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Turkey Has Radical Solutions for Housing Rehabilitation After the Earthquake

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The government starts the largest housing construction project in the country's history. They plan to reduce taxes and subsidize developers.

Turkish Minister of Environment, Urbanization, and Climate Change Murat Kurum said that the authorities are going to launch the largest housing construction project in the country's history in 10 provinces simultaneously.

Context. That is necessary to solve the problem of emergency housing after an earthquake. According to experts, 12,141 apartment buildings and 66,058 private houses were destroyed or severely damaged.

Other measures. Meanwhile, Mehmet Kalencu, president of Turkey's largest real estate investment fund GYODER, offers the government:

  • Reduce the tax on the transfer of ownership from 4% to 1%;
  • Allocate developers free land for building;
  • Finance construction through PPP (public-private partnership);
  • Oblige developers on the above conditions not to sell real estate to private buyers, but to lease it to residents of Turkey.

Source: Emlak Kulisi
Photo by Michael Parulava on Unsplash

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Tags: Turkey, Market Analysis, Real Estate, New buildings and construction

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