Structural Models of Urban Regeneration in Emerging Markets – Turkey Case
As a national movement, urban regeneration is the future of Turkish residential real estate market. In this paper, the models that let housing sector to make sustainable investments to urban regeneration are examined. In this regard, the purpose of this paper is to investigate the structural models of urban regeneration projects take place in emerging markets from the perspective of Turkish examples. It estimates various business and financial models according to varying dynamics of Turkey’s recent urban regeneration projects. The paper demonstrates decision making approaches to utilize models that will fit better under changing circumstances.
Design/methodology/approach – The paper reviews the differences of urban regeneration projects in developed and emerging markets. It explores the driving forces behind urban regeneration, legal infrastructure, and practices in Turkey specifically. It draws upon recent urban regeneration examples in Turkey. The paper analyses the existing models and proposes methods to choose the proper models that match with the varying dynamics.
Findings – Urban regeneration needs are different for developed and emerging markets and even for each emerging markets. There is no one-fits-all model in urban regeneration projects. Various dynamics play roles in adoption of proper business and financing model in regeneration projects. Decision making process for the model that fits the project usually lacks systematic analysis. However, urban regeneration needs in emerging markets display similar characteristic as they stem from the same dynamics. Hence urban regeneration practices and models can be adapted to the projects of other emerging markets. In planning stage of urban regeneration projects while methods, resources and financing tools are being planned and allocated, a checklist and/or a flowchart consist of some critical questions addressing the proper business models can be used as decision making tools/approaches.
Research limitations/implications – This paper is essentially exploratory and raises a number of questions for further investigation. There is scope to extend the research to examine other business development models and propose advanced decision making approaches addressing complicated factors.
Originality/value – This is the first paper to examine business models in urban regeneration projects and accordingly propose decision making approaches for adopting the suitable model to follow.