Housing problems in Turkey have increased as a result of overpopulation, migration from rural areas to cities, and high rental rates combined with unlicensed settlements. Turkey has been struggling with unplanned urbanization and demand for about 300,000 new residences each year. However, housing business in general is expected to expand with the decrease of inflation and interest rates, the support of recent economic developments, housing financing by banks, and the mortgage banking system.
March 01 2005