Provincial governors have started collecting applications for social housing under TOKI-2022 programs. Recall that inexpensive apartments will be provided to citizens with average and below average incomes in 81 provinces at once. This action, which will become the largest social housing project in the history of the Republic of Turkey, is in full swing; however, especially large volumes of real estate transfer to ownership are planned specifically in 2022. Construction is underway in many districts across the country.
Resident President Recep Tayyip Erdogan will announce more precise plans and results in the coming weeks – in September.
Everyone who meets certain requirements will be able to participate in the lottery. The winners of which will receive residences at very low prices, and with a small initial fee and the ability to pay the remaining 20 years. Taking into account the rate of inflation in Turkey, this is a huge cost savings, because the amounts are fixed immediately.
Plans to provide citizens with affordable housing conditions are also aimed at, among other things, reducing exorbitant rental prices, and at the same time «revitalizing» the construction sector through new projects for developers. Against the background of rising construction costs, the government is ready to provide the necessary subsidies, covering part of the costs.
Rental rates continue to cause concern. However, Alanya has become one of the first cities where the «rental bubble» of prices has already burst; surely other cities will follow it.