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President Recep Tayyip Erdoğan hinted on Saturday that the government is due to launch the first-ever rental social housing campaign to balance the hike in rents in Istanbul.
“To offset the exorbitant rent increases in Istanbul, we will launch the first-ever social housing rental campaign through the Housing Development Administration of Türkiye (TOKI),” the president said at an event in Istanbul’s Sultanbeyli district.
“From now on, as the state, we will provide rental housing to our citizens,” he added.
“We will share the details of the project with our nation in the coming days,” Erdoğan said.
Speaking at the mass opening and groundbreaking ceremony for the projects conducted in the area of Sultanbeyli, on the outskirts of Istanbul, the president stated that TOKI, which has built 1.74 million social housing units to date, has added new projects to its existing portfolio.
Referring to the announcement of the “Housing Project of the Century” at the last Cabinet meeting, Erdoğan further said: “We are pressing the button to build 500,000 social housing units in all 81 provinces.”
The Directorate of Communications has already shared some key details related to the project, following Erdoğan’s initial announcement earlier this month.
“The Ministry of Environment, Urbanization and Climate Change aims to ease the rent burden on citizens of megacity Istanbul, which is at risk of earthquakes, with rental social housing to be built by the Housing Development Administration within the scope of the ‘Housing Project of the Century,’ which will build 500,000 social housing units in 81 provinces to meet the housing demand,” the directorate said in a post on X.
According to the infographic shared, it is planned that the state will own the housing units, the citizens eligible to avail from the campaign will be decided based on criteria and TOKI will announce how long the units will be able to be rented.
The initiative, described as the largest social housing mobilization in the republic’s history, is expected to be detailed further in the coming days.
Environment, Urbanization and Climate Change Minister Murat Kurum, in a recent video shared on social media, said that preparations with TOKI for 500,000 new homes “are complete.”
The cost of housing has increased in Türkiye’s largest city in recent years, amid a prolonged period of higher inflation. The latest official data show a 51.4% rise in housing prices nationwide in Türkiye over the 12 months to September.
