Istanbul is known as the “Pearl of the Bosphorus”, but “Diamond on the Bosphorus” would be more appropriate. Because for ordinary people, life in the city is becoming increasingly unaffordable. This is mainly due to the sharp rise in prices for houses and apartments. Real estate price increases have overtaken the already galloping inflation.
According to data from the Bank for International Settlements (BIS), the central bank of central banks, residential property prices in Turkey have risen by 51 percent in the past year alone. These figures apply to real price increases, which means that the extremely high overall inflation in Turkey has already been factored out.
In the 16-million metropolis of Istanbul, prices have risen even more rapidly. The consulting firm Endeks assumes that …