Work continues on a support package for resale homes. Priority will be given to citizens buying their first home, and the details of this assistance are expected to be finalized and announced within this month. President Recep Tayyip Erdoğan said about the resale housing support, “A study will be carried out for support related to second-hand homes; the project planning phase is ongoing. We will share it when it becomes concrete. Priority is given to citizens buying their first home and to increasing the supply of new housing. By boosting new housing supply we aim to increase production and employment.” This measure has raised hopes among citizens who dream of owning a home.
Good News on Resale Home Support
President Erdoğan’s announcement about support for resale homes was welcomed by both the real estate sector and prospective homebuyers. According to the released draft, buyers of resale homes would be offered a loan with a 0.99% monthly interest rate and a repayment term of 180 months, equal to 15 years.
Under this support, increasing mortgage limits is also being considered so that more people can benefit. Measures will be taken to protect citizens’ rights and prevent opportunistic behavior. Authorities plan to detect and address excessive price increases to curb potential profiteering.
Once the details of the program are finalized, announcements will be made promptly to ensure eligible citizens can access the support without delay.
Timeline for Resale Home Support
Environment, Urbanization and Climate Change Minister Murat Kurum added that work on the resale home support continues. While final figures for resale mortgages and interest rates are not yet confirmed, it is anticipated that a mortgage option at a monthly 0.99% rate will be offered.
Campaigns for new homes have encouraged new projects and increased employment. Although resale properties do not create the same construction demand, this program aims to help middle-income families and first-time buyers become homeowners. The support could stimulate activity in the housing market and bring relief to many who have been waiting to buy a home. The detailed plan for resale home support is expected to be announced in February.