Turkey's Housing Crisis So Severe That Even Central Bank Chief Struggles with Rents
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Even Turkey's central bank governor cannot afford rents in Istanbul, highlighting the country's severe housing affordability crisis. The minimum wage is less than average rents.
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House and rental prices have skyrocketed over 200% annually amid volatile government economic policies and inflation over 80%.
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A 25% cap on rent increases has not curbed real rental inflation over 100%, causing violent landlord-tenant disputes.
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In 5 years, apartment prices rose 99% in Istanbul and 141% nationwide, far outpacing minimum wage growth. The gap continues rising.
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Turkey is an outlier in Europe, with house prices nearly doubling last year while most EU countries saw declines. Home ownership is also falling.