President Erdoğan launches Türkiye’s largest housing project

President Erdoğan launches Türkiye's largest housing project

Launch of the largest housing project in Türkiye by President Erdoğan

The Turkish President Mr. Erdoğan, announced in a speech yesterday the work on the largest housing project in Turkey. Which will be spread in more than 81 cities, under the personal supervision of Mr. Erdoğan.

More than one million and 170,000 Turkish citizens today own a house through the “Toki” project.

Erdoğan stated that in this project about 20% of it will be allocated to young people under the age of 30.

One of the most important measures taken by the Turkish government is to convert offices and places that cannot be rented into apartments that can be utilized. It is worth noting that the area of these offices reaches one and a half million in Istanbul only and exceeds 4 million in all of Turkey.

When will work start on the housing project?

Mr. Erdoğan confirmed that the work on the housing project will be carried out immediately. As this project aims to increase the number of residential buildings to reach 2 million. Which is supposed to accommodate more than 10 million citizens, taking into account that all buildings are earthquake resistant.  From today applications will be received and the foundation stone for the projects will be laid by the beginning of the year.

The value of the project is about 900 billion Turkish lira. In turn, this huge investment will contribute to the decline in the prices of sales and rental of real estate. And also to facilitate the access of citizens to housing.

In this way, the Turkish citizen can own his own house as if he was paying a monthly rent. The amount is distributed as follows:

  • For 2+1 apartment prices start from 608.000 TRY, in installments over 240 months, with 2,000 TRY per month
  • For 3+1 apartment prices start from 850.000 TRY, in installments over 240 months, with 3,187 TRY per month

Who can register for this housing project?

Anyone whose income does not exceed 18,000 TRY in Istanbul. Or 16,000 TRY in other provinces can apply for the Toki housing project.

In turn, Mr. Erdoğan stressed that he will not allow this project to turn into a commercial project exploited by some. It will be subject to strict control that grants the permit only to those who deserve.

What are the objectives of the Toki project:

At the end of the project, more than 3,750,000 people will be provided with housing according to the following results:

  • More than 500,000 apartments.
  • In addition to 250,000 habitable land plots.
  • 50 thousand workplaces.

That will be between 2023 and 2028.

You may also be interested in reading the ways to get Turkish citizenship by investment

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