Gayrimenkul yatırım aracı olarak özel okul yatırımları-Çerkezköy örneği
Private school investments as a real estate investment tool: case study in the cerkezkOy region
Yazar: DAMLA ERDEM ÖZİŞ
Danışman: DOÇ. DR. ENGİN EYÜP EYUBOĞLU
İstanbul Teknik Üniversitesi / Fen Bilimleri Enstitüsü / Gayrimenkul Geliştirme Ana Bilim Dalı / Gayrimenkul Geliştirme Bilim Dalı
Derece: Yüksek Lisans, 2018
Konu: Şehircilik ve Bölge Planlama = Urban and Regional Planning
Dizin: Eğitim yatırımları = Educational investments ; Özel okullar = Special schools

Özet:
Gayrimenkul, diğer yatırım araçları ile karşılaştırıldığında gündelik hayat içinde en çok tercih edilen yatırım aracıdır. Özel sektör tarafından konut geliştirme işine ek olarak ticari projeler olan alışveriş merkezi, ofis ve otel yatırımları yapılmaktadır. Diğer taraftan bu yatırımların doygunluğa ulaşması ile birlikte alternatif yatırım alanları da ortaya çıkmaktadır. Gayrimenkul geliştirme kapsamında gelişen yatırım alanlarından biri de özel okul yatırımlarıdır. Son yıllarda devlet tarafından verilen yatırım teşvikleri ve öğrenci ücreti yardımları ile birlikte özel okul yatırımları artmıştır. Özel okul yatırımları gayrimenkul geliştirme aracı olarak günümüzde ön plana çıkmaktadır ve karlı bir yatırım aracı haline gelmektedir.

Ülkemizde, özel okul yatırımlarının alternatif yatırım aracı olarak uygulanmaya başlanması oldukça yenidir. Bu nedenle, özel okul inşaatı için belirli standartlar belirlenmiş olsa da, okullar arasında diğer yatırım araçlarına benzer olacak şekilde (otellerde 5 yıldız, 4 yıldız gibi ve ofislerde A sınıfı, B sınıfı gibi) bir sınıflandırılmanın bulunmadığı yapılan araştırmalar çerçevesinde tespit edilmiştir. Ayrıca özel okul yatırımlarının artması birçok sorunu da beraberinde getirmiştir. Bu sorunlardan bazıları; arsa temin sorunu, yarı kapasitede çalışma sorunu ve finansal zorluklar olarak sıralanabilir.

Ancak, ülkemizde özel okul yatırım sürecinde oluşan sorunlar ve eksikliklere rağmen özel okul gelişimi eğitimde başarı ve yapı kalitesini arttırması açısından önem taşımaktadır. Öğrenciler tarafından sosyal imkânlarının fazla olması, yurtdışı bağlantılarının olması ve kurumsallaşmış olmaları ile özel okullar oldukça talep görmektedir.

Bu çalışmada özel okul tanımı, özel okul sektörünün dünyada ve Türkiye'de gelişimi incelenmiş, gayrimenkul yatırım kavramı çerçevesinde özel okul yatırımları finansal bir bakış açısı ile değerlendirilmiştir. Okul geliştirme şirketlerinin izlediği yöntemler, faydalandığı hizmetler ve karlılık beklentilerini etkileyen faktörler ortaya konmuştur. Özel okul geliştirme sürecinin aktörleri açıklanmıştır. Bir gayrimenkul yatırım aracı olarak özel okul yatırımlarının başarılı olmasını sağlayan faktörler belirlenmiş, özel okul yatırımcılarının hedefleri ortaya konmuş ve yapılan yatırımın karlılığı tespit edilmiştir.

Çalışmanın uygulaması kapsamında Çerkezköy bölgesinde özel okul pazar analizleri ışığında finansal fizibilite analizine girdi oluşturacak veriler sağlanmış ve fizibilite çalışması yapılmıştır.

Abstract:
In its simplest terms, investment is defined as people's accumulation of their surplus-to-requirement cash, or accumulating cash by reducing requirements in order to reach a specified target. Real estate, treasury bills, stocks and bonds are the four main traditionally recognized classes of asset. Compared to other investment instruments, the most common class of asset in everyday life is real estate. 
Real estate investment, which has such a major impact on the Turkish and world economies, is progressively gaining significance for domestic and foreign investors through its value added and employment-generating opportunities. As the world's most highly favored investment tool, real estate has a lengthy development process. This process comprises the sub-processes of forming ideas; finding developments and land; feasibility analyses; contracts; construction; opening; and operation. The process in which legal and real estate advisors are involved in the preliminary research phase, countless different units in the construction phase, bankers and finance experts in the financial phase, and marketing professionals and advertisers in the marketing phase, makes the entire process resemble a polyphonic orchestra.     
In addition to operational units within the building management companies, the real estate operational process involves further units such as leasing, advertising, public relations and legal divisions.  While the chief subdivisions of real estate are defined by function as residential, retail, office, hotel and industrial, private school investment is gaining prominence as an alternative investment tool.   
Defined as educational/training institutions whose expenses are covered without recourse to the public purse, private schools were first established on the basis of religious concerns. In spite of rising levels of investment in private schools that started with the ascendancy of neoliberal ideas and policies in Turkey from the beginning of the 1980's, the low levels of private school capacity in this current century indicate that Turkey is way behind the developed countries with respect to the private education enrolment rates. The 2014/2015 reforms to the Turkish private prep school (dershane) system and associated incentives began to reinstate the prominence of private school investment. State spending on education in Turkey as a share of GDP has fallen sharply in 2018. In addition, whereas 17.8% of the overall budget of the Ministry of National Education went to educational investments in 2002, this figure plummeted to just 8.23% as of 2018. As the share of government spending allotted to education continues a downward trend, new investment needs and shortfalls will be met by the private sector. Reinforcing this conjuncture, indirect state support to the private sector is serving to boost private school investments. 
The OECD average proportion of private schools in the educational system is 10% at the primary school level, 14% for junior high schools and 19% for high schools. With a rate of 3% at all three levels, Turkey remains significantly below the OECD average. The Ministry of National Education now aims to raise the proportion of total student numbers enrolled at private schools from 7.6% to 15% by 2023. Investment incentives and educational and training support to students in line with these targets has led to increased demand for private school investments. Nonetheless, student grants and support only offset a small part of school fees and the rate of private school enrolment has not reached the desired levels.    

The growth in investment in private schools in Turkey has brought with it a number of issues. In order of importance, these issues may be ranked as land supply, operating at half capacity, and financial difficulties.

Zoning plans determine what kind of buildings may be constructed on urban land, and the functional and physical features of these structures. Zoning plans are therefore a critical tool for investors because their planned projects can only be carried out in line with the permissible framework of that plan. Zoning plans define school areas as public land. While the land supply issue is a major obstacle for investors because private school areas are not designated in the plans, the "Planning Areas Zoning Regulation" published on July 3rd 2017 authorizes the construction of private educational facilities on publicly owned land as well. The published regulation contradicts the purpose of the zoning plan.  

Attempts are being made to resolve the other two problems arising from private school development, the issues of working at half capacity and financial challenges, by means of investment incentives as well as educational/training support given to students. Investing in private schools is fairly new in Turkey. For this reason, and notwithstanding the fact that there are specified standards for private school construction, research has determined that there is no classification of schools as exists for other investment instruments - a star system for hotels and Class-A and B for offices, for example. In 2014, the Ministry of National Education formulated the "Management of Private Educational Institutions Draft" with a view to classifying private schools. The plan was to create a system of classification under four main headings: physical capacity, management/organization, educational processes and support services. However, reaction against the draft led to its cancellation. Today, there is no private school classification system in Turkey.

In spite of problems and deficiencies in the private school investment process in Turkey, the development of private schools is important in terms of educational accomplishment and improving structural quality. The high demand for private schools is spurred by the greater social possibilities open to students, international connections and the fact that these establishments are well institutionalized.  

Private schools, which are knowledge-producing institutions well able to organize and market themselves, and to market knowledge and information as they present students with the advantages of their existing curriculum in line with the stipulations of the law. In our rapidly changing world, private schools that cannot keep pace eventually fall by the wayside. Parents and children who wish to purchase the educational services offered by private schools choose schools by examining their specific characteristics and features.    

Within the scope of this thesis, various factors that might have an impact on the success of private school development as a real estate tool are examined. Decisions taken on the determination of investment objectives, the choice of the investment teams, selecting the right plot of land, designating an operator, and the appointment of a design and construction team, are among the most critical factors that help determined whether or not private school development projects are successful. In addition, market research studies, valuation studies and other advisory services that contribute to planning, analysis and valuation efforts have a significant influence on the ultimate success of the investment. 

It is evident that feasibility studies and market research studies conducted prior to steps being taken with respect to development phases (or indeed on a continuous basis throughout the course of the process), are very important in terms of achieving a high rate of productivity in the investments.

Another key factor that has an impact on the success of investments is making appropriate plans that take account of supply and demand balances in the private school market and the general competitive environment in order to meet the expectation of investors who specify investment objectives in line with the prevailing environment and market conditions. 

The first of the six chapters of this work aims at defining the problem that is the subject matter of the thesis, and setting out the thesis' objective, scope, method and hypothesis. Matters concerning the concept of real estate development are explained in the second chapter. The third chapter seeks to examine the private school investment process in Turkey and internationally. The phases of the private school investment process and the role of sectoral players and other real estate professionals are examined in the fourth chapter. 

The fifth chapter contains work carried out according to numerically summable data in line with current developments and research into the private school sector, which lead to a private school project in the selected field of study in the district of Çerkezköy in Tekirdağ province being proposed and an investment analysis carried out. 

In the Private School Feasibility Study, a "private educational facility" plot of land was chosen. Data relating to this land, such as its physical features, transport links and zoning status were established. Consequent to the market research that was carried out, a feasibility calculation was made, based on market data. The general stages of the feasibility analysis process may be listed as defining the property's immediate vicinity; demand analysis; supply analysis; determination of construction sites; cost analysis; and financial analyses and evaluation. 

Within a framework of specific assumptions, costs that would emerge over the course of the project were estimated, and a cost estimate for total expenditures was made taking into consideration development-marketing policies and general feasibility principles. The investment cost of the land in question was calculated, and a cash flow table was arrived at taking account of potential revenues. The investor rate of return was determined by means of the cash flow chart. In conclusion to the study, it may be safely stated that private school investment is indeed a profitable investment tool.