House price to salary ratio: Turkey 10 Russia 14 China 28 Iran 19 Syria 115 Argentina 17 – i think in these countries there’s no reliable stock market so people would invest in immovable properties
House price in city: Istanbul $3000/m2 NYC $18K/m2 Berlin $9K/m2 Paris $13K/m2 London $20K/m2 Even Baghdad is $3K/m2
Yes huge amount of locals left or leaving but Istanbul was the most visited city in the world in 2023 and the govt imported a ton of foreigners. And its CBI program is the most successful one in the world
PS. Can you ask this question in relevant subs of reddit? I don’t have an account there. Thanks
The CBI program mostly brings in dirty money.
Türkiye invested heavily into construction industry in the last three decades, so new buildings coming pretty cheap.
Most Turkish cities doesn’t have urban planning and sprawl doesn’t stop at all. Istanbul Downtown’s two extents takes 2 hours with a car, without leaving the city.