58% of people in Turkey own their homes, while 42% are tenants

58% of people in Turkey own their homes, while 42% are tenants

High prices are an obstacle to buying a home in Turkey. So, the share of families with their own houses and apartments is gradually declining. This figure was above 60%, but dropped to 58%. This happened because housing in Turkish lira has risen in price tenfold over the past few years. Meanwhile, the annual demand of Turkish residents for housing is 800,000 units, but developers cannot meet this demand — this is partly why residential real estate is rising in price (in addition to inflation, the state of the economy and other reasons).

However, the so-called "average home ownership rate" in Europe is about 70%. According to local media with reference to figures from the European Statistical Office, this is 90.5% in Croatia, 91.7% in Hungary, 92.9% in Slovakia and 95.3% in Romania.

Germany stands out as the country with the highest level of tenants — 50.9%. This means that only 49.1% of them own housing there. This figure is lower in Austria (45.8%), Denmark (40.8%) and France (35.3%).

Turk Estate said that uncultivated land could be leased. This is important for the heirs of these lands who do not know how to handle them and do not want to sell this kind of property.

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