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
Hint; Check out the inflation and interest rates in Argentina
also I am talking about not just now but also last 30 years. Its been always cheap even when inflation and rates were low
Argentina has made huge strides towards fixing their inflation whereas Turkey has a megalomaniac leader who refuses to even ackowledge it exists.
So that’s why it’s cheap?
Yes, combination of the exhange rate and external market factors
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The currency of Turkey is cheap and international investors don’t have any faith in their government to run the economy. The latter means that there is less foreign investment, so coupled with the aforementioned cheap currency, properties are cheap there.
thanks