Sustainable Development Suggestions in Turkish Real Estate Market
The Turkish real estate market continues to rise and grow since more than ten years ago, imposing itself as a difficult economic number locally, regionally and internationally, as Turkey has become a center of attraction for the Arab and foreign investor, and there are many investment opportunities available to all categories of investors that are concerned with working in the trade sector of various kinds or even With regard to investors who are heading towards the industrial sector, knowing that the majority of Arab investors are attracted by investment in the field of Turkish real estate, and in particular the attractive rising real estate market in Istanbul.
The Turkish construction sector has witnessed extensive growth and prosperity in recent years, and high levels of real estate purchase in Turkey have been registered by foreign investors. Perhaps one of the most prominent features of the Turkish real estate market is that it is an emerging and strong market, and it is the second most active and strongest construction market in the world, and Turkey ranks The fourth among the top ten real estate investment sites in the world because of its components and infrastructure, and thanks to the large government facilities that it offers to foreigners who want to own property, as Turkey’s geographical location for the world plays a big role to make it a kiss for foreign investment, as it is a gateway between East and West.
But what about the sustainable development of the Turkish real estate market? What are its prospects and prospects for investors? Sustainable development is generally defined as satisfying the needs of current generations and achieving their well-being without compromising the ability of future generations to satisfy their needs, taking into account the challenges of preserving environmental systems and the limited renewable natural resources, and this definition implicitly focuses on two central ideas: the idea of needs for all categories of investors , And the idea of the limited ability of the environment to respond to the present and future needs of mankind, in light of the prevailing production and consumption patterns and available technologies.
The importance of sustainable development
The importance of the concept of sustainable development comes from the principle that economic growth does not necessarily mean an improvement in the welfare of all people in the broad sense that the word welfare implies, as the fruits of growth may afflict a part of society members and not others due to the unfair or undue distribution of wealth, and this all leads Over time, societies lack their cohesion and their ability to coexist and foreshadow their political, security and consequently economic stability as well.
On another level, growth can take place in many areas at the expense of the environment (air, water, climate, soil, and biological diversity) due to the resulting emissions from some industrial activities of pollutant gases caused by the phenomenon of global warming, excessive exploitation of soil and pollution of water from lakes, valleys, oceans and groundwater Likewise, these activities lead to severe damage to the quality of the environment (air and water pollution, climate changes, soil poverty, the extinction of some species) which the present and future generations will have to coexist with and with the consequences of these damages, and the depletion of natural resources that are not renewable leads to Reducing the amount of natural capital that future generations inherit, which jeopardizes their ability to satisfy their basic needs as well as their health.
Turkish real estate market and sustainable development
The Turkish government and economic authorities have taken a number of steps to maintain the sustainable development of the real estate market in Turkey, perhaps the most prominent of which was on February 11, 2019, where the fourth quarter report of “GYODER” for house prices in Turkey was announced, and the report included a series of information And tips on what can be done to achieve sustainable development in the field of real estate and construction in Turkey, where ten proposals for sustainable development were mentioned in both construction and real estate in Turkey , and the report showed that the real estate and construction fields are among the areas that can be predicted, where they need some Legal and institutional arrangements that enable us to maintain sustainable development in both sectors. The suggestions are as follows:
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Implementing a mechanism for the mortgage banks sector, to provide suggestions and facilities for low-income owners to help them to own real estate more easily, and this mechanism is ideal abroad, as it relies on a long-term mortgage with low interest, and this mechanism encouraged many owners of income The low on owning a suitable property for them, and the same applies to real estate loans options as well.
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The need for more transparent data and details in the Istanbul real estate sector in Istanbul, and therefore all statistics related to the real estate field must be preserved, analyzed and permanent reports issued, and this issue can be resolved by creating an independent institution that includes public and professional organizations and academic departments, and to view the Turkish real estate market sales report in the quarter First of 2020 you can read this Blog.
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Issuing the necessary legal legislation’s to diversify the financial products related to the real estate field. In addition, opening a new real estate market within the Istanbul Stock Exchange “BIST” will contribute to developing this field more broadly.
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Establishing specific conditions and arrangements for the day and year in relation to increasing the value of the real estate tax.
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The following conditions (population density, infrastructure, earthquakes, natural disasters and urbanization plans) are taken into account when arranging for construction plans.
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Continued tax exemptions for real estate investment funds.
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Encourage the formation of investment funds by the municipalities that are specific to the infrastructure of the real estate field.
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Making a tax deduction for owners of low and middle income for building essentials such as iron, concrete, and others.
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Special sales to foreigners must be considered as exports.
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Special funds should be created to meet the housing needs of low- and middle-income people.
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