Part 6/9:
Impact on Everyday Life and the Real Estate Sector
The housing market has also not been immune to the crisis. The cost to rent a decent flat in Istanbul, which previously stood at 2,000 to 3,000 LRA in 2020, can now exceed 15,000 LRA. Wealthy foreigners have seized the opportunity to invest in Turkish property, further driving up prices for locals. This has not only limited housing options for Turks but also prompted many to leave their cities behind in search of more affordable living arrangements.
A significant number of professionals, including engineers and doctors, have left to seek better wages abroad. For instance, an astounding number of Turkish doctors, reportedly over 10,000, have applied to practice medicine overseas in recent years.