Turkish President Recep Tayyip Erdoğan announced today in Istanbul during a special ceremony details of the so-called ‘Housing of the Century Project’, an ambitious initiative that aims to build half a million public housing units to provide modern, durable and disaster-resistant homes for more than 2 million people across Turkey, giving details of what the homes will be like, how much they will cost and who will be eligible for them.
Under the slogan ‘A Home for Turkey’, the plan aims to make it easier for low-income citizens to buy their own homes through long-term, affordable payments, help reduce high rents in Istanbul and promote access to housing that is safe from disasters such as earthquakes. Under the project, the Housing Development Agency (TOKİ) will build 500,000 social housing units in all 81 provinces of the country.
As reported by public broadcaster TRT Haber, the initiative plans to build 100,000 houses in Istanbul, 30,780 in Ankara, 21,520 in Izmir, 13,940 in Gaziantep, 13,670 in Konya, 13,190 in Şanlıurfa, 13,000 in Bursa and 12,170 in Diyarbakır. These houses will be offered at half the market price, easing the pressure on citizens affected by rising prices.
The scheme provides for specific quotas: 5% for families of martyrs (killed in the line of duty), persons disabled by terrorism, war or in the line of duty, and veterans; another 5% for persons with disabilities; 20% for pensioners; 10% for families with three or more children; and 20% for young people between 18 and 30 years old. Applicants must be at least 18 years old, have been Turkish nationals for at least 10 years, and have a net monthly household income of 145,000 liras in Istanbul or 127,000 liras in the rest of the country, although families of martyrs and those disabled by terrorism or in the line of duty are exempt from this requirement.
In Istanbul, in addition to the 100,000 homes for sale that are planned for construction, 15,000 rental homes will be built and offered at below market value to people who meet certain criteria for a period of three years, to be managed and maintained by the state.
Housing at prices well below market value
In Istanbul, the prices of the homes TOKİ will build for purchase will be sold at 1.95 million liras (40,000 euros) for one-bedroom, 55-square-metre homes; 2.45 million liras (50,000 euros) for 2-bedroom, 65-square-metre homes; and 2.95 million liras (60,000 euros) for 3-bedroom, 85-square-metre properties, with monthly instalments of 7,313, 9,188 and 11,063 liras (150, 188 and 227 euros), respectively, with financing conditions that include 10% of the total price as down payment and payments in up to 20 years.
As for the rest of Turkey’s provinces except Istanbul, prices under the ambitious public housing plan presented today by Erdoğan will be 1.8 million liras (37,000 euros) for one-bedroom, 55-square-metre homes; 2.2 million liras (45. 000 euros) for 2-bedroom, 65-square-metre homes; and 2.65 million liras (54,000 euros) for 3-bedroom, 85-square-metre homes, with monthly payments of 6,750, 8,250 and 9,938 liras (138, 169 and 204 euros), respectively, under the same financing conditions.
VOTE
EDITORIAL TEAM
🧿 About us
.
Edited and reviewed by:
Pablo Gómez is a specialist in Turkey and has been editor-in-chief of Hispanatolia since 2011. He has been analysing current affairs and geopolitics in Turkey and the surrounding region since 2006.
…
📣 Your ADVERTISING on Hispanatolia
.
🤗 HELP US WITH A DONATION:
💗 Paypal
