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Financial Support and Loans for Homeowners and Tenants in Istanbul | Urban Transformation in Turkey

Posted by Cayan on March 7, 2024

Financial Support and Loans for Homeowners and Tenants in Istanbul | Urban Transformation in Turkey


The Turkish government demonstrates significant interest in stimulating urban transformation processes by providing financial support to citizens and homeowners involved in urban renewal projects. The issuance of a decree granting grants of up to 700,000 liras and loans of the same value reflects the government’s commitment to encouraging urban transformation.

It appears that the government places particular emphasis on dealing with areas in need of rebuilding due to factors such as their vulnerability to earthquakes and other natural disasters. These initiatives reflect Turkey’s commitment to improving infrastructure and making cities more resilient and resistant to natural challenges.

By providing this financial support, citizens and homeowners can effectively participate in urban transformation processes and contribute to the comprehensive development of cities. This approach reflects dedication to achieving sustainable development and improving the quality of life in Turkish cities.


Financial Support by Presidential Decree up to 1,400,000 Turkish Lira

The official newspaper announced yesterday an important presidential decree, signed by the President of the Republic, Recep Tayyip Erdoğan, aimed at supporting urban and green transformation processes in the city of Istanbul. These measures include a wide range of financial facilities that enhance economic stability for citizens and establishments.

The decree offers grants of up to 700,000 liras and loans of the same value for homeowners covered by urban transformation processes. Additionally, financial support of up to 350,000 liras and loans of equivalent value are provided for commercial properties and real estate within the scope of green transformation in Istanbul.

As part of this decree, unprecedented financial support of up to 1,400,000 Turkish liras is provided for each household, along with loans of up to 700,000 Turkish liras for each workplace, subject to specific conditions.

This step reflects the Turkish government’s commitment to supporting citizens and economic projects to promote sustainable development and raise living standards in major cities.


Financial Support for Tenants in Urban Renewal Areas

In addition to the financial measures directed towards property owners, the presidential decree includes providing direct financial support to tenants residing in areas undergoing urban renewal processes.

According to this decree, tenants will receive financial support of 100,000 Turkish liras for properties undergoing reconstruction within urban transformation processes. This support is provided under the title of “evacuation support” and will be given to tenants once.

This step confirms the government’s commitment to providing necessary support to all segments of society affected by urban renewal processes, contributing to improving living standards and enhancing stability in targeted cities and areas.


Steady and Swift Steps Towards the Future

The Minister of Environment, Urbanization, and Climate Change, Mehmet Ozhaseki, announced the Turkish government’s determination to accelerate the pace of urban transformation with the aim of renovating old and earthquake-vulnerable areas throughout Turkey, especially in Istanbul.

Through his Twitter account, Minister Ozhaseki affirmed that the recent government decision is a continuation of the “Half of it is on us” campaign launched by the ministry several years ago. This campaign focused on supporting and incentivizing urban transformation in various areas of Istanbul.

This announcement highlights the government’s commitment to improving city infrastructure and ensuring the safety of citizens. It underscores urban transformation as a proactive step towards enhancing environmental sustainability and adapting to environmental and seismic challenges in the region.


Urban Transformation Areas in Istanbul

These areas include places where old infrastructure predominates, built before 1999, and have not yet been subjected to earthquake resistance standards. These areas also encompass some neighborhoods with old buildings over 50 years old.


Among these areas are:

  1. Fikirtepe neighborhood in Kadikoy
  2. Gulsuyu neighborhood in Maltepe
  3. Sulukule neighborhood in Fatih
  4. Okmeydani neighborhood in Beyoglu

These areas contain many buildings in need of renovation and updating to comply with safety and earthquake resistance standards. Urban transformation processes aim to improve infrastructure and raise the quality of life in these areas.


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