Highlights: Price increases accelerated again over one year in February 2024, to 67.1% compared to 64.9% in January. The economic policy put in place by the government after the May 2023 elections is slow to produce its effects. In February, housing prices increased further, to +3.5% over one month. According to Istanbul City Hall, last year, sale prices rose by 84% on average, and rents by 75%. Oguz, a 33-year-old teacher, lives in the Kadiköy district, on the Asian side of Istanbul.

Turkey is still facing an inflationary spiral. Price increases accelerated again over one year in February 2024, to 67.1% compared to 64.9% in January, according to official data published...

Turkey: faced with galloping inflation, Turks are finding it increasingly difficult to find housing

Turkey is still facing an inflationary spiral.

The price increase accelerated again over one year in February 2024, to 67.1% compared to 64.9% in January, according to official data published Monday March 4.

The economic policy put in place by the government after the May 2023 elections is slow to produce its effects.

For Turks, everything is more and more expensive every month, especially the price of housing.

View of residential buildings in Istanbul, December 8, 2022. AP - Khalil Hamra

By: RFI Follow

With our correspondent in Istanbul

Anne Andlauer

Oguz, a 33-year-old teacher, lives in the Kadiköy district, on the Asian side of Istanbul.

Lately, his rent of 18,000 pounds (around 525 euros) swallows up two thirds of his salary:

“

I’m not coping.
I get into debt with my family, like when I was a student... In addition, it is at the risk of my life, because I cannot afford to rent safe accommodation,

while Istanbul is threatened by an earthquake
.
That's what living in Turkey is like: not being able to predict anything, or having to live as if what is predictable – here, an earthquake – was not going to happen.

Also read: Hatay: one year after the earthquake, ruins and ghosts

In February, housing prices increased further, to +3.5% over one month.

This is particularly the case in large cities.

According to Istanbul City Hall, last year, sale prices rose by 84% on average, and rents by 75%.

Oguz, the teacher, no longer believes in the government's promises:

“

The previous Minister of the Economy already told us there was light at the end of the tunnel.
The problem is that we don't know if it's the exit... or the headlights of the train coming in the opposite direction and going to hit us!
The lack of visibility is tiring.

Oguz, like many Turks, expects the government to pursue austerity policies after the March 31 municipal elections.

He therefore expects his purchasing power to continue to decline.

Also read: Why does inflation persist in Türkiye?

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Turkey: faced with galloping inflation, Turks are finding it increasingly difficult to find housing

Turkey: faced with galloping inflation, Turks are finding it increasingly difficult to find housing

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