Housing prices up 110 pct in İstanbul in last 5 years

There was an overall average of a 75 percent increase in housing prices across Turkey during the five-year period. The current average square meter price for real estate in İstanbul currently stands at TL 2,060, meaning that a 100-square-meter home in İstanbul retails on average at TL 206,000.

Turkanlık said that only 7 percent of homes built by the Housing Development Administration of Turkey (TOKİ) in İstanbul are sold to those with a low income and that the administration prefers to build luxury residential complexes and gated communities in wealthy areas, such as the İstanbul districts of Atasehir and Etiler, in order to increase revenue. He added that more homes to be built by the state housing agency should be allocated for low-income buyers.

Many residents spend more than half of their income on housing expenses, according to Turkanık, as per capita income has increased at a very small level in comparison to rising housing costs.

SOURCE: TODAY’S ZAMAN

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