Arıklı Acknowledges Mistake in Real Estate Policies

In a social media post addressing challenges in the construction industry, Arıklı emphasized the sector’s critical role in driving the economy. He acknowledged that past decisions, including legislative changes, had negatively impacted the industry.

Arıklı highlighted claims made in the Turkish conservative media about land being purchased by foreign entities, which had stirred public concerns and influenced government decisions. These claims, coupled with legal actions initiated by Greek Cypriots against properties in the North, further destabilized the sector.

“We should have separated land sales from property sales,” said Arıklı, noting that the confusion had undermined market stability. He explained that 35,000 housing units sold to foreign nationals were built on just 3,500 dönüms of land, posing no significant risk.

Arıklı also pointed to new challenges stemming from Syria’s reconstruction efforts, predicting rising construction material costs in Turkey due to increased demand, which would, in turn, inflate costs in the TRNC and further suppress demand.

The government has since introduced a decree aimed at revitalizing the sector, with further improvements expected after parliamentary discussions. Arıklı concluded with a stark admission: “We have turned our construction sector into a scapegoat through internal and external pressures.”