World Economy

Turks Spending More on Rent

Turks Spending More on RentTurks Spending More on Rent

The average Turkish household is spending 195 liras ($66) more in 2015 compared to 2014, according to Turkey’s state-run statistics agency.

Turkish Statistical Institute revealed on Monday that the Turkish household spends 3,048 liras ($1,025) each month, compared to 2,848 liras (around $943) in 2014, Anadolu Agency reported.

Households spent most on housing and rent in 2015, accounting for 26% of total living expenses, 1.2 percentage point above the previous year.

The share of expenditures on food and non-alcoholic beverages was 20.2% in 2015, up from 19.7% in 2014.

Healthcare accounted for 2% and the share of educational services was 2.2% on average in 2015.

Transportation expenditures cost households less in 2015, down to 17% from 17.8% in 2014.

The share of clothing and footwear expenditures rose slightly to 5.2% in 2015, from 0.1 percentage point in the previous year.

Hotel and restaurant expenditures were also up to 6.4% last year, compared to 6% in the previous year.

The construction market in Turkey is in a significantly healthy state after it was revealed that active construction projects are valued at $350 billion.

Growth in the nation’s construction sector has been sustained but steady, with an overall turnover increase of 4.6% in 2014, while in the same period, overall production climbed by 3%.

The strength of the market at present is further evidenced by the latest report from online projects tracking service MEED Projects, which showed that the value of the major active construction works in Turkey currently stands at just short of $350 billion.

MEED states that the current expansion of the construction market in Turkey can be put down to two things: the country’s rising population and its burgeoning economy.