The term apartment returns in Istanbul emerges as one of the most important terms used when you buy an apartment in a residential complex in Istanbul, not only for the material value that you will pay on a monthly basis under the “returns” item but also to see the services accompanying these returns, which reflect the level of luxury and sophistication of housing within Residential complexes.
Of course, the returns of residential complexes in Istanbul are not of the same value and vary according to different considerations and reasons, and we will discuss all these details in this article for a lengthy discussion, accompanied by a sufficient and adequate explanation of all information related to apartment returns.
What is the revenue of apartments in Istanbul?
The monthly returns are defined as the amount required to be paid on a monthly basis for each of the apartments within the residential complex, or any building even if it is not within a residential complex.
Why are the monthly returns paid?
Payment of apartment revenues is in exchange for several services provided to residents within the residential complex, which include mandatory services such as electric elevators, cleaning services, as well as recreational services, parking, swimming pools, sports clubs, and other services.
To whom do you pay?
The collection of revenues from apartments in Istanbul is supervised by the authorities responsible for providing services within the residential complex, or what is known as "the complex management" because it is responsible to the residents of the complex for obtaining services.
Who pays for it?
the proceeds are paid by
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House owner
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Tenant
It is paid on a monthly basis directly from the person residing in the apartment to the administration of the complex, or the entity responsible for providing services.
What if the apartment revenues are not paid?
In the event that the person concerned fails to pay the proceeds of the apartment for a period exceeding one month, he will be subjected to several consecutive procedures by the administration of the housing complex, which is as follows:
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Penalty to pay an additional amount of money as a fine for late payment of returns
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If he does not pay, the administration of the complex prevents the person and the entire family from benefiting from the services of the complex
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If he does not pay .. the administration of the complex will cut off the basic services "electricity / water / gas" from the apartment
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If he does not pay .. a lawsuit will be filed against the person concerned with paying the monthly returns
Services offered for revenue
After we got acquainted with the returns of apartments in Istanbul, it remains for us to move on to talk about the services corresponding to these monthly returns, which of course differ from one complex to another, but we will address the most important services in general:
Cleaning services
Cleaning services include maintaining the cleanliness of stairs, corridors, walls, and building entrances inside the residential complex, and the cleanliness of external glass doors and windows. Cleaning services do not include any services inside the apartments, but only outside.
Security and protection services
The services include guarding the complex by a specialized security team, installing surveillance cameras at the entrances, corridors, and surroundings of the residential complex, in addition to providing an electronic card service to enter the complex, to ensure that strangers do not enter, and the security responsible for guarding intervenes in emergency cases and when necessary.
Maintenance Services
Also, some residential complexes include repair, restoration, and maintenance services for doors, windows, locks, water and electricity installations, and other necessary repairs in any home. The proceeds, in this case, cover the wages of workers but do not include materials that must be purchased for maintenance or repair in general.
Parking
Most of the residential complexes in Istanbul provide parking services for cars "Otopark", and these parking spaces are usually large and suitable for the size of the residential complex, and are closed, and they are available free of charge to residents inside the complex.
Other entertainment services
High-end residential complexes provide many recreational services, such as:
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Indoor and outdoor pools
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Pedestrian and cycling paths
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Turkish bath
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Sauna and steam rooms
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Meeting and conference rooms
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Restaurants
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cafes
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Shops
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playgrounds
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Children's play areas
The return value of apartments in Istanbul
It is not possible to determine the exact value of the returns in Istanbul complexes because they differ from one complex to another, not to mention the big difference if we compare it with the returns on Istanbul apartments outside the residential complexes.
Factors of different returns for apartments in Istanbul
Returns vary depending on the following factors:
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Region: State / Neighborhood / Proximity to vital centers and transportation...
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Quality and quantity of services provided
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Is the apartment in a residential complex or outside?
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The area of the property (this criterion is not highly dependent, the distribution of returns is often equal across all apartments)
Who determines the value of the proceeds?
The management of the complex is committed to what is known as the “operating system” for the residential or commercial complex, and this system is used to study the services provided, and how much do they cost? And the distribution of the cost to the apartments and offices located within the complex or the building, thus an accurate determination of the value of the proceeds is made. The value of these returns is reviewed annually, as it is also subject to the annual increase, at different rates as necessary.
The average return value of apartments in Istanbul
We will divide the regions into
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Central: In the center of Istanbul and close to vital facilities
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Tourist: in coastal areas with a high-end tourist nature
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Other regions
We also divide the services into:
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Simple services: guarding, security, parking, and cleaning services
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Medium services: green spaces, swimming pools, and playgrounds, in addition to simple services
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Comprehensive services: the finest types of complexes
We will mention the average value of service revenues in Istanbul apartments, given that we are talking about an apartment of 100 square meters, according to the following data:
In residential complex
|
Complex are |
Simple services |
Medium services |
Comprehensive services |
|
Central area |
70 – 100 TL |
100 – 150 TL |
150 – 300 TL |
|
Tourist area |
100 – 200 TL |
200 – 300 TL |
300 – 500 TL |
|
Other areas |
50 – 70 TL |
70 – 150 TL |
150 – 250 TL |
Outside residential complexes
|
Complex area |
|
|
Central area |
35 – 50 TL |
|
Tourist area |
70 – 100 TL |
|
other areas |
15 – 50 TL |
Notes:
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Building services outside the residential complexes include cleaning and maintenance of the electric elevator.
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The returns in office towers or malls that have shops and are not intended for housing are more valuable than the returns in apartments.
Operation project in residential complexes
The process of calculating, estimating, and collecting revenues is an orderly and not arbitrary matter, especially when we talk about residential complexes in Istanbul, and this is under the supervision of the complex management within what is known as the "housing complex operation project".
What is a residential complex operation project?
It is a mathematically prepared plan to determine each of the costs required to manage the complex and carry out its services, and to distribute these costs as shares to the apartments in which "real estate units" are located, and thus the proceeds are collected from the owners and residents of these apartments and spent in the service of the complex, and to cover the studied costs.
Distribution of apartment revenues in Istanbul
After collecting the monthly returns on apartments in the residential complex, they are divided into the following banks:
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50% for workers and employees
That is, to cover the salaries of employees, workers responsible for security, guarding, cleaning, management of recreational facilities, and maintenance workers.
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20% to cover the required resources
Such as the cost of the electric stairs and the elevator, or covering maintenance expenses outside the apartments
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30% of the complex's management profits
This percentage is given to the administrative council of the housing complex in return for ensuring the provision of services, as well as providing the wages to those in charge of these services and the continuation of the operation project in an organized and studied manner.
Does the operating system change?
Yes, it can change, but after studying the change in costs, informing the owners of apartments and residents of them and obtaining their approval, the change in the operating system relates mainly to the following topics:
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Increasing the number of services provided by the residential complex
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Increase the annual wages of employees and workers
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Significant changes may occur in the exchange rate of the Turkish lira against other currencies.
And often the re-evaluation of the operating program is annually, but this does not prevent the occurrence of emergency evaluations when necessary, but it is only applied with the approval of the residents of the complex.
In the event that it is not possible to increase the monthly revenues, the complex management can reduce the level of services provided by the residential complex. This report submitted by Fanar Realty was an introductory guide through which you can view widely the subject of apartment returns in Istanbul, what is their value? And what is its importance? And where is it spent? And who do you collect? And the rest of the details about the operating project in the complexes, so that Fanar remains as it is your beacon in Turkey, the truest and most correct source of real estate information, and the best destination for those who want to own real estate in Turkey.
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