri
Tel: +90 352 220 50 51
No: 1316
Osmangazi/Bursa
Tel: +90 224 211 82 32
ANTALYA BRANCH
SAKARYA BRANCH
Kizilarik Mahallesi Koroglu Bulvari
Orta Mahalle Karaagac Caddesi No:20/D
No:5 D:2
(BB13) Adapazari/Sakarya
Muratpasa/Antalya
Tel: +90 264 277 70 06
Tel: +90 242 325 00 11
Fax: +90 242 325 00 91
DİYARBAKIR BRANCH
TRABZON BRANCH
Yenisehir Mahallesi Lise 4. Sokak
Cumhuriyet Mahallesi Husamoglu Sok.
Yilmaz Plaza No:3 D:6
No:2 D:35
Yenisehir/Diyarbakir
Ortahisar/Trabzon
Tel: + 90 412 228 14 00
EVA/ January 2015
Regulated by RICS
11
EVA Real Estate Appraisal & Consultancy Company
Bostanci E5 Kavsagi, Tariki Has Sok. Tavukcuoglu Is Merkezi
No:2 Kat:5-7-8 34742 Bostanci Kadikoy Istanbul / TURKEY
Tel. +90 216 665 36 36 Fax. +90 216 361 57 65
www.evagyd.com
EVA/ January 2015
Regulated by RICS
12

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