Real Estate News in Turkey Entering 2023

Toki's Goal by 2030 is 2 Million Social Residences

Environment, Urbanization and Climate Change Minister Murat Kurum said in a recent statement that the target by 2030 is to build 2 million apartments under the social housing category with the help of TOKI.

According to the minister, the housing sector will regularly be at the top of the agenda by 2022. In particular, hot topics such as rapidly rising housing prices, rising rents, urban transformation process, and preferential housing.

A few months ago, a truly historic project - "My First Home, My First Job" - created 250,000 homes, hundreds of thousands of land and 10,000 jobs for low-income citizens post. The big city sweepstakes has successfully started. It was announced that the second major step in the plan will be a dedicated campaign for middle-income people.

Currently, more than 5 million applications for social housing have been processed under the scheme. The first 50,000 lucky winners - future senior homeowners - have been identified.

According to the ministry, between 2023 and 2028, 500,000 social housing units, 1 million plots of land and 50,000 jobs will be provided to citizens in 81 provinces. "We will build social housing until there is not a single low-income citizen without a home of their own," the minister assured. According to market analysts, this will also significantly lower rents by reducing competition, as many tenants will migrate to landlords' " camp".

TOKI also guarantees that foreigners will not apply for priority residence and therefore will not "grab bread" from local residents.

Plant New Year's Eve Sales Have Started

In the last few days of 2022, preferential activities will be announced one after another. Even taking into account the rapid rise in property prices this year, a two-bedroom can be had for as little as 250,000 Turkish Lira (TL).

As a reminder, the most economical way for citizens with suitable land to acquire their own housing is ready-made "factory buildings", especially since such buildings do not differ from "traditional" capital buildings in terms of equipment. If it is not clear that Whether the property is suitable for building such a house can be clarified with the building planning office of the local municipality.

Before the New Year, manufacturers of such houses announce the sale of some typical products from their collections. Therefore, the above-mentioned "factory" with an area of ​​70 m² can be purchased for 249,900 TRY; with an area of ​​79 m² – 256,900 TRY. Some other formats are also suggested.

And in the autumn, the authorities even give subsidies to those in need to buy a factory building, so considering the discount of 150,000 TL, it is possible to become its owner for only 18,000 TL.

State subsidies for this segment are published regularly.

Istanbul SQM Apartments Priced Close to $1,500

Residential real estate prices in Turkey's largest metropolis "record new highs". For example, according to the October 2022 house price index published by the Central Bank of the Republic of Turkey (the index was released with a delay), the average price per square meter of residential properties in Istanbul has risen to $1,432.

Real estate prices in Turkey continue to rise rapidly, not only in lira but also in dollars; that is, it’s not just about inflation. In August, the national average cost of a "square" reached $835, breaking another record. It rose to $866 in September and $891 in October, close to $900.

Furthermore, house prices in the Istanbul metropolis in September 2016 had the highest square meter price in the entire observation history at $1,479; at that time, the interest rate on home loans was 12.09%. By October 2022, it will already be 20.98%.

Recently, Istanbul has been lagging behind other world capitals in terms of real estate sales, although it leads Turkey.

Meanwhile, there are no free apartment rentals in metropolises that are on fire during the day; therefore, owners of vacant apartments and houses (unrented and unoccupied properties) will soon expect an increase in property taxes.