as such house Prices and rent climb in Country, Minister of Environment, Urban Planning and Climate Change Murat Corum announced Turkey will convert 4 million square meters of Offices across the country to homes.
Corum said in a social media post on Thursday that would equate to 50,000 new Condominiums, citing it in Istanbul alone, there were 1.5 million square meters of offices that remain Not used due to excess in Construction. a new will organize allow the transfer.
published in The Official Gazette, the regulation sets a deadline of July 1, 2023, for Transfers. independent units of Buildings under construction or registered as offices but not yet in use It will be converted into homes.
The demand for Living in Turkey continues to grow, but supply is constantly slowing real Real estate prices rise and buyers pressure out. strong demand Led by individual buyers and investors, who They are trying to take advantage of hot housing marketas well as growth population. But the limited stock has been paid off up the prices , with population struggling To find a reasonable price homes for rent or buy. add to that fact That construction allows remain Low despite a slight bounce after the dip in 2019, as builders struggle with imperfection and higher the prices for supplies. still residential property sales were rising Despite the higher borrowing costs and higher prices. The demand for Living in Turkey is said to have reached 800,000 units per year, versus the offer, which was hovering around 550,000. section players They cite rising costs, land prices, and fluctuations in The economy Such as main Reasons behind minimum real estate production.
Country also plans revealing of in September what Corum called “the biggest social Living project” in The history of Republic of Turkey on Wednesday. Corum told reporters in Istanbul that their announcement of the plan already led to a decline in housing prices and real Property market It was expected to be released new Discount campaigns in few months.
