Real Estate Valuation use in Urban Transformation Projects

In Istanbul, existing built up areas are threat against many natural and urban risks. Concurrently, these urban spaces have often economic, social and physical scarcities. There is a necessity for urban transformation projects in these slum areas to meet today’s urban space needs also to provide a livable city. Built & Transfer & Evacuate model was developed to realize these urban transformation projects. Built & Transfer & Evacuate is a model that can be used on empty, state-owned urban development areas. Any essential public areas such as green areas, regional parks, public health facilities, educational facilities etc. can be planned in these urban spaces within the master plans for these areas. Due to the model, the buildings those built on the state-owned areas will be bartered for the existing risky buildings which are in the nearest areas. After demolition of the buildings in these areas new master plan studies will be done on the risk-free ones to provide a sustainable urban transformation. Therefore, planned, livable urban spaces will be created. To define the contribution values of the property owners in urban transformation areas, real estate valuation studies should be done. In general, the value of the existing and new built buildings had defined to state the distribution value of the project. Before the master plan and design studies, land-real estate valuation studies should be completed to have the most suitable functions for the areas and to have the best localization of them within the defined criteria.