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.
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.
