‘I don’t know what to do’: Skyrocketing inflation and rent prices leave many in Turkey struggling

For decades, Canan lived a fairly comfortable life as a school teacher in Istanbul. open image in gallery Despite the rental costs, vacant apartments at the lower end of the housing market often draw bidding wars in Istanbul But the high prices mean those with rents set at the pre-inflationary period are often refusing to budge, drastically lowering available housing stock and driving up prices even further. And that puts tenants and landlords into conflict.” open image in gallery Turkey, like much of the rest of the world, is fighting skyrocketing inflation The housing crisis has consumed public debate in Turkey for months, potentially impacting the prospects of president Recep Tayyip Erdogan’s government ahead of elections to be held next year. open image in gallery Turkey’s mimimum rise will go up substantially in 2023, helping those in Instanbul and around the country who are struggling In addition, the government has prevented international buyers from registering or obtaining official residency papers if they rent or even buy flats in more than a thousand neighbourhoods in urban areas across the country. On Thursday, Turkey announced it would raise the minimum wage a dramatic 55 per cent next year, to 8,506 Turkish lira, a move that could alleviate some economic pain but also risks exacerbating inflation.