An Analysis of Housing Affordability in Turkish Real Estate Market After 2023 Kahramanmaraş Earthquakes

Impact Housing affordability is a multifaceted issue, deeply entwined with income levels and external factors like natural disasters. Low-income households face immense challenges in securing housing due to their limited financial resources. To alleviate this, governments and organizations provide housing assistance programs, including rent subsidies and low-income housing tax credits. These initiatives bridge the financial gap, making suitable housing more accessible. Natural disasters exacerbate housing affordability in cities prone to floods, hurricanes, earthquakes, or wildfires. Firstly, residents in these areas bear higher homeowners’ insurance premiums due to elevated risks, making home ownership costlier. Moreover, disasters inflict substantial property damage, necessitating expensive repairs or rebuilding efforts, further driving up the overall cost of owning a home. Property values in disaster-prone regions may decline as potential buyers shy away, rendering it difficult for homeowners to sell properties, impacting affordability. Additionally, local governments often impose building restrictions in disaster-prone regions, limiting housing supply and inflating prices. Thus, addressing these challenges necessitates a concerted effort involving local governments, housing agencies, and stakeholders to devise strategies that enhance affordability and accessibility for residents in such areas. In sum, housing affordability hinges on income disparities and external variables like natural disasters, demanding tailored solutions for each facet of this complex issue.