Inflation Impact on Property Market and Housing Costs

Persistently high double-digit inflation in Turkey, reaching 67% last month, has significantly impacted the property market. The rising construction material costs coupled with people's inclination to invest in real estate as a hedge against inflation have driven up rents and property prices nationwide, making it unaffordable for Istanbul residents to rebuild or relocate. Consequently, the housing costs have hindered the three million earthquake-displaced individuals from moving to other parts of the country, forcing many to live in government-provided container homes due to exorbitant rents. The government's response to address the housing crisis remains a concern among the affected population.