Hyperinflation in Turkey coupled with the central bank’s decision to slash interest rates to nine percent has led to soaring property prices. Domestic demand for real estate has increased as investors seek to shelter their savings from staggering inflation. Additionally, the weakening Lira has led to an increase in home sales to foreign investors with assets in relatively stronger currencies. Foreign investment in the Turkish housing market increased by 20.4 percent between January and November, compared to the same period last year, according to the Associated Press (citing data from the State Statistical Institute).

More than two-thirds of people in Turkey are struggling to pay their rent, according to Turkish Minute (citing the results of a poll conducted by Aksoy Research Company).

Last Updated on December 17, 2022 by Ramin Seddiq