An examination of the economic analysis of the property acquisitions in urban renewal projects in the case of ayazma urban renewal project

Urban renewal projects become a current issue with the objectives of the prevention of disaster risks, urban regeneration, conservation and rehabilitation. However, projects are generally realized in areas located near city-centers, which have a higher profit potential. It has conclusively been shown by the implemented projects that generally state-owned areas facing poor infrastructure and high population are transformed to new, high-density residential areas. Projects are claimed to be realized for the low-income residents; however, by the implementation of the projects; new owners having middle or high-income arise in the project areas. The purpose of this paper is to compare and contrast the property acquisitions resulting from the implementation of the article 18 of Building Code and the current application methods under the given urban renewal project . Within the scope of the paper, Ayazma Urban Renewal Project, which is one of the first urban renewal projects started in 2004, has been analyzed. Within the study, the economic gains of the actors in the current project and their economic gains in case of the utilization of land readjustment plan have been compared and the results of this comparison have been portrayed. It has been concluded that in case the land readjustment plan is utilized as a development model, the economic gains of the beneficiaries will be higher.