How long to buy a home in the Mideast?

How long to buy a home in the Mideast?
The New Arab has found out how long it would take the average Joe in five Arab countries to buy a basic flat while working on a minimum wage.

2 min read
20 Jan, 2017
Owning a house seems like an almost unattainable dream for many young people [Getty]

As the economic prospects of the Middle East look grimmer and grimmer, so too has the dream of homeownership for the vast majority of people living in the region.

Low salaries, high rates of unemployment and the high cost of buying a roof to put over your head have made owning a house seem like an almost unattainable dream for many young people.

The New Arab reporter Balkis Abdel Rida decided to find out how long it would take the average joe in five Arab countries to buy a 90 square metre flat in the suburbs of their capital city if they were working for the minimum wage and spent none of their hard earned cash on food, clothing or any other life necessities.

Jordan: 24 years.

In the Hashemite Kingdom, with a minimum wage of $270 a month and a square metre of property ranging in price between $800,000 to $900,000 it would take a hard working person almost a quarter of a century to own their own place in the outskirts of Amman.

Egypt: 26 years.

In Egypt, where authorities recently floated the currency, things look slightly bleaker. With a measly minimum wage of $63 and a basic living space costing around $20,250 it would take a quarter of a century plus a year to start a new life in your Cairo pad.

Tunisia: 27 years.

The birthplace of the Arab Spring has a minimum wage of $153 and a basic home will set you back around $51,000, making the years of blood, sweat and tears add up to 27.

Lebanon: 31 years.

Buying a flat in the Paris of the Middle East is going to cost you a pretty penny with a simple place selling for around $169,000. Luckily, the lowest wage permitted by law is a comparatively sweet $450.

Algeria: 58 years.

For poor Algerians it would take over half a century to become a homeowner with the minimum monthly salary at $163 and a square foot of property going for $1,288.

How long does it take the average person to buy a flat in your country? Let us know in the comments.