5.5 million more homes needed by 2016
07 April 2008
As Turkey's population continues to expand, so does its housing needs, with İstanbul Chamber of Commerce (İTO) data showing Turkey currently needs between 300,000 and 350,000 additional houses annually, a figure that is set only to increase.
İTO data show that 65 percent homes in Turkey were used by their owners in 2007, while the remainder was rented. The information also revealed that 55 percent of accommodation in Turkey is unregistered and unlicensed, 60 percent is 20 or more years old and 40 percent needs maintenance.
In the next eight years a projected 5.5 million new homes will be required.
Of this total, 2.88 million will be needed due to an increase in population; 760,000 to cope with internal migration; and 652,000 due to renovation needs. An additional 1.25 million homes will be needed as part of urban transformation projects demolishing shanty houses and replacing them with modern and registered buildings.