Gov’t to launch another large housing project

The government is planning to launch another housing project and use idle offices as residential units as part of its efforts to rein in rising home prices by boosting supplies.

"We will start a new campaign in September or October at the latest, by which we expect to bring down [house] prices and rents," Environment Urbanization and Climate Change Minister Murat Kurum said on Aug. 17.

The project will be coordinated by Emlak Konut Real Estate Investment Company, and several developers will take part in it, Kurum told reporters in Istanbul.

Kurum recalled that the government announced earlier that a massive social housing project will be launched and that following the announcement of this scheme, home prices have already started to decline.

President Recep Tayyip Erdoğan next month will unveil the details of the social housing project under which thousands of units will be built in all of Türkiye's 81 province. The Housing Development Administration (TOKİ) will oversee what officials say will be the the largest-ever social housing project in the country.

The new campaign to be coordinated by Emlak Konut is expected to have a similar impact on prices, the minister said.

During the implementation of the new development project, the government will closely watch the prices in the housing market, Kurum said, adding that loans with low interest rates will be offered under the scheme.

Offices to turn into houses

Separately, Kurum announced on Aug. 18 that unused and oversupply of office space will be turned into residential units.

"Offices with 1.5 million square meters of area in Istanbul alone and total of 4 million square meters of area across the country, which cannot be leased out or...