Cushman & Wakefield has released a new report on urban regeneration in Turkey. The report sheds light on the need, volume, legal framework, challenges and potential solutions for urban regeneration projects. It further highlights that conventional financing models will not suffice to cope with the volume of investment needed and that alternative financing models and foreign investment are a must for a sustainable urban regeneration process.
According to the report the annual need for construction financing is estimated at US$ 23 billion highlighting the fact that such volumes require alternative financing tools and foreign investment to successfully realize urgently required urban regeneration projects.
Haluk Sur, Chairman for Cushman & Wakefield Turkey, emphasized the importance of urban regeneration and indicated that 6.7 million residential units will have to be demolished and rebuilt within the next 20 years and as such 334,000 units will be subject to transformation on an annual basis. He further added: “To complete the entire process US$ 465 billion of financing is needed which equates to US$ 23 billion annually.”