With the acceleration of the Turkish economy and the growth of the real estate market, 1.5 million homes will be built in Turkey. It is one of the most significant sectors of all, massive real estate projects in this promising country continue. With it, investment opportunities for all who desire them inside and outside Turkey, in general, are growing.
The Turkish government’s Minister of Environment and Housing recently stated that a million and a half housing units would be built to support and assist the local banks in which the project is located. This will cost four billion Turkish Liras, and the building of these housing units comes with the probability of providing loans at a rate of 4%.
Over the next five years, Turkey will build 1.5 million homes
The minister stated that the success of the investment in Istanbul is due to the services, facilities, and support it provides to all governmental and private sectors, which encouraged the acquisition of 136 billion pounds after to environmental conservation reports. To keep the establishment of these cities, all project papers were expedited. Take a look at reasons to invest in Turkish property as a guide.
6.8 million units are planned to be built
The minister stated that an area of 1442 hectares in Istanbul could be demolished because it is a hazardous area, and work will be done to reduce it to 65 hectares. The minister confirmed that 300 thousand housing units would be built in its place annually, and the minister stated that 65,700 buildings could collapse, so the work has been done. On removing 245,000 homes to develop modern facilities in a new design, the first regions where work will begin are Beykoz because of its importance.
The Collective Housing Department and the Ministry of Environment have collaborated to build 158 additional housing units, as well as eight hospitals and 52 units including special needs centres, as well as numerous public services such as schools, medical clinics, shelter centres, and libraries. All of these facilities will cost 49 billion Turkish Liras to build.
Statements by the President on the subject
The Turkish President delivered a statement about the aforementioned Beykoz region, which included both of the following key points:
We have given directions to the entity in charge of resolving all Beykoz-related issues. By granting 38,000 residents title to their homes, we were able to solve their concerns. We’ve prioritised moving forward with the Beykoz reconstruction plan. We gave this issue our full attention, and we quickly moved on to the state of the spaces and buildings in all Beykoz stores.
In the form of detached dwellings, we planned buildings that reflect our culture without detracting from the overall shape of the neighbourhood. To that aim, we’ve issued instructions to officials in this respect. We’ll work with the Municipality of Beykoz to speed up the rehabilitation plans for all of the city’s centres. We will not forget to complete this project reasonably and to benefit all of the residents involved. I will not allow anything other than what was foreseen to happen. Citizens who cannot hand up the land to the contractors responsible for it can have a specified number of housing units after the construction plans are completed. Suppose the contractors refuse to work in this manner. In that case, the Collective Housing Department and the directors of public banks and states will support the citizens and provide all necessary facilities.
Alternatives and solutions
The Minister of Environment Office has reported that after looking into the area of Beykoz, we found many difficulties that impede the undertaking of modernising and renovating buildings because the site is protected. Firstly we need a registration sheet that allows us to use non-renewable building sections because the area is protected. As we can participate in water, electricity, and natural gas with this paper, and the registration sheet also assisted in making people the owners of the departments, which was previously prohibited.
The second solution is to assign degrees to protected buildings to determine their protection and whether or not we can renew them. Any work will be examined under this solution to allow it if it is beneficial to the buildings and to prevent any action that might harm citizens’ rights.