Skip to main content

Turkey’s middle class priced out of home ownership

Buying a home has become an elusive dream even for middle-class professionals in Turkey as the country’s economic woes erupt into a perfect storm over the housing market.
ADEM ALTAN/AFP via Getty Images
Read in 

A home loan facility by the government has caused little excitement in Turkey as skyrocketing real estate prices and melting purchasing power make home ownership a distant dream even for middle-class professionals.

The relatively cheap loans, announced by President Recep Tayyip Erdogan May 9, came amid unprecedented turmoil in the housing market. Home prices have doubled over a year, outpacing the overall consumer inflation, which hit 70% in April, stoked mainly by the severe depreciation of the Turkish lira since last year.

Access the Middle East news and analysis you can trust

Join our community of Middle East readers to experience all of Al-Monitor, including 24/7 news, analyses, memos, reports and newsletters.


Only $100 per year.