The growth rate of housing prices in the largest Turkish metropolis, where real estate rose by 12.4% in May alone, amounted to 145.5% over the past year. Adjusted for inflation – 41.4%, but it is still a record level, writes Habertürk. The columnist of the publication Abdurrahman Yildirim clarified that the price for an average residence with an area of 120 square meters has risen from 0.53 million to 1.43 million Turkish lira (TL), if you look at the territory of the whole country. In Istanbul, the same housing has risen in price to 2.354 million TL».
The journalist-analyst calculated how much work is needed to pay for such housing: «A person who, for example, receives 50% more than the minimum wage of 5,500 TL, namely 8,250 TL, will have to pay his salary in full for 24 years to pay for an apartment. That is, there is not a penny left for food, clothes, travel, and even more for the maintenance of the family.
At the same time, housing prices continue to grow steadily, not even from month to month, but from week to week. What makes housing in the metropolis more and more inaccessible to the average citizen of the country every day.
Rent in Istanbul has risen by 200% in just seven months of this year. The Istanbul Chamber of Realtors is confident that this «rental hyperinflation» cannot continue, and predicts an imminent reduction in rental rates up to 40%.