The Analysis of the Turkish Housing Finance System within the Global Financial Crisis

27th Annual American Real Estate Society (ARES) Meeting, ARES 2011 Doctoral Seminar, Seattle, Washington, April 13-16, 2011

Posted: 22 Dec 2011

See all articles by Yener Coskun

Yener Coskun

Capital Markets Board of Turkey

Date Written: April 14, 2011

Abstract

Housing is one of the major socio-economic problems in Turkey. High intensivity of spontaneous settlements (gecekondu), nearly 40 % in urban area, would be accepted as the sufficient criterion for the level of the housing question in Turkey. Additionally there are important quality problems in the existing housing units. In addition to failing policies in market-based solutions to housing question, it has observed that affordable housing policies of central/local governments were not financially/politically sustainable in the last 50 years. Although there are more than one reflection, we may summarize the outcome of the failing social/market based policies on housing by analyzing housing shortage variable. So, according to several researches, Turkey needs 600.000 new housing unit every year and current housing deficit of the market is nearly 6 million units. The above numbers represent a clear 'failure' in terms of both market and social housing finance/supply systems.

Keywords: housing finance, mortgage, spontaneous settlement, housing policy

JEL Classification: R31, R38

Suggested Citation

Coskun, Yener, The Analysis of the Turkish Housing Finance System within the Global Financial Crisis (April 14, 2011). 27th Annual American Real Estate Society (ARES) Meeting, ARES 2011 Doctoral Seminar, Seattle, Washington, April 13-16, 2011, Available at SSRN: https://ssrn.com/abstract=1975660

Yener Coskun (Contact Author)

Capital Markets Board of Turkey ( email )

Eskisehir Yolu 8. km No:156
Ankara, 06530
Turkey

HOME PAGE: http://ankara.academia.edu/yenercoskun

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