The difficulty of becoming a homeowner in Iran / Comparison of housing purchase conditions in Iran and Turkey

According to Tejarat News, high prices can be considered the most vivid experience that Iran’s economy has dealt with in recent years. This problem, which manifests itself with inflation, has affected all areas related to people’s livelihood and is now reducing the size of their tables every day.

The high price and inflation of Iran’s housing market have also put it in a critical situation and buying a house has almost become an unattainable dream for different sections of the society.

This is despite the fact that the cost of obtaining a mortgage has increased in the past few months and the conditions for obtaining it have become more difficult. But what are the conditions of receiving housing facilities in a country like Turkey, which is in Iran’s neighborhood and is going through years of economic crisis?

Mortgage conditions in Turkey

The policies of Erdogan, the president of Turkey, have put the country’s economy in a state of disarray today. Turkey’s annual inflation rate in December 2022 has reached its lowest level in the last 9 months, registering a rate of 64.27%.

The average housing price per square meter in Istanbul, which is the most expensive city in Turkey, is estimated at 15,000 lira.

Despite these conditions, in 2022, even foreigners living in this country have the ability to get mortgages for up to 70% of their entire property. Of course, banks in Turkey do not lend less than 65-70 thousand dollars, especially to foreigners who intend to buy a house.

The loan interest rate in Turkey has experienced different rates in different years, but the housing facility in 2022 and in Turkey was recorded at 12.5% ​​and the maximum repayment time is considered to be 15 to 20 years. Applicants for a loan to buy a house must not be less than 25 and more than 80 years old.

Mortgage conditions in Iran

Getting this loan requires that one’s money be deposited in the bank for some time and in return one can receive bonds. The cost of these papers has increased in recent months and providing them has become an obstacle for people.

Singles living in Tehran can receive up to 280 million tomans of facilities, which includes 200 million tomans of housing purchase facilities and 80 million tomans of loan. Singles must pay a total of 70 million Tomans to receive this loan.

On the same basis, Tehrani couples can receive up to 480 million tomans including 200 million tomans housing purchase facility for each person and 80 million tomans loan. In the end, couples have to pay 120 million tomans to be able to get this.

According to the statistics of the central bank, which is published every month on the average housing price in Tehran, the average house per square meter in this metropolis is estimated at 48 million and 73 thousand tomans. Therefore, this amount cannot cover a significant amount of housing costs.

Comparison of inflation in Turkey and Iran

Turkey’s inflation has been experiencing an unbridled trend for several years, like Iran, and this issue has caused problems in various economic dimensions in this country.

But it should be kept in mind that the crisis that has a history of less than five years in Turkey has now found a life span of several decades in Iran, and this problem has caused a lot of damage to various economic dimensions.

This issue has spread to such an extent that a significant group of people who were considered to be among the middle economic class of the society, today have been directed to the lower deciles of the society, while a large population in Turkey is considered to be among the middle economic deciles and accordingly They have a higher ability to buy.

If inflation is not controlled and supply and demand do not improve in the next year, which is less than two months away, Iranians should expect a more critical situation in the housing market, even though most families, especially in big cities, have already stopped buying housing!

Read the latest housing news on Tejaratnews housing news page.