|
Turkey Needs 5.5 million New Residential Properties over 8 Years |
 |
 |
 |
|
Tuesday, 08 April 2008 14:01 |
|
According to a research by the Istanbul Chamber of Commerce, the number of new residences required in Turkey over the upcoming 8 years will be approximately 5.5 million units. Although the property ownership in Turkey is approximately around 65%, 300,000 to 350,000 new residential properties need to be built each year. 55% of the current properties lack the necessary permits and 60% of the current properties were built more than 20 years ago. Necessary renovations and the need for qualified properties also increase the number of properties that need to be built over the upcoming years.
Over the 8 years from 2008 to 2015, there will be a total of 5,542,000 properties that will be needed. 2,880,000 of these properties will be needed due to the increases in population where 760,000 of these will be needed due to migrating to other cities. Current urban renovation plans undertaken by the government is also expected to result in a demand of approximately 1,250,000 residences. |
