Reconstruction projects in Istanbul

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The Turkish government issued and implemented a reconstruction project in Turkey to restore its dilapidated cities and homes that have exceeded their lifespan or may be seriously injured due to natural disasters. These projects are implemented after confirming the age of the building.

Sometimes they are neighborhoods in certain areas that contain dilapidated buildings that have become unfit for habitation or represent a danger to their residents due to their very long construction life, as well as unsuitable for restoration, repair and renovation as well. The land of the real estate or the old building with the support of the Turkish government with incentives for them on the one hand, as well as the development of the infrastructure and urban development of the region on the other hand.

In fact, the Turkish government launched this system to prevent the destruction of homes that have lost their useful life or may cause severe damage due to natural disasters. In this system, sometimes these homes are purchased by the Turkish government and new projects are established in their place with very high specifications and also applied. It has all the regulations of the rules of earthquakes and natural disasters in partnership with government construction companies or private companies.

What is meant by building age?

Each building has a specific age, or we can say a period of time during which the property is suitable for housing and residence, and the age of the building is considered one of the most important factors affecting the purchase of the property and determining its price, as well as determining the extent to which it can be used in investment. What is meant by the age of the building here is “the time period that has passed since its construction.” This determines the extent of its suitability for habitation, as well as the eligibility of the building to resist disasters or natural factors such as moisture and corrosion, for example, and also determines its need for restoration, repair, renewal, and other factors related to the life of the building. There are no statistical estimates or instructions specifying a specific date for the age of the building .

Incentives provided by the Turkish government to encourage reconstruction projects

All buildings that have reached the end of their economic lives or are in danger of collapsing in cities and villages across Turkey will be rebuilt using construction loans, rental assistance, municipal fees, and tax benefits provided by the Turkish government. We, MBANY Real Estate Company, will discuss the areas of Istanbul in particular that are witnessing reconstruction projects, and what are the advantages offered by the Turkish government when buying apartments or houses in these projects, as well as what are the advantages of these areas that are witnessing reconstruction and which they provide to the projects and the residents of these projects.

The Turkish government is considering the conditions and privileges for investors to buy in these projects, and among these privileges is paying only 1% of the tax and not paying documents transfer fees. Sometimes concessions are announced by the construction company if these concessions are granted to them by the Turkish government to encourage investment in them and to encourage construction companies for reconstruction projects as well.

Areas of Istanbul that are witnessing reconstruction projects and the advantage of investing in them

Reconstruction projects are taking place in all cities and regions of Turkey, because the matter is simply that any dilapidated building or property that cannot be taken to restore or rehabilitate it will be rebuilt in the end... Since we are talking about the city of Istanbul, which has become one of the modern cities that is witnessing a leap Unparalleled urbanism in the last twenty years, especially after the devastating Izmit earthquake in 1999, interest in such projects has become a priority, but rather one of the tasks of the Turkish government to rebuild its areas that contain dilapidated buildings and cannot be inhabited in order to preserve its inhabitants on the one hand and on the other hand to keep pace with this legendary and historical city era The urban renaissance witnessed by the cities of the entire world, taking into account the preservation of its ancient historical heritage... Here we will discuss the most areas in Istanbul that are witnessing reconstruction.

There are many projects under construction in the reconstruction areas in Istanbul, for example, on the European side of Istanbul,  ( Kagithane, Topkapi, Sultan Eyup, Avcilar )  reconstruction projects are witnessing, while the Asian side (Anatolia) From Istanbul, you will witness ( Kartal, Maltepe, Kadikoy ) Reconstruction there as well. Among the advantages offered by the Turkish government for these projects on the one hand, and those provided by the region where reconstruction is taking place on the other hand, are :

  • What the government provides to its investors: Reconstruction projects are excluded from the 4% tax on property transfer, and the investor does not pay it if the project is among the reconstruction projects. Therefore, a buyer of any real estate located within the areas of rehabilitation and urban development must be aware He is exempted from paying the tax of title deed (Tapu).
  • The progress of the reconstruction and rehabilitation areas: They are also witnessing reforms, renovations and reconstruction of their infrastructure and the establishment of new service projects in the region. An example of this is the establishment of new lines of transportation such as the metro, for example, or what I witnessed in terms of renewing health and electrical supplies, even the supplies of new advanced communications and other projects, in addition to the urban development. The modernization witnessed by the region makes the region of a modern character and keeps pace with the urban development of modern areas, especially the neighboring areas, which makes it a profitable investment opportunity for investors, in addition to the incentives offered by the government upon purchase, as mentioned above.

If you are planning to buy an apartment or house in Istanbul, which is located in the reconstruction areas, you can contact our consultants at MBANY Real Estate Company, by contacting us here or sending a message through our website here.

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