New construction regulations could further boost Turkish property prices

In 2023, new construction standards are to be introduced in Turkey, on the basis of which the licensing of the residential facilities’ construction will be changed. The rules provide for the mandatory use of alternative electricity sources. The share of solar panels, wind turbines, and other similar elements should account for at least 5% of the electricity generated. For buyers, this opens up opportunities for additional savings on electricity bills. However, for builders, such an innovation entails additional costs. The latter, of course, will be included in the cost of housing, which will lead to an increase in real estate prices.