Turkey offers apartments for $50 in housing crisis
TOKI, Turkey’s state-run real estate company, is offering big discounts on apartments after an economic slump caused a crisis in the housing market.
Home-buyers can snap up one of about 3,000 properties for as little as 304 liras ($50) a month, Hürriyet newspaper reported on Friday citing a schedule of sale auctions.
Turkish property prices are sliding in real terms after a currency crisis, which began last year, caused a surge in interest rates on mortgages and inflation. The government has sought to revive the industry with discounts, lower taxes and cheap mortgages provided by state-run banks.
The apartments on sale are located in 30 regions of the country, including Ankara, Denizli, Samsun and Hatay, Hürriyet said.
The price of property in Turkey dropped an annual 13.6 percent in March, when subtracting the inflation rate of almost 20 percent. Prices fell 1.7 percent in Istanbul even when excluding inflation, the central bank said on May 17.