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When will Two New Cities in Istanbul be Established?

When will two new cities be established in İstanbul?
Nova Property

Here is the final update on the project for establishing two new cities in Istanbul in the scope of urban transformation project on the European and Asian sides of Istanbul by TOKİ as announced by Mr. Recep Tayyip Erdoğan, Prime Minister of Turkey.

Two new cities in Istanbul

Mr. Murat Kurum, General Manager of Emlak Konut GYO, a subsidiary of Prime Ministry Collective Housing Administration (TOKİ) said: “We will be working with TOKİ throughout the process that is related to the establishment of two new cities in Istanbul. I believe that the project will be launched in the year 2013.”

Mr. Recep Tayyip Erdoğan, the Prime Minister of Turkey, had announced that the two new cities in Istanbul would be established on the European and Asian sides and it was expressed that each city, one of which would be established between the regions Kemerburgaz-Kayaşehir and the other in Şile region, would have a population of 500 thousand people. It was specified that the citizens living in risky regions would move to these new cities based on the principle of voluntariness within the scope of earthquake preparedness and Urban Transformation projects.

Mr. Kurum shared the assessments for the year 2012 and expectations for the year 2013 of Emlak Konut GYO and he added that they would finish this year by achieving the sales target of 10 thousand units and reaching a sales volume of 3.2 billion TRY and they targeted at a production volume of at least 15-20 thousand units for the year 2013 and a sales volume of 15 thousand units. Mr. Kurum said that the new projects to be launched as well as the increasing sales to foreigners as a result of the reciprocity law would be effective in reaching the mentioned target of increase.

According to the information given by Mr. Kurum, Emlak GYO sold 18units to foreigners in the year 2011 and it sold 423 properties to foreigners as of the month of October this year based on the effect of the reciprocity law.