Urban transformation crisis continues: Prices are eye-watering

The prices and payment options announced for new projects by Emlak Konut GYO, a subsidiary of TOKİ, are drawing the attention of those looking to become homeowners. Although the campaign offers an interest-free model, the installment amounts stand out due to their high costs.

12punto 19 February 2026

Emlak Konut GYO A.Ş., which is affiliated with the Ministry of Environment, Urbanization and Climate Change and plays an active role in public projects, has introduced 24 of its projects for first-time homebuyers.

A significant portion of the introduced projects are located in the Arnavutköy region near Kanal İstanbul and in Fikirtepe, which is known in the public eye as a "ghost neighborhood." The announced prices and payment plans have once again drawn attention to the high housing prices in the market.

PRICES START AT 8 MILLION

Following the start of sales for the projects, it is reported that 1+1 residences in the Arnavutköy and Fikirtepe regions sold out in a short time. Currently, 2+1 apartments on sale are being offered to customers at a price of 8 million 400 thousand TL. Homes of the 3+1 type are on sale with prices starting from 10 million 900 thousand TL. When evaluated in detail, the payment options offered by Emlak Konut GYO, which may appear advantageous, involve figures that are difficult for broad segments of the population to reach.

Three separate payment models are offered in the interest-free “Welcome Home” campaign:

Cash Payment Model: In this system, a 26 percent discount is applied to cash purchases. For example, it is possible to buy a 2+1 apartment worth 8 million 400 thousand TL for 6 million 216 thousand TL. However, this amount must be paid in six installments. This means a single installment amounts to 1 million 36 thousand TL. These amounts are considered difficult to access, especially for citizens earning minimum wage.
New Home Model: In this model, a 12 percent discount is provided. However, the installment and payment details still maintain high levels in terms of total cost.
Installment Deferral Model: Another option offered in the projects is the ability to start payments from the third year. This model, where installments are deferred, is presented as an alternative, especially for those seeking flexibility in cash flow.

While the intense interest in Emlak Konut projects continues, the statements made and the payment plans offered continue to be debated among citizens considering purchasing housing. Although the emphasis is placed on an interest-free system, the high initial payments and total costs raise questions regarding accessibility for most households.