Buying property becomes a dream: Significant increase in the number of tenants in Turkey

According to TURKSTAT data, the tenant rate, which was 21.3% in 2013, increased to 27.8% in 2023. While the monthly installment of a 3 million TL housing loan payable over 10 years reached 91,000 TL, the total amount to be paid back reached 10 million 945 thousand TL.

The General Manager of Birevim Company, stated that the difficulties in accessing housing stemmed from the current financing method and that if these financing methods are diversified and supported by internal resources, the homeownership rate will increase significantly. He said, “The number of citizens living in rented houses is increasing day by day. When we examine the change between 2013 and 2023, we see a difference of 6.5%. The development of a country is directly proportional to the welfare of its citizens… Therefore, as the Savings Finance sector, we are determined to change the current situation in the opposite direction and make our citizens homeowners. By 2030, we will reach 40% of the population and liberate a large portion of this segment from the burden of rent and help them own their own homes.”

“The cost of being a homeowner with credit in a metropolitan city averages 91,000 TL per month”

Mahir Orak stated, “According to the report of the Real Estate and Real Estate Investment Trusts Association (GYODER), the monthly installments of housing loans to be used for a 100-square-meter apartment in Istanbul correspond to 101% of household disposable income. As of today, the lowest interest rate on housing loans is 2.94%. With this rate, the monthly installment of a 10-year, 3 million TL loan reached 91,000 TL. The total amount to be paid back was 10 million 945 thousand TL… Although the current conjuncture makes it difficult to meet the need, the Savings Finance sector continues its determination to make citizens homeowners. Our sector, which systematically converts savings into investment with an average monthly installment payment of 15,000 TL, enables our citizens to own homes and vehicles, as well as facilitates the inclusion of savings kept under the mattress into the economic system.”