The Mass Housing Administration (TOKİ) is planning to complete the construction of 500,000 flats by the end of 2011, according to TOKİ Chairman Erdoğan Bayraktar.
While some claim TOKİ has reduced flat prices, Bayraktar said that, in fact, prices have been increasing for some time. Bayraktar traveled to Denizli, in the southwest, to supervise TOKİ's investments.
“Labor costs in the construction sector increased by 50 percent while inflation increased by 8 percent. We have made a small reduction for flats within the urban transformation project in Denizli since there are no land costs or social facilities in that project," Bayraktar said. "They just set the price according to the construction cost. It is impossible to decrease the prices further."
He noted that there has been no opportunity to buy a house for YTL 50,000 ($39,000) in Turkey. Both contractors and the state are losing money and those with low incomes do not have enough sources, he said. "We do our best and everyone should know this," Bayraktar said.
“We aim to reach 330,000 flats by the end of 2008; 400,000 flats by the end of 2009 and 500,000 flats by the end of 2011," said Bayraktar in response to a question about TOKİ's future targets. Bayraktar added that TOKİ had constantly differing responsibilities. On the one hand, TOKİ offers high-quality, secure and affordable flats their customers deserve and, on the other hand, they try to create a different understanding of dwelling and urbanization with their projects
Investment Property overseas
