The ‘rescue plan’ did not work in the residence

After the exorbitant price increases in rental and sale housing, the government’s recovery plan, announced last month, was not popular. According to industry representatives, the project, which envisages the transformation of 50 thousand offices, is unnecessary and not feasible. According to the statement of Denge Değerleme, there is no project that states that it is considering converting office areas into residences or has been implemented yet.

In order to prevent the exorbitant price increases in housing, the office-to-residential transformation project announced by the government did not work either. The office-to-dwelling project announced last month was not popular. According to industry representatives, the project is unnecessary and not viable.

Environment, Urban Planning and Climate Change Minister Murat Kurum said on August 18 that 4 million square meters of oversupply offices will be converted into residences, corresponding to 50 thousand residences, in order to reduce housing prices. Good luck,” he announced.

According to sector representatives, the return to housing has not yet started with the application. According to the news of Leyla İlhan from Dünya, it was stated that, in the process, it is possible to switch to residences in the projects that are required to be office, as per the law.

NO PROJECT APPLICED WITHIN THE PLAN

According to the statement of Denge Değerleme, there is no project that states that it is considering converting office areas into residences or has been implemented yet.

Saying that the transformation of a project made as an office into a residence is not viable, Istanbul Builders Association (IDER) President Nazmi Durbakalım said, “However, this was done with the mentality of being both an office and a residence. In fact, 100 percent housing was intended to be built, but because of the zoning plans, a certain part of it was made into offices. The return will be easier and it will be a lottery for them. It can bring an expense of almost 30 to 40 percent of the construction cost of the project. That’s why it’s not efficient,” he said.

‘THIS PLAN IS MORE EXPENSIVE THAN BUILDING HOUSING FROM ZERO’

Noting that there is not a very large office stock in Istanbul, most of it has melted down, the Chairman of the Board of Directors of Kuzeybatı Real Estate, Murat Ergin, does not find the application ‘necessary’:

It is not necessary to convert a qualified office to a residence and it would be very costly. Currently, an office can be built for 13 thousand TL per square meter. In addition, it should spend 3 thousand to 3 thousand 500 TL per square meter so that it can turn into a residence. However, this rate is more expensive than building a new house. No one has asked whether we should do it now or not, but with this method, a maximum of 10 thousand houses can be purchased in Istanbul.

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