Real Estate

President Erdogan announced the biggest social housing move in the history of the Republic of Turkiye

President Erdogan is announcing the biggest social housing move in the history of the Republic today. 250 thousand residences and 100 thousand infrastructure plots are on sale with a maturity of 240 months. Here are the application requirements…

President Recep Tayyip Erdogan will announce the details of the cheap housing project, which millions of citizens are looking forward to, today. With the project, which will enable citizens to become homeowners like paying rent, 250 thousand residences will be built in 81 provinces of Turkiye. Anyone who wishes will be able to build their own house by applying to a land project with a 100 thousand infrastructure. With 10 thousand workplaces in industrial estates, citizens will also be given the chance to start their own business. Following the increase in rent and house prices, a social housing project was prepared by the Ministry of Environment, Urbanization and Climate Change upon the instruction of President Erdogan. The application conditions for the biggest social housing project in the history of the Republic, which will be announced today, have been determined.

ONE YEAR RESIDENCY REQUIREMENT

Turkish citizens who have resided within the borders of the project province for at least 1 year or who are registered to the project province population, who do not have a residence registered in the land registry for themselves, their spouse and their children under their custody, and who have not purchased a house through TOKİ before, can apply for the residences built through TOKI.

ONE APPLICATION FROM ONE HOUSE

Only one application can be received from a household for social housing. In the residences, quota will be reserved for young people, retirees, relatives of martyrs, veterans and disabled people. Those born after September 1991 can apply for the youth category.

HOUSEHOLD MAXIMUM INCIME FOR ISTANBUL ₺16 THOUSAND, ₺14 THOUSAND THROUGHOUT TURKIYE

Except for the families of martyrs, the disabled of war and duty, and their widows and orphans, the monthly household income must be a maximum of ₺16 thousand net for Istanbul and a maximum of ₺14 thousand throughout the country. The monthly installments of the houses will be in the amount that the minimum wage earners can pay. The payment will not exceed 30% of the total household income, and a maturity of up to 240 months will be introduced.

₺1.5 TRILLION ECONOMIC ACTIVITY

With the houses to be built by TOKİ, more than ₺1.5 trillion of economic activity will be provided. The giant project will also contribute positively to the reduction of rent and housing prices. While contributing at least 100 thousand new employments in the campaign, the wheels of the economy, industry and trade will accelerate as it concerns more than 250 sub-sectors. Young people, retirees, relatives of martyrs, veterans and disabled people are allocated quotas in the project, in the first stage, 1 million people will be moved to safe houses.

APPLICATION FEE IS ₺500

Within the scope of the PROJECT, 100 thousand plots of land will be delivered with electricity, water and natural gas infrastructures completed, with zoning plans and ready for construction. The application fee is ₺500. Those who qualify will be able to build their own houses on these lands. A lottery will be drawn among those who meet the eligibility criteria. Turkish citizens will apply on the condition that they are poor and low-income, do not own a land suitable for building a house within the borders of any municipality, or a land share corresponding to a separate flat of a house or apartment anywhere, they do not benefit from the practices subject to the provisions of the Slum Law No. 775 and the Implementation Regulation.

IT WILL REDUCE THE EXTRA PRICE

The project, which aims to provide homeowners with DAR income, is expected to curb rising housing prices and rents. In addition to the biggest social housing project in the history of the Republic, the countdown continues for the transformation of 50 thousand offices into residences and the launch of a new campaign with real estate companies under the leadership of Emlak Konut. Real Estate Expert Mustafa Hakan Ozelmacikli stated that the prices will decrease in the medium term with the realization of the projects that will activate the housing sector. And he said, “Although the delivery times are not yet certain, it will take approximately 18 to 24 months. The project will create a solution to the supply-demand balance in the real estate sector.” Realtor Serafettin Basaran said, “We expect a stabilization in housing prices.”

₺2 THOUSAND APPLICATION FEE FOR WORKPLACE

A first will take place within the scope of the PROJECT. 10 thousand workplaces in industrial estates to be established in 28 provinces for small and medium-sized industrialists will also be sold to citizens in the long term. The application fee was determined as ₺2 thousand. The applicants will be required to be a Turkish citizen who has completed the age of 18, registered with the population of the province where the project is located or operating there. Applicants will also be required to document mastery, opening a business, a relevant chamber registration or taxpayer certificate, and e-Commerce. Applicants must not have industrial shops owned by themselves, their spouse and their children under the age of 18.

Source: Sabah / Translated by Irem Yildiz

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