Details of Social Housing Project Were Obviously!

Within the scope of Turkey's largest social housing project “My First Home, My First Business” announced by President Erdogan, 250 thousand social housing is aimed at producing 500 thousand social housing in 5 years to be completed in the first 2 years.

2+1 apartments will be sold with prices starting from 608 thousand TL and installments starting from 2,280 TL, 3+1 apartments will be sold with prices starting from 850 thousand TL and installments starting from TL 3.187.

Within the scope of the project, which has 240 months maturity, 500 thousand housing, 250 thousand infrastructure land, 50 thousand workplaces will be built in 5 years. Of the priority identified provinces, 50 thousand in Istanbul, 18 thousand in Ankara, 12 thousand 500 in Izmir, 10 thousand in Gaziantep, 8 thousand 650 in Bursa, 7 thousand 500 in Konya, 4 thousand 500 in Kayseri will be produced in the first place.

Land for residential purposes, which will be sold in two groups, will be offered to citizens without interest. In the first group, plots in the form of detached parcels consisting of 350 to 500 square meters area will be available for sale with prices starting from 192 thousand 500 TL and installments starting from 1,604 TL for 10 years. Payment of share parcels that make up the 2nd group can be made with installments starting from 937 TL with a term of 10 years and without interest.

50 thousand workplaces planned to be produced will be offered for sale with prices starting from 350 thousand TL and installments starting from TL 2 thousand 633, with a maturity of 120 months.

Görkem Ögüt, Founder and General Manager of Endeksa, who makes evaluations about the process; The most important factor that forms the demand for housing in our country is undoubtedly the dynamic population structure. Reasons such as the population growth rate, the increase in the young population, the marriage-divorce rates, the increase in the university rate are constantly keeping the demand for housing alive. When we consider this dynamic, there is an average of around 1 million new housing demand every year. Since 2018, due to the fragile supply and demand balance, there has been a serious increase in housing prices. Regulations and steps taken for some time have the goal of improving the supply and demand balance. Raising supply through the production of social housing is a positive and on-site arrangement in terms of preventing exorbitants in housing. Today, the largest social housing project in the history of Turkey is a structural solution proposal for problems in the housing market for some time. 500,000 social housing planned to be presented to the sector between 2023 and 2028, 250 thousand residential zoned plots, 50 thousand workplace market is a significant development in terms of settling into a new balance. Due to Turkey's changing population pyramid, a serious young population potential has emerged. A quota allocation for young people between 18 and 30 years of age suggests that population dynamics are taken into account. When we look at the priority provinces determined for housing construction, it can be seen that the provinces where the demand for housing is high and the supply demand balance is the most fragile. Especially considering the cost of life in metropolitan cities, 50 thousand in Istanbul, 18 thousand in Ankara, 12 thousand 500 in Izmir is very important in terms of housing ownership of the lower and middle part.”

Stressing that the housing prices described in his words are appropriate in terms of current market conditions, continued Advice: “According to the index data, as of the end of August, the annual value increase in housing sales prices across Turkey was 203%, while the average housing square meter sales price was 11 thousand 450 TL, the average housing price was 1 million 488 thousand 500 TL and the return period of housing investment was 19 years. According to data at the end of August, the average price of a 2+1 house throughout Turkey is 1 million 196 thousand 100, the price of a 3+1 house is 1 million 441 thousand 155 TL. From this point of view, the fact that 2+1 housing starts from 608 thousand TL and 3+1 housing price starts from 850 thousand TL is a significant improvement in the access of the narrow income segment.”