Istanbul Gripped by Housing Crisis amid Economic Woes

The housing crisis in Turkey has deepened to the point that many can no longer afford to pay rent. In Istanbul, rent prices have risen two-fold from last year. According to the Istanbul Real Estate Chamber, rent has gone up by 200 percent in some places. Rent has gone

BY Realty Plus
Published - Thursday, 09 Sep, 2021

Istanbul Gripped by Housing Crisis amid Economic Woes

The housing crisis in Turkey has deepened to the point that many can no longer afford to pay rent. In Istanbul, rent prices have risen two-fold from last year. According to the Istanbul Real Estate Chamber, rent has gone up by 200 percent in some places. Rent has gone up from 1,500 liras to 3,000 liras on average in the city. Local authorities in Istanbul say 100,000 people are looking to buy or rent in the metropolitan area, but are having difficulties finding something suitable. This comes at a time that a staggering economic crisis has hardly hit the country with the Turkish lira crashing against the dollar. The market has come to a standstill. Those who have money invest it in real estate. There has been a sudden demand on real estate in Istanbul that cannot be responded to, said Nizamettin Asa, a resident of Istanbul.