The latest report by BestBrokers.com has revealed the ranking of the most affordable countries to buy a home worldwide. According to the report, Turkey is ranked second to last in terms of housing affordability.
How Long Does It Take to Buy a Home in Turkey?
In Turkey, an average family needs to save 631 months’ worth of salary, which equates to approximately 52.5 years, to afford a house. This places Turkey just above Nepal, which ranks last, requiring 684 months of income to buy a home.
Which Countries Offer the Most Affordable Housing?
The report highlights that South Africa is the most affordable country for purchasing a home, where a 100-square-meter property costs 71 times the average monthly salary.
In the United States, which ranks second in the affordability index, real estate prices vary significantly from state to state. On average, Americans need 76 months of salary—approximately six years—to purchase a home.
Meanwhile, in Europe, Denmark stands out as the country where people can buy a home in the shortest time. A 100-square-meter property in Denmark costs around 114 months’ worth of net salary, making it one of the most affordable housing markets in the region.
What Does This Mean for Real Estate Investors?
For those considering real estate investment in Turkey, these statistics highlight the increasing challenges for local buyers. However, for foreign investors, Turkey still offers a competitive market with attractive property options, government incentives, and the advantage of obtaining Turkish citizenship through real estate investment. As global affordability trends shift, Turkey remains a key player in the international property market.
