Turkey's housing crisis deepens as prices soar and concerns mount

The soaring prices of real estate in Turkey are causing concern among economists, as reported by the Birgün daily. A recent report by the Bahçe?ehir University Center for Economic and Social Research (BETAM) revealed an 89.1 percent increase in property prices from May 2022 to May 2023. These findings contradict data from the Turkish Statistical Institute (TurkStat), which stated that real estate prices had only risen by 20.7 percent during the same period.

Gökçe Gökçen, a representative of the Republican People's Party (CHP), criticized TurkStat for allegedly disseminating inaccurate figures and deceiving the public. TurkStat, the official government agency responsible for producing statistical data, has previously faced criticism for publishing false information and reporting lower inflation rates compared to other reputable institutions.

University students, who are among the vulnerable members of society, have already been affected by the housing crisis in Turkey. In response to skyrocketing rent prices, hundreds of students took to the streets in protest last year. Real estate agents have expressed a grim outlook, stating that the housing crisis is likely to exacerbate and is unlikely to be resolved in the near future.

Turkey has been grappling with a deteriorating economy for the past few years, characterized by high inflation, unemployment, and a poor human rights record. President Recep Tayyip Erdo?an faces criticism for his mismanagement of the economy, depleting the state's finances, and establishing an autocratic rule in a country where dissent is suppressed and political opponents are imprisoned on questionable charges.

The cost of living in Turkey has reached alarmingly high levels, becoming the new norm. Recent increases in food and utility prices have contributed to inflation, further eroding the purchasing power of citizens.

BETAM (Bahçe?ehir University Center for Economic and Social Research) is a research centre based in Turkey. It operates under Bahçe?ehir University and focuses on conducting studies and providing analysis in the fields of economics and social sciences. BETAM aims to contribute to academic research, policy development, and public debate on economic and social issues in Turkey and beyond. The centre conducts various research projects, publishes reports and academic articles, and organizes conferences and seminars to promote knowledge and understanding in these areas.

Next (Shifting Priorities: The Changing Landscape of Starter Homes for Young Adults in America)

Turkey's housing crisis deepens as prices soar and concerns mount

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