housing in Turkey

Turkey is expected to face a substantial housing deficit in coming years as a result of several factors, including a population increase, migration, the need for renovations and urban transformation projects. Turkey needs an average housing supply of 300,000 to 350,000 houses annually, although the rate of home ownership is 65 percent, according to data obtained from the Istanbul Trade Chamber. Fifty-five percent of the total housing supply in Turkey consists of houses without housing permits or certificates, while 60 percent are houses over 20 years old, and 40 percent require some kind of maintenance work. The renovation of houses, together with the exchange of current homes for higher-quality homes, are also contributing to the country's potential housing deficit. The data reveals that Turkey will face a housing deficit of up to 5,542,000 houses in the coming eight-year period through 2015. The population increase is considered to be the factor leading to a deficit of 2,880,000 houses. Migration will create a deficit of 760,000 houses and the remaining deficit of 652,000 houses will come from the need for renovations. It is also predicted that 1,250,000 more houses will be needed as a result of urban transformation projects.