Real Estate's Directory

I was doing a study of how people live in different parts of the world. I have our standard here to measure things by. Even the poor here have indoor bathrooms and often have cable TV and Internet service. It is amazing the mix of amenities the different income levels have here with some things almost being standard across the board. When I looked at other countries, the differences can be striking. However, one place that surprised me was the Istanbul real estate market. I was looking at a major property construction company in Turkey and what they offer. The Al Barakah company builds residential apartment and office buildings plus much more. I was surprised to learn how people acquire these luxury apartments in Istanbul.

Here, we think of renting an apartment on an annual lease. Over in Turkey the apartments are sold like condominiums are here. You buy the place. However, instead of your traditional mortgage that you make payments on for decades, you pay cash up front for your place. There are some places that let you pay half now and the other half over the next year. Can you imagine housing being like that in an urban environment here? The cost of living in Turkey is about half what it is here, but I am talking about residential living places that are going for a quarter million bucks!

I cannot fathom ever being in a position where I could pay cash for my place to live. The way you buy things must be a lot different in Turkey. However, on the upside, I can see these types of real estate ventures being valuable as far as investments go. How could they not be? I mean, the people who are moving in are buying the places outright, or they are paying half down and the rest of it within 12 months. This greatly takes the guesswork out of residents being able to pay for their housing and not default on a mortgage. It is fascinating to learn how people around the world live and how they pay for their homes.