How many months should one work to get a 75 square meter house with minimum wage?
According to official data, how many months should a minimum wage person work without eating (spending anything at all) in order to be able to buy an apartment of 75 square meters? Despite the significant increases in the minimum wage in recent years, how has this time required for an employee’s housing changed in the last 13 years?
The Housing Price Index announced by the Central Bank of the Republic of Turkey (CBRT) every month sheds light on the real estate market. The CBRT explains how prices have changed and the unit price of a house. It is possible to calculate the cost of a house of the desired size based on the unit price. This article examines the change over an apartment of 75 square meters.
According to the CBRT, in January 2010, the unit price of a residential building (1 square meter) in Turkey was 952 liras, and the price of a 75 square meter apartment was 71 thousand 370 liras. the price of a 75 square meter apartment was 106 thousand 118 TL in Istanbul, 67 thousand 88 TL in Ankara and 75 thousand 758 TL in Izmir, while the monthly net minimum wage was 577 TL on the same date.
One should give his salary of 26 years for a minimum wage for a 75 square meter house in Istanbul
How much is the change between 2010-2022?
When we examine the change between January 2010 and July 2022, the following result emerges. While a minimum wage of 124 months was required for a house of 75 square meters in Turkey in January 2010, this period increased to 190 months in July 2010.
In Istanbul, this period has reached from 184 months to 308 months; in Ankara from 116 months to 136 months and in Izmir from 131 months to 221 months.
In the last 1 year, housing prices have increased by 174 percent
According to the CBRT, as of July 2022, housing prices have increased by 174 percent in the last year.
In the last 12 years, the annual increase in housing prices has been around 10 percent, while it crossed the 20 percent threshold in May 2020 for the first time. In September 2021, the annual increase was 36 percent. With the transition to the new economy model, the annual increase reached 174 percent in July 2022.
Original source: https://tr.euronews.com/2022/09/30/asgari-ucretli-75-metrekare-bir-konut-alabilmek-icin-kac-ay-calismali-son-13-yildaki-degis?utm_source=newsletter&utm_medium=tr&utm_content=asgari-ucretli-75-metrekare-bir-konut-alabilmek-icin-kac-ay-calismali-son-13-yildaki-degis&_ope=eyJndWlkIjoiYTUwOTk2MTJjMzk3ZTEzMWI1MmFjOTJhODllYmRiOTgifQ%3D%3D
