Discover the renovation projects in Türkiye
Know in details what is the renovation projects in Türkiye, and how it works!
Renovation projects in Turkey, particularly in the city of Istanbul, are developmental priorities that draw significant attention due to the city’s strategic location and its civilizational and historical importance. Istanbul extends over vast areas of distinctive land, with the Bosphorus being one of the city's most prominent geographical features, making the areas around it a magnet for tourists and a center for premium services and housing.
Recently, Istanbul has experienced a notable expansion beyond the borders of the Bosphorus surroundings, where Ataturk Airport was previously situated, creating a disparity in neighbourhood quality, ranging from aristocratic to less organized communities. Over time, these latter areas have become disorganized and a haven for gangs and lawbreakers.
Istanbul is seismically active, which necessitates that concerned authorities take decisive preventative measures. The most important of these is the construction of residential infrastructure capable of withstanding earthquakes, which is significantly lacking in older buildings.
In response to these challenges, the Turkish government has adopted an ambitious plan to rehabilitate these areas, relying on partnerships with investors and real estate developers under government supervision and incentives. The plan includes:
1- Allowing the real estate developer to transform a small building into a residential tower with more than ten floors.
2- Exempting the developer from paying for the land, with the responsibility of covering demolition and reconstruction costs only.
3- Providing new apartments within the tower for the original residents, with the possibility of selling additional housing units for profit.
4- Exempting the real estate developer from government taxes.
5- Exempting investors in reconstruction projects from taxes related to registration and value-added tax.
To protect the rights of original residents and investors, the Turkish government has set out a series of conditions and standards that real estate developers must adhere to in order to obtain the necessary permits for reconstruction projects. These conditions include:
- The real estate developer must have completed residential projects of similar or larger scale.
- Full reconstruction costs must be deposited into a state-guaranteed account, allowing the developer to withdraw funds gradually with each successfully completed construction phase.
- Provision of alternative housing for the original residents during construction until the delivery of new apartments.
These projects represent some of the most important investment opportunities in Turkey, with clear results as seen in the transformation of the Kadiköy district from a slum into one of the most beautiful areas in Istanbul and the world in a relatively short time.
These projects underscore the vital role that reconstruction can play in improving the quality of urban and social life, reinforcing Istanbul's position as a modern city that embraces heritage while keeping pace with progress.
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November 05, 2023
One of the best investments in Istanbul 👍
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