Emlak Konut

President Recep Tayyip Erdoğan has officially declared that Murat Kurum, the former environment, urbanization and climate change minister, will be his Justice and Development Party's (AKP) candidate for the mayoral seat in Istanbul.

As part of its efforts to address the growing problems regarding property prices and rents, the government considers launching a new project to build houses for middle and upper-middle income groups.

Emlak Konut Real Estate Investment Company will coordinate the project, but private developers will also take part in the scheme.

Türkiye needs to produce at least 800,000 houses each year to meet people's accommodation needs, but the number of construction permits granted for dwelling units remained at 262,000 in the first half of 2022.

In the face of the growing need for new houses, the government recently announced that it would launch two major projects soon.

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.

Turkey's real estate investment trust Emlak Konut GYO is poised to put about 35,000 houses on the market starting from the final quarter of this year, its CEO has said.

"We are planning to start selling [houses of] 12 new projects in Istanbul in the final quarter of this year," daily Hürriyet quoted Hakan Gedikli as saying on Sept. 25.

Emlak Konut Real Estate Investment Company targets 1.13 billion Turkish Liras(around $190 million) of net income this year.

The developer hopes to collect a total of 5.12 billion liras in revenues, excluding value added tax, from unit sales in 2020, Emlak Konut said in a filing with Borsa Istanbul on Jan. 21.

Turkish Airlines has signed an agreement with a key Turkish property developer Emlak Konut to build 10,000 houses in the environs of the new Istanbul airport and the Canal Istanbul route in order to provide housing to its employees after the Istanbul Atatürk Airport closes on Oct. 29. 

Dap Holding won a tender held by Emlak Konut GYO to develop a real estate project worth 1.76 billion Turkish Liras ($451 million) on the property belonging to the Marmara University campus in the Teşvikiye neighborhood of Istanbul's Nişantaşı district, daily Hürriyet reported on March 21.

Turkish real estate companies have said they could sell a minimum of $10 billion worth of property to foreigners if citizenship or residence permits are offered to foreigners who buy houses in the country. 

Foreign investors made $100 million worth of net purchase on Borsa Istanbul, Turkey's stock exchange, in January following a selling spree of $2.5 billion in November and December 2015, according to data gathered by Anadolu Agency.