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Turkish President Announces Largest Social Housing Project in Turkish History

Turkish President Announces Largest Social Housing Project in Turkish History

The president said the new housing project will increase supply and help reduce rental prices. He called it the largest social housing project in the country’s history.

The homes to be built as part of the project will be offered to first-time homebuyers under favorable payment plans, the president said Aug. 1 after a cabinet meeting in Ankara.

“Some of these houses will be given to pensioners, relatives of veterans, as well as newlyweds,” Erdoğan said.

The president added that work on the project is nearing completion and details will be made public in September 2022.

Erdoğan added that all new social housing units will use renewable energy systems. The houses will be built with zero-waste compatible, energy-efficient and climate-friendly materials.

“Our goal is to give a boost to the construction sector and provide affordable housing to our citizens by increasing the supply that has been reduced during the pandemic. This project will also help lower rent prices,” the president stressed.

Speaking after the Cabinet meeting, Environment, Urbanization and Climate Change Minister Murat Kurum said that the increase in real estate prices is “artificial” and that iron and cement prices are currently falling.

Fighting inflation. Erdoğan also said that additional measures have been taken to ease the burden of inflation on people.

He noted that global energy and food prices are gradually stabilizing, which will mean an improvement in the local inflation forecast.

“We hope inflation will enter a downward trend in the first months of next year. We are working on new measures to be implemented in the coming period, which take into account all possibilities and are designed to achieve price stability while ensuring security of supply,” Erdogan said.

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