High interest rates pressure urban transformation

Published 18.07.2014 00:30
Updated 18.07.2014 13:18
High interest rates pressure urban transformation

With the coming of August, urban transformation projects are expected to take off; however, the high interest rates are problematizing the projects.

The high interest rates announced by the central bank of Turkey in January have been criticized by many politicians and now the Minister of Environment and City Planning, İdris Güllüce also noted that urban transformation is under pressure due to high interest rates.

Güllüce commented on the effect of high interest rates on urban transformation projects to Turkish daily, SABAH. Urban transformation projects have slowed down recently due to the local elections but are expected to pick up in August. However now, the interest rates have become a problem.

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