A real estate development model for Turkey: real estate certificates and integrated project delivery

Abstract

PurposeTechnological developments are having an impact on the construction sector and are creating a paradigm shift in project delivery methods. Traditional project delivery systems are inadequate in current project development processes. A more integrated project delivery system and the establishment of contractual and financial structures are needed. The purpose of this study is to incorporate integrated project delivery and real estate certificate concepts and propose a model for real estate development.Design/methodology/approachAs a methodology, both integrated project delivery and real estate certificate concepts are reviewed individually, and a case to real estate certificate in Turkey is examined.FindingsA real estate certificate is a new method for financing the development process. The system covers the financial dimension of the integrated project delivery system. When these two concepts are combined, they provide an alternative to the real estate development process.Research limitations/implicationsThis study is a preliminary study and lays the foundation for future studies.Practical implicationsIn theory, both concepts have many advantages, in practice, it is essential to create the necessary legal basis for these advantages to be valid. As this process requires significant planning and contract management, the proposed model must be properly designed at the start of the project.Originality/valueThis study proposes a new model for real estate development by combining integrated project delivery and real estate certificate concepts.