How much is the support payment for residences undergoing urban transformation?

President Recep Tayyip Erdoğan announced Istanbul's roadmap for urban transformation during the 'Transformation of the Century, Istanbul' program. With the "Half is on Us" campaign for the transformation of Istanbul, 1.5 million TL in support will be provided for each residence undergoing urban transformation. Making statements regarding the campaign, Altın Emlak General Manager Mustafa Hakan Özelmacıklı said, "Within the framework of the program, 1.5 million TL in support will be provided for each residence undergoing urban transformation. The support amount will not change based on the cost of the independent units. Of this, 700 thousand TL will be provided as a grant, 100 thousand TL as relocation support, and 700 thousand TL as loan support. The loan provided will be interest-free for the first year and have a 10-year maturity. Loan repayments will begin after the homes are completed, and the first year will be collected interest-free. In the remaining years, the loan cost rate will be half of the CPI. Once citizens obtain the license, they will notify the contractor they have agreed with, and payments will be made in stages according to the construction level."

"Priority is for buildings with unanimous consent"

Reminding that according to Ministry data, applications have been made for a total of 1 million 233 thousand independent units in Istanbul for the "Half is on Us" campaign, Özelmacıklı said, "We evaluate that the transformation will primarily start with buildings where one hundred percent agreement has been reached. The number of buildings with one hundred percent consensus was announced as 14 thousand. This corresponds to approximately 72 thousand independent units. In Istanbul, where nearly 800 thousand independent units have undergone transformation so far, the transformation process for 170 thousand 941 independent units is ongoing."

"Istanbul through statistics"
Providing information about Istanbul's building stock based on 2021 data from the Spatial Address Registration System, Özelmacıklı said, "There are approximately 1 million 448 thousand 341 building units in Istanbul. Within these structures, 6 million 384 thousand 524 independent units serve as residences, and 1 million 176 thousand 474 independent units serve as workplaces. When calculated according to the construction year and district distribution of buildings in Istanbul, 246 thousand 47 buildings were built before 1980, and 538 thousand were built between 1980 and 2000. A significant portion of these residences have not received engineering services. This situation poses a significant earthquake risk, especially for Istanbul. Furthermore, approximately 30 percent of the people of Istanbul live in rented housing, and 62.4 percent live in homes they own."

"Real estate businesses should play a role in urban transformation"
Stating that there are nearly 56 thousand real estate business owners who have received authorization certificates and over 130 thousand real estate consultants across the country, Özelmacıklı said, "Real estate consultants and businesses are the people who best know the current status of the main structures in their areas of expertise. With their existing experience and knowledge, they can support the 'Half is on Us' campaign, communicate with property owners, and bring the parties together with contractors. The Ministry and municipalities should carry out joint projects with real estate businesses that have this network. Real estate businesses should also be included in the transformation process."