In 2024, Turkey topped the list of countries where housing is the least affordable, with the highest ratio of average property prices to average income globally. The data reveals how challenging it has become to own a home in Turkey.
Soaring housing prices and high interest rates in 2024 have made homeownership difficult in many countries. A comparison table created by experts based on 2024 September data gained attention on social media. The table showed the price of housing per square meter in USD and measured housing affordability by comparing average property prices to average incomes in each country.
Surprisingly, the most unaffordable housing markets were not necessarily in wealthier nations with high living standards, but rather in less developed economies where average incomes are significantly lower—even if property prices themselves are relatively moderate.
According to the study:
- Turkey ranked first, with housing prices amounting to 81.45% of the average annual income, making it the most unaffordable housing market in the world in 2024.
- Nepal followed with 59.04%, and India came next with 49.86%.
- Other countries in the top 10 included Indonesia, Armenia, South Korea, Peru, the Dominican Republic, Brazil, and Chile.
SOURCE: ekonomim.com/sektorler/emlak/turkiye-ev-almanin-en-zor-oldugu-ulkelerde-lider-oldu-haberi-811632
