Gov’t to announce housing project for mid-income groups: Minister

ANKARA

The government is planning to announce a housing project for middle and upper-middle income groups, Environment, Urbanization and Climate Change Minister Murat Kurum has said.

“The project will include the construction of 100,000 houses in 81 provinces. Details of the project will be unveiled this month,” Kurum said.

They are still working to clear the financing issue, but houses will be offered at low payment instalments and long maturities, the minister added.

“We will act together with banks. Talks with lenders are underway. This project will give a boost to house supplies,” he furthered.

Private construction companies will be included in the new housing project, according to the minister.

Some 600,000 houses are built in Türkiye each year and around 15 percent to 20 percent of them are bought by middle and upper-middle income groups, Kurum said.

The government already launched a massive social housing project in a bid to arrest the rocketing property prices and rents by supplying more houses.

Construction of 250,000 houses in the first phase will be completed in two years and by 2028 all 500,000 houses will be built in the country’s 81 provinces under the “My First Home, My First Workplace,” scheme.

Some 8 million people applied to buy a house from what authorities say is the largest ever social housing project in the history of the country. Authorities have accepted 5 million applications.

The draw to determine who will be entitled to buy a house from the project will be launched soon and the whole process will be finalized by March, Kurum said in an earlier remark.