Turkey has announced its government's plan to build 500,000 housing units, 250,000 land suitable for reconstruction and 50,000 workplaces in all Turkish provinces

The President of the Republic of Turkey Recep Tayyip Erdogan has revealed the biggest real estate project in the history of the country.

This is apparent from a speech he made while attending a presentation ceremony for the project at the Turkish presidential complex in the capital, Ankara.

The Turkish head of state explained that the objective of his government’s project is to build 500,000 housing units, 250,000 land suitable for reconstruction and 50,000 workplaces in all Turkish provinces, within a period not exceeding 2028.

He added that this project will reduce housing prices and rents across the country and facilitate home ownership for citizens.

“Thanks to this project, we will increase the number of social housing units to two million and the number of inhabitants of these houses to more than 10 million. We named the project my ‘first home’, my ‘first workplace’, he continued

Regarding the prices of the houses that will be built under the project, Erdogan said: “Our citizens will be able to own two-room houses with a living room for a total price of 608,000 Turkish liras (33,306.49 dollars), and by monthly installments from 2000 TL (109.58 dollar), for a period of 240 months.”

President Erdogan added: “But about the houses consisting of 3 rooms and a living room, the price will be 850,000 Turkish lira corresponds to (46,569.73 dollars) and in installments of 3,000,187 TL corresponds (16,482, $11) spread over 240 months.”

“We have prepared for young people between the ages of 18 and 30, they will have 50,000 homes, which is equivalent to 20% of the homes that will be built under the project,” he added.

The Turkish president said his government plans to build 250,000 homes in the first phase of the project, which will be completed within two years.

Finally, the President recalled that any citizen whose family income is less than 18,000 TL (986.13 dollars) in Istanbul and 16,000 liras (876.67 dollars) in other regions can apply for the purchase of housing as part of this project.

Source : Anadolu Agency