Al Jazeera writes about the housing crisis in Turkey: “Buying a house now is a dream”

Qatar-based Al Jazeera television broadcast a detailed story on Turkey’s housing crisis ahead of the May 14 elections.

In the news headlined “Owning a home is a dream”, it is stated that Turkey experienced a major real estate crisis just before the elections in an environment of economic crisis, with house prices rising 141 percent in one year. , according to official figures.

Speaking to Al Jazeera, a person from Istanbul said that the rent for the house they live in in Bostancı increased by 147 percent, from 4,650 TL to 11,500 TL. Explaining that he recently lost his job, a person named Serhan said that his wife’s salary was barely enough for rent, that they had a 7-year-old son and are currently living on unemployment benefits.

‘ERDOĞAN EXAM IN ECONOMIC CRISIS’

Al Jazeera pointed out that this problem is currently affecting the lives of many Turks, and that the elections to be held in an environment of inflation and economic crisis that have worsened in the last year will be a test of support for President Erdoğan.

It was reported in the news that housing costs were even higher than high inflation, while house prices rose rapidly, sales declined, and the decline in home sales in March reached 21 percent compared with last year. It was noted in the news that the increase in rental prices was 157 percent compared to last year, and that the government was trying to alleviate the housing crisis before the elections.

Noting that Erdogan announced two major construction projects ahead of the election, Al Jazeera commented that, however, the rapid decline in purchasing power caused many people to shudder.

‘IMPOSSIBLE TO LIVE ALONE IN A CENTRAL PLACE’

An engineer named Bora said that the rent suddenly increased from 4,000 TL to 10,000 TL, it was almost impossible to find a new house at reasonable prices, and tenants did not feel safe.
Speaking to Al Jazeera, Istanbul residents stated that buying a house is now a dream for them. A 42-year-old named Çağan stated that she has been working for more than 20 years and it has become impossible for her to live alone in a central location.

According to experts, Al Jazeera wrote that the increase in house prices will continue with the increase in real estate investments and the sale of houses to foreigners as a result of the depreciation of the TL, and this situation will further deepen the crisis.