Impossible to buy a house with a mortgage loan: monthly installments start from 21 thousand TL

According to the data of the Central Bank, the average price of a house of 120 square meters across the country exceeded 1 million Turkish liras. This amount has increased to 1 million 660 thousand liras for houses in Istanbul. So, how much does it take to save up to buy a house on a loan today, what about the interest rates on housing loans and installment amounts?

After the extreme level to which rents came, the thought of “I will buy a house instead of paying so much rent, I will pay a loan” has now become completely imaginary.

Today, the average price of average-sized houses for sale throughout the country has exceeded 1 million. In Istanbul, these prices are approaching 2 million liras.

MONTHLY INSTALLMENTS FOR LOANS START FROM 21 THOUSAND LIRAS

The monthly installment amounts that must be paid to attract a mortgage loan start from 21 thousand liras (in a country where minimum wage is about 4250 TL). Of course, in order for an employee in the private sector to be able to withdraw this loan, criteria such as the solvency of which is at least 2 times higher than the installment amount are being sought. In Turkey, average wages are almost at the minimum wage level. The minimum wage remained below the hunger limit for the second month of the year.

AVERAGE HOUSE PRICES EXCEEDED 1.6 MILLION TL

According to the data of the Central Bank (CBRT), as of February 2022, the average price of a square meter of housing throughout the country is 8,640 TL. In other words, the average price of a house of 120 square meters has exceeded 1 million TL.

The average price of square meters of housing in Istanbul was 13 thousand 836 TL. This means that the average price of a house of 120 square meters in Istanbul has increased to 1 million 660 thousand TL.

What about the housing loan interest rates and monthly installment amounts?

SOURCE: SOZCU.COM.TR