Constant August 2026 prices. A real return, not a nominal one — Turkish CPI ran 31.75% year-on-year in July 2026, and the model does not assume apartment prices rise to meet it.
Most small Turkish developments are priced on the hope that apartments will be worth more when they are finished. This one is priced on today’s market and earns its return by finishing sooner.
Fifteen apartments on a single 998 m² plot in Ankara. Two studios, eight two-bedrooms, five three-bedrooms — 1,239 m² of sellable area inside a 1,487 m² building.
The structure is light steel frame: a factory-cut galvanised system erected on site rather than poured. For a three-storey building it removes the curing schedule that governs concrete, cuts the foundation load, and moves most tolerance problems into the factory.
That buys two things at once. The programme compresses to fourteen months from land purchase to handover, and the build budget comes in around 8% below a conventional quote — ₺32,200 per m² against ₺35,000.
In a currency running at 31.8% annual inflation, time is the dominant variable. The same profit earned in fourteen months instead of thirty is worth more than twice as much in real terms.
₺19.6M of net profit on ₺90.3M of capital is a 21.7% return whether it takes fourteen months or thirty. Annualised, it is 18.3% over fourteen months and 8.2% over thirty. Nothing else in this model moves the number that far.
Net areas sit at the efficient end of Turkish norms. Nothing in the mix depends on unusually large or unusually cheap apartments.
₺96,850 per net m² places the scheme in Ankara’s premium new-build tier, above the ₺78,000 typical of good new construction and well above the ₺37,086 city average. The specification, the steel structure and the finish level have to earn that gap.
Land transfer duty, agency commission and corporate tax are inside these figures. Financing cost is not — the model assumes equity.
| Line | ₺ million | % of GDV | Basis |
|---|---|---|---|
| Gross development value | 120.00 | 100.0% | 15 units, today’s prices |
| Land | −37.00 | −30.8% | owner’s fixed condition |
| Transfer duty (tapu harçı) | −0.74 | −0.6% | 2% buyer share |
| Construction | −47.88 | −39.9% | 1,487 m² × ₺32,200 |
| Design, permits, utilities, contingency | −4.70 | −3.9% | fixed allowance |
| Agency + marketing | −3.60 | −3.0% | 3% of GDV |
| Profit before tax | 26.08 | 21.7% | |
| Corporate tax | −6.52 | −5.4% | 25%, 2026 rate |
| Net profit | 19.56 | 16.3% | ROI 21.7% on ₺90.3M |
Constant August 2026 prices. Figures are rounded; percentages are calculated on unrounded values.
Land is paid up front and is the only large single draw. Sales open in month three and cover construction from that point on, so the capital at risk never exceeds ₺40.9M.
Sales open the month the permits land, before a single beam is raised — that is what a fourteen-month programme makes possible. The 30% launch tranche returns almost the whole land payment by month three, and the instalment stream carries construction from there. Peak exposure falls to ₺40.9M against a ₺120M project.