Large-scale transformation project unveiled in Istanbul

ISTANBUL

With the “Transformation of the Century” project beginning in Istanbul, President Recep Tayyip Erdoğan has announced renewal works will start in 350,000 houses in the first stage, and 1.5 million Turkish Liras ($51,300) of support will be given to each housing unit under transformation.

“We will speed up our work by building 400,000 houses in the areas designated as reserve zones in Istanbul. With the ‘Half is on Us’ campaign, whose first contracts we have signed today, we will ensure the transformation of 350,000 houses. In addition to these ones, we will build another 100,000 social houses across our city,” Erdoğan said during his speech at the "Transformation of the Century: Istanbul" program held at Lütfi Kırdar International Convention and Exhibition Center on Dec. 23.

“We will provide a total of 1.5 million liras of support for each independent section. Of this, 100,000 liras will be rent support, 800,000 liras will be given as a grant and 700,000 liras will be given as a loan with very favorable conditions,” Erdoğan added.

“The tremors of Feb. 6 reminded us of the reality of earthquakes. After such a major disaster, it is unthinkable for anything to be the same as before. The recent earthquakes in Marmara show that we need to accelerate our work even more,” the president said.

“Preparing for earthquakes is not a choice but an obligation for us. Our country is living with earthquakes. Around 66 percent of our land is an earthquake zone and 71 percent of the population is located in earthquake-prone areas,” he added.

“For years, we felt the effects of the Aug. 17 Marmara earthquake on our economy. The cost of the Feb. 6 earthquakes to the Turkish economy is more than $104 billion,” he stated.

The costs of urban transformation of each building in Istanbul are very different, with costs ranging from 2 million to 1.5 million liras.

However, the amount of support will not change according to the cost. With the “Half is on Us” campaign, 1.5 million liras of support will be provided for each independent section, while 100,000 liras of rental support is being worked on to be paid to the resident of the house.

Since the Feb. 6 earthquake claimed the lives of more than 50,000 people and caused grave destruction in the 11 southern cities, concerns have escalated about an impending major and devastating earthquake in Istanbul. Geoscientists have been warning Istanbul against a major earthquake for more than 20 years.