Yücel said, “Costs increased the most in Turkey. It doubled in foreign currency. In the past, construction costs were lower than in Europe. It’s now synced. For this reason, houses in Istanbul are more expensive than in Europe. For example, in Hungary
In our Duna Pearl project, our housing square meter price was around 5 thousand 500-6 thousand Euros, while in Istanbul Piyalepaşa
The price per square meter of the residences is 6 thousand 500 Euros. “House prices in Istanbul have overtaken the German city of Hamburg, where square meters are 6 thousand Euros,” he said.
Polat Holding is implementing its second real estate project, City Pearl, after Duna Pearl, in Budapest, Hungary, with an investment of 300 million Euros. The company is counting the days for its third housing project worth 150 million Euros.
SESSION RATE 50 PERCENT
Polat, which plans to expand to Germany, England, Serbia and Greece, plans to do 50 percent of its future projects in Europe. In 2017, the 105-room Four Points by Sheraton hotel, which is the first real estate project worth 150 million Euros in Hungary consisting of residential, hotel and commercial units, was opened with a ceremony. Duna Pearl, which was implemented as a mixed project consisting of residences, hotels and shops on an area of approximately 45 thousand square meters, includes 193 flats. Kaan Yücel said at the meeting he held in Budapest that the session rate at Duna Pearl reached 50 percent.