Constant August 2026 prices — a real return, not a nominal one. Net profit and return on capital calculated at a 10% effective tax rate; at the full 25% corporate rate the annualised figure is 16.0%.
| Per m² of sellable area | ₺ / m² | Total, ₺M |
|---|---|---|
| Sale price | 107,692 | 243.6 |
| Land + transfer duty | 33,820 | 76.5 |
| Construction | 42,000 | 95.0 |
| Design, permits, contingency | 6,300 | 14.3 |
| Agency + marketing | 3,231 | 7.3 |
| Total cost | 85,350 | 193.1 |
| Margin | 22,342 | 50.5 |
| Unit price | ₺35,000/m² base | ₺38,000/m² | ₺42,000/m² | ₺46,000/m² |
|---|---|---|---|---|
| ₺4.5M | 25.8% | 22.2% | 17.5% | 12.7% |
| ₺4.2M — as modelled | 20.7% | 16.9% | 11.8% | 6.7% |
| ₺4.0M | 16.9% | 12.9% | 7.5% | 2.1% |
| ₺3.8M | 12.7% | 8.5% | 2.8% | −2.9% |
| ₺3.6M | 8.0% | 3.6% | −2.4% | −8.4% |
Pre-tax margin. Rows: achieved price per apartment. Columns: delivered construction cost per m² of built area. At the neighbour’s current price and the base build cost the project still returns 16.9%.