The Turkish Statistical Institute’s new report states that 57% of the Turkish population live in their own homes according to the statistics of the end of 2017. This percentage was 73% fifteen years ago, but it has significantly decreased.
The Institute stresses that the decrease of this percentage does not mean that there is a decrease in the amount of real estate ownership, but it shows the increase of population of Turkey significantly. It indicates that 12 million families lived in their own homes in 2002, but by 2017, this number reached 13.2 million families. It also confirms that 6 million families live in rented homes. This means that 19.2 million families own homes now, but the number was 12 million in 2002.
Reasons for the Increasing Real Estate Ownership Rates:
The Institute believes that the main reason for the increase in the amount of real estate ownership in Turkey is due to the advantages of the real estate investment in Turkey. The government gives due attention to the real estate investment by providing the financial aids with a governmental guarantee given by “Toki” and “Emlak Konut”, the two government institutions that support the real estate ownership.
On the other hand, the Turkish real estate experts believe that this decrease is also because of the low exchange rate and the attractive offers given by the banks to those who want to buy an apartment in Turkey, in addition to the government guarantee which covers most of the real estate projects.
Number of Real Estate Tenants:
Aside from the owners, there is a good number of real estate tenants. According to the Turkish Statistical Institute, there are about 6 million Turkish families living on rent. These families are centered in Istanbul and this may be due to the high price of real estate.
In addition, the statistics reveal that 343,000 families live in the homes provided by the government for their employees whether for free or with a symbolic rent. This provides the opportunity for the foreigners seeking to own a cheap home in Turkey. They can get an apartment sold by the government to the low-income people by paying a little amount of money in the beginning, and then the rest of money is paid in installments that may continue for more than ten years.
In the same context, it should be noted that the devaluation of the Turkish currency at present provide a great opportunity for those who want to buy a cheap apartment in Turkey. The devaluation of the Turkish currency against the dollar means that the price of the real estate falls to reasonable levels. This also means that there is a chance for owning the best and luxurious real estate at a reasonable price. The advantage of the real estate ownership increases in Turkey, particularly in Istanbul when taking into account the high-level government services. Therefore, the real estate ownership in Turkey has become a positive thing, especially in the light of the political stability in Turkey at present.
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