Buğra Gökçe reveals annual repayment for housing loans

Buğra Gökçe revealed in a social media post that in an environment where it has become impossible for citizens to use credit, those who want to own a home no longer even have the chance to dream.

Reminding that with rising interest rates, a 1 million lira housing loan has an annual repayment of 408 thousand liras, Gökçe also added the average annual business income according to TUIK data to his post, demonstrating the desperation of the citizens.

Looking at the business income table, only the employer segment is able to pay the 408 thousand lira annual interest on a 1 million lira loan, and they are left with only 174 liras.

HERE IS THAT CALCULATION AND POST BY BUĞRA GÖKÇE

The housing problem is deepening: It is mathematically impossible for an average employee to own a home with their wages and income

Today, the annual payment for a 1 million TL housing loan with a 10-year maturity is 408 thousand liras.

According to TUIK data, average annual main job income:

For employers: 408 thousand 174 TL

For self-employed: 115 thousand 622 TL

For salaried employees: 102 thousand 821 TL 

For daily wage earners: 53 thousand 334 TL

Average housing price in Turkey: 3 million 358 thousand liras. (Endeksa)

Under these conditions, it is not possible for an average employee to own a home, whether they are self-employed, salaried, or a daily wage earner.

The homeownership rate has fallen from 73 percent in 2002 to 56.2 percent. 

It is clear that under these conditions, the trend will continue, and the homeownership rate in Turkey will fall even further.