Oxygen Istanbul: the heart of Turkey's green building revolution
Turkey’s green building revolution is set to take off, with the country making huge strides in sustainable building development, green design and construction. In fact, the country’s commitment has obtained the country a top ten global ranking for Leadership in Energy and Environmental Design (LEED), a ratings system devised by the US Green Building Council (USGBC).
The global green housing market, which was worth around US$3 billion in 2005, reached $120 billion last year and is expected to reach US$364 billion by 2022. Green buildings use up to 50% less energy, cut CO2 emissions by around a third and use as much as 40% less water and 70% less waste, according to the Turkish Green Building Council (TGBC).
A TGBC representative said while Turkey’s at the starting point regarding green buildings, the environment is gaining importance among the population, particularly regarding recycling and waste. Now, the sector is about to take off, as the concept gains traction globally and foreign and domestic buyers drive to invest in Turkey continues to rise.
Around 45% of Turkey’s 19 million properties are more than 35 years old. Ten million of these homes - around half - are set to be either replaced or renewed as part of the government’s urban transformation initiative.
More than 600,000 homes are needed each year to fill the huge demand for housing - that’s a total of 7.5 million new homes by 2023. If just two or three percent of these homes went green, water and energy savings of $430 million could be made, according to the TGBC. This saving would compensate for the fact that green buildings are expensive to construct.
A surge in Turkey’s green building activity shows Turkey’s leaders are committed to increasing energy efficiency - a much-needed response to a population that’s increasingly wealthy and making greater-than-ever demands on the national grid. On top of that, the construction boom in Turkey means 42% of the country’s net electricity consumption comes from the building sector.
Founding chair and CEO of the USGBC Rick Fedrizzi said green buildings are a legacy for future generations.
"Turkey is transforming itself into a hub of innovation for green building and sustainable design," he said. "Green buildings are about people and the collective legacy that we leave behind. Turkey's emergence as a major center for the green building movement is a sign that the Turkish community believes that we can do better for ourselves and our environment, and that we can leave a better legacy for our children."
Every day around the planet, 172,000 square metres of space become LEED-certified, and there are around 70,000 projects representing 1.3 billion square metres in 150 countries around the world.
Between 2013 and 2014, Turkey experienced a 258% increase in LEED-certified space. Maintaining this momentum will bode extremely well for Turkey’s long-term economic and environmental future.
Oxygen Residence in Sisli, Istanbul
Istanbul’s already home to a number of green building concepts, including the Ronesans Tower, Spine Tower and Torun Tower. However, few present as excellent an investment opportunity as Sisli’s Oxygen Residence, an urban forest in the very heart of the city.
Property Turkey director Cameron Deggin emphasises the project’s initial low price point: currently $175,000 for one-bedroom turkey apartments and two-beds are $310,000.
“The prices are extremely favourable for a project so centrally located, and with such a unique design concept,” he said. He added that investors could expect 50% capital growth in 24 months, as well as steady rental income.
“It almost goes without saying that a development in this central location will generate great interest amongst city professionals, and will earn investors 7% rental income at today’s purchase price.”
Just five minutes’ walk from Levent Underground Metro, Oxygen is as central as it gets in Turkey’s largest city. Within five minutes residents can visit five major malls,
The 24-storey building has 170 one and two-bedroom residences ranging from 60 to 100 square metres. Residents enjoy five-star hotel facilities including a concierge service, housekeeping facilities, valet parking, and a rental management scheme.
There are a number of communal spaces, including a roof terrace, lounge, swimming pool, cafe, restaurant, fitness centre, cinema and business room. Residents hosting guests can put them up in style in Oxygen’s five-star guest suites.