A selection of the most relevant news of the real estate market of the Republic of Turkey is in our traditional digest for the week.
The country continues to resolve urgent issues that arose in connection with the earthquake in the first week of February. People in need are trying to provide housing as soon as possible. So, those who want to build their own house and not wait until ready-made vacant apartments for sale appear on the market can receive a grant for the construction of up to 300 000 Turkish lira (TL); and those who prefer the option of express housing - buying and installing a prefabricated house on their own plot - up to 200 000 TL: manufacturers of factory we just announced the February price list, with the clarification of discounts. As a result, taking into account subsidies from the state and the mentioned discounts, you can get your own housing for an amount starting from a little over 100 000 TL; yes, this is not a capital structure - that is, not a reinforced concrete building. But prefabricated houses are even more advantageous in terms of location in a seismically active zone: they are more "flexible" in their structure, and when destroyed, lighter structures can cause less damage.
The authorities have taken up the restoration of damaged residences, work is already underway on 200 000. In the meantime, the needy are allocated certain amounts as compensation for the removal of housing.
Meanwhile, some dishonest apartment owners and realtors are trying to cash in on the situation of an acute shortage of vacant apartments: for example, in Adana, prices have almost doubled. Regulatory authorities warn that homeowners and agents who profit from the consequences of force majeure will be fined.
There has also recently been a precedent-setting decision of the Supreme Court, according to which it will now be possible to terminate lease agreements in certain circumstances without penalties - in situations where the tenant has rented an apartment or office, and the house turned out to be non-earthquake-resistant after the inspection.
In Istanbul, an inspection of buildings for earthquake resistance has started at the request of both homeowners and tenants: an application can be submitted via the website.