The largest housing project in the history of Turkey
On Tuesday 13/9/2022, Turkish President Recep Tayyip Erdogan revealed the details of the largest social housing project in the history of Turkey, which will provide housing for low-income and young people who are about to marry, families of martyrs, veterans, and people with special needs, by providing the opportunity to own apartments. Luxury within buildings not exceeding 5 floors, and through suitable payment plans.
The new project includes the construction of 500,000 apartments, and the provision of 250,000 plots of land suitable for reconstruction, with an area between 300 and 500 meters, in addition to providing 50,000 workplaces in all Turkish states, within a period not exceeding 2028.
President Erdoğan indicated that his government plans to construct 250,000 apartments during the first phase of the project, which will be completed within two years.
He pointed out that every citizen whose family income is less than 18,000 TL in Istanbul, and 16,000 TL in other states can apply to purchase from this project.
Positive effects on owning and renting properties
The Turkish president stressed that the announced project will contribute to reducing real estate prices and rent in Turkey, and will help control the market and block the way for exploiters and speculators, noting that this project is the largest campaign during which the state intervenes to secure housing for Turkish citizens.
He pointed out that the project will be in all Turkish states, and the sale will be in installments for a period of 240 months.
Project subscription mechanism
The terms of the project, which will be implemented by the Governmental Real Estate Projects Department "Toki", and to be subscribed to through the e-government "e-Devlet", stipulate that the applicant should be Turkish, over the age of eighteen, and submit the application after paying a fee of 500 TL.
The conditions specified only one social home purchase request for each family, and that the applicant had been residing in the state in which he registered for a residence, for at least one year.
Bader Eddin Mardini of Imtilak Real Estate Company in Istanbul believes that "the step is very important, for the state to intervene to break prices and increase the supply of real estate in Turkey, with the increase in demand and rising prices, this is one of its development and social roles."
Mardini adds that the level of real estate prices in Turkey today is “very high due to the increase in demand over supply. After the high prices of raw materials used in the construction of the real estate, many companies refrained from building, and many projects stopped, which raised prices far beyond the ability of the Turks to own a house, so perhaps the state’s intervention came for this reason.”
The Turkish Minister of Environment and Urban Planning, Murat Kurum, says that housing prices and rents in Turkey began to decline with the announcement of the huge social housing project in all governorates of the country. He added, during previous statements, that "since the moment the social housing project was announced in 81 states, housing prices and rents began to decline."
Edited by Imtilak Real Estate ©
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