Author(s): YeÅim ALÄ°EFENDÄ°OÄLU Harun TANRIVERMÄ°Å
The rapid urbanization process taking place in Turkey has led not only to an uncontrolled increase in urban land values, but to the emergence of uncontrolled construction sites and development issues in the immediate vicinity of urban areas. Urban fabrics that have frayed particularly in the last five years have put the renewal of risky structure areas and slums among the fundamental interests of local and central governments. Significant problems in areas such as selection of urban renewal or transformation areas, taking of the public interest decision, project development, real estate appraisal in the pre- and post-project periods, rental assistance, project implementation and appraisal as well as impact evaluation are observed and many transformation projects have not been successful in practice due to the referred problems. The lack of professional staff in the fields of real estate project development, project management, and evaluation in central and local authorities as well as the inadequacy of the legal infrastructure do not allow for good planning, rational practices, and urban economic rent management. It has been identified that in renewal projects in different cities, there are differences varying between 1.5-fold and 5.0-fold between real estate values appreciated by the administration and those in expertwitness reports obtained by the courts and that valuation works associated with transformation are not carried out by experts reasonably assigned by the administration and courts. The types and qualities of assets, usage patterns, comparisons of legal and actual statuses, and value expectations of owners vary by provinces and projects in urban renewal, restoration, and regeneration projects. The failure to produce the required standard information for real estate valuation methods, the inadequacy in the application ofinternational valuation standards, lack of knowledge of real estate and project evaluation methods, and especially lack of knowledge in selection of the factors that may affect real estate values in the positive and/or negative direction as well as correction parameters, the failure in the creation of urban value maps and in institutionalization of appraisal services, and the inadequacy of project development and valuation services negatively affect an effective and efficient utilization of private and public real estate in the project areas and lead to delays in land acquisition and valuation works, increases in land acquisition and expropriation costs, and many transformation projects even cease to be feasible just because of this. Conducting infrastructure and preparatory works well, employment of qualified human resources, ensuring that plot and structure assessments and valuation researches are definitely carried out by impartial persons and institutions before implementation, and development of a well informing and good governance model to avoid unnecessarily increasing expectations among stakeholders seem essential in order to gain great success in transformation projects without consuming public resources.
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