Turkey |
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Dubai Towers in Istanbul
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| 1. |
09 Dec 2007 Sun 05:12 pm |
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| 2. |
09 Dec 2007 Sun 06:19 pm |
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As slow as construction is in this city, I would be surprised if this project is completed in the next 20 years. There are so many half finished business towers already, i cant imagine a need for this much additional office space in the Levent area...
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| 3. |
09 Dec 2007 Sun 06:29 pm |
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| 4. |
09 Dec 2007 Sun 07:13 pm |
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Quoting KeithL: As slow as construction is in this city, I would be surprised if this project is completed in the next 20 years. There are so many half finished business towers already, i cant imagine a need for this much additional office space in the Levent area... |
When I was in Turkey I noticed hundreds & hundreds of partly constructed buildings. It really was amazing, some of them had people living in them. It was obvious the construction had stopped some time ago, seeing as there were weeds growing on them.
Do you know what that is about?
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| 5. |
09 Dec 2007 Sun 07:20 pm |
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They run out of money.
There is never enough money to build all at once. So the foundation and frame of the buildings go up very quickly. But then, it takes years often to get the rest of the money to finish. Mortgages are new to turkey relative. Most homes here were paid in with cash. When i bought my flat in Fulya, it was crazy the way we poured the money on the table (20million YTL was the largest note at the time).
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| 6. |
09 Dec 2007 Sun 07:23 pm |
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| 7. |
09 Dec 2007 Sun 07:38 pm |
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Then they will certainly get build in a week. They will surely NOT run out of money! 
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| 8. |
09 Dec 2007 Sun 07:46 pm |
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Quoting Roswitha: Alameda I observed the same while travelling in Turkey. |
Reason # 1
Often it works like this:
Brother one moves from village to Istanbul. He starts building a house, and builds floor 1, with steel reinforcement pins sticking out the top to go up one more floor.
When floor 1 is finished he moves in, calls his wife and kids from the village to live with him, and invites brother no 2.
Brother no 2 builds the next floor, with steel reinforcement pins sticking out the top to go up one more floor.
When floor 2 is finished brother no 2 moves in, calls his wife and kids from the village to live with him, and invites brother no 3.
Brother no 3 builds the next floor, with steel reinforcement pins sticking out the top to go up one more floor.
When floor 3 is finished brother no 3 moves in, calls his wife and kids from the village to live with him, and invites brother no 4.
Brother no 4 builds the next floor. . .
Reason #2
You only pay building tax on a FINISHED building, so many are left with just one wall not yet painted, to avoid building tax.
Reason #3
Before mortgages, people would be part of a cooperative to build an apartment block. Think of it like this:
with a mortgage you move in at the start and pay a fixed amount every month. with a cooperative you pay a fixed amount every month and move in at the end.
e.g. everyone pays 500 YTL each month for the cooperative. There are 20 apartments to be built. So month one we have 10,000 YTL and can do 10,000 YTL worth of digging foundations. Next month we get another 10,000 YTL so can do 10,000 YTL worth of digging foundations and laying the first layer of bricks etc. etc.
When you think of everything that needs to be done: cement , bricks, windows, electric system, heating, doors, water and plumbing, roof, elevators, doors etc you can see how at such a slow drip feed of money it takes 5 to 10 years to complete a cooperative apartment block.
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| 9. |
09 Dec 2007 Sun 08:47 pm |
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Thank you so much, Marion. I loved the way you explained it!!!
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