Sustainable development stands as one of the most prominent concepts in many sectors, including the real estate sector. This concept is defined as the bridge between economic and social growth, recognizing the need to protect the environment to ensure the needs of future generations are met.

What is Sustainable Development:

Sustainable development aims to cater to the needs of the current generation without compromising the ability of future generations to meet their needs. This requires a comprehensive view that combines economic, social, and environmental dimensions.

Balancing the Three Dimensions:

Economic Dimension: Focuses on achieving sustainable growth by increasing investment, providing more job opportunities, and enhancing prosperity.

Social Dimension: Relates to meeting individual needs, whether in healthcare, education, housing, or other essential services.

Environmental Dimension: Addresses the conservation of the environment and the sustainable use of natural resources, emphasizing pollution control, energy consumption efficiency, and resource conservation.

Collaboration for Sustainability:

Sustainable development cannot be achieved without the collaboration of all relevant parties. This collaboration requires the participation of governments, the business sector, and private organizations to ensure the desired balance between economic growth, social justice, and environmental protection.

In the real estate context, the concept of sustainable development is linked to strategies set by developers in real estate companies. These strategies aim to achieve significant development in the real estate market and enhance the quality of services provided in this sector. An important aspect of this concept is the role of government institutions and their contribution to supporting construction companies, in addition to providing the necessary facilities.

The large funds and financial flows provided by businessmen and companies have a strong impact on achieving sustainable development in the real estate sector. There is a range of different indicators that can be used to measure progress in sustainable development. These indicators provide insights into the performance of the real estate sector based on environmental, social, and economic factors. When selecting these indicators, it is essential to avoid any challenges that may arise during the evaluation of results.

Many international institutions seek to develop specific sets of indicators to assess sustainable development. Examples include the United Nations Sustainable Development Indicators and recognized European indicators. Regarding the construction sector, there are specific indicators like building permits, construction costs, and real estate sales.

Sustainable development in the real estate market has become fundamental, especially with the expansion of investment projects and residential complexes. There's a trend towards using renewable energy and adopting modern technologies in construction, which contributes to enhancing the idea of sustainability in the real estate market.

There are three foundations that the real estate sector should adopt to achieve sustainable development: environmental conservation, social quality improvement, and economic development. According to a report by the Association of Real Estate Investors, the Turkish economy grew by 11% in the first quarter of 2022, with the construction sector growing by 14.8%.

In conclusion, sustainable development in the real estate sector is not only a necessity but is also seen as a strategy to build a more sustainable and prosperous future.