Interest-free Loans in Turkey to Encourage Urban Transformation

The government intends to grant interest-free loans to support urban transformation projects

2018-03-15 Last update 2020-04-17

Interest-free Loans in Turkey to Encourage Urban Transformation

In a statement to TRT News on the importance of urban transformation, the Minister of the Environment and Urbanization of Turkey, Mr. Mohammad Ozhaseki: The government intends to grant interest-free loans to support urban transformation projects.

Urban transformation reduces risk

The minister Ozhsky has stated: "They have been working since 2012 by the orders of Prime Minister Recep Tayyip Erdoğan, and the current President of the Republic of Turkey to issue a law to support the urban transformation were issued because Turkey is in a seismic zone; the urban transformation reduces the risk of earthquakes and other natural disasters to a large extent.

Renovating 500,000 homes every year

The minister added that the works of the transformation of more than one million and 200,000 shops and apartments have been completed, and the conversion of 200,000 apartments and shops in 2018, half of which has been completed so far, adding that it must be converted to 500,000 apartments and shops The minister pointed out that two areas have been allocated in the city of Istanbul, in the Asian and European sections of the city, for the purpose of transferring some areas of urban transformation to them, and will be granted modern apartments to the owners of the apartments very old, which must Be Demolished urgently.

Mr. Ozhsky also pointed to the dangers inherent in the old buildings, which were built before 2000, noting that 50% of these buildings are not equipped to withstand earthquakes, and 7 million to 500,000 apartments must be renovated in the near future. Is responsible for identifying areas that need to implement civilizational transformation projects, housing inspection, earthquake resistance, and other safety factors.

The minister said that the government is currently working to facilitate the granting of bank loans for those wishing to make urban transfers for the purpose of urban renewal of properties belonging to them, by granting them long-term loans without interest. 

Source: TRT TV Channel

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