The details of the housing to be built for low-income individuals are becoming clear.

Housing demand in Turkey is continuously increasing due to various factors such as marriages, divorces, migrations, and the needs of university students. Experts emphasize that there is an annual need for approximately 800,000 housing units. However, the imbalance between supply and demand is driving up housing prices and rents.

Vice President Cevdet Yılmaz announced that the Ministry of Environment, Urbanization, and Climate Change is preparing to produce housing at low costs. Minister of Treasury and Finance Mehmet Şimşek also stated that the biggest reason for the high cost of living is rents. Following these statements, attention turned to the conditions for housing to be built for low-income individuals.

DETAILS OF THE SOCIAL HOUSING PROJECT

To be eligible for homeownership under the project:

The household income must not exceed 45,000 lira,

There should be no other housing owned by the core family members,

Applicants must be at least 18 years old.

The housing units to be built are generally expected to be in 2+1 and 3+1 formats. The project plans to implement conditions such as a 240-month payment plan, a 10% down payment, and specific income criteria.

WHAT WILL THE PAYMENT PLANS BE LIKE?

For a family with an income of 45,000 lira, it is anticipated that monthly installments will be between 15,000 and 20,000 lira. Similar to TOKİ projects, installments can be updated annually based on the civil servant salary increase rate. However, TOKİ tries to keep the increase rates low.

THERE IS AN APPROXIMATE SHORTAGE OF 2 MILLION HOUSING UNITS

Experts state that providing financial support to first-time homebuyers is a realistic solution. They emphasize that individuals who have the opportunity to benefit from these housing projects should take advantage of this opportunity. However, they point out that the completion of new projects will take time, highlighting that there is an approximate shortage of 1.5 to 2 million housing units due to the slowdown in housing production.

According to experts, long-term payment options are an advantageous choice considering the increase in real estate value over time. Sector experts believe that with today's low installments, the burden will feel lighter in the long run. It is stated that the increasing demand can be met within 3-5 years, and that housing production will accelerate with the decrease in interest rates and the inclusion of the private sector in the projects. It is expressed that even if installments are not paid, the housing will gain value over time.

CONTRACTORS MAY ALSO BE INCLUDED IN THE PROJECT

Sector experts point out that the government is trying to solve the housing problem with social housing projects, emphasizing that new projects will provide solutions to citizens' need for affordable housing. They believe that it would be appropriate to implement social housing projects, especially in developing areas and on the outskirts of the city. These projects are expected to not only meet housing needs but also ensure balanced growth in cities.

In addition to TOKİ, it is expected that existing contractors will also play an active role in the projects. Supporting the private sector and collaborating with the government's land stock can accelerate housing production.