A project developed by the Real Estate Investors Association (GYODER) is being finalized in Istanbul. The idea is to build 10,000 rental apartments; this should increase the supply of housing in the Istanbul region. 

GYODER first launched the initiative in July 2023. It envisages the construction of apartments by private companies, but exclusively for renting out on land owned by the state. This could lead to a significant reduction in land costs and, as a result, a 50% reduction in rents.

Mehmet Kalyoncu, president of GYODER, expressed confidence in the willingness of banks and the real estate sector to support this new model and stated this at a real estate summit organized by the association. He also noted that although it was expected that the land for the project would be provided by the state, a private company offered its plots. 

An important feature of this project is the priority right to move into the new rental units for renters and homeowners living in areas with the most severe housing problems. This is intended to maximize the comfortable relocation of residents to the new units once they are built. 

A decrease in the number of homeowners and an increase in the number of renters have caused an exorbitant increase in Istanbul's housing prices. The latest data from Endeksa shows that rents in Turkey had increased by 136% by the end of the third quarter of 2023 compared to the previous year. This project is therefore a step towards addressing this situation.