The conditions of state support for the reconstruction of residential and commercial premises in Istanbul have been announced

The Official Gazette published information on financial support for the campaign for the urban transformation of Istanbul. The presidential decree lists important points related to the reconstruction of risky buildings. Mehmet Ozhaseki, Minister of Environment, Urbanization and Climate Change, said that the budget for the transformation of Istanbul is 485 billion liras:

- A subsidy of up to 700 thousand liras and a loan of up to 700 thousand liras will be issued to the owners of residential premises.

- Subsidies in the amount of up to 350 thousand liras and credit support in the amount of up to 350 thousand liras will be provided for owners of commercial premises.

-The loan term is set at 10 years (120 months).

- Interest will not be charged on the first 12 contributions. Loan payments will begin from the first month after the end of the grace period.

- Income and credit history of beneficiaries will not be taken into account when issuing loans.

- During construction, owners, tenants and owners will be provided with one-time free relocation assistance in the amount of 100 thousand liras.

- A letter of commitment on the provision of subsidies and a loan agreement on construction assistance can be concluded before December 31, 2026.