Turkey faces worst property price crisis on record

Turkey’s Central Bank issued its annual report on the housing index in Turkey last week, revealing that the country was facing one of its worst property crises on record.

Inflation, increasing construction costs and the imbalance between supply and demand are all playing major roles in the skyrocketing property price crisis, experts say.

Given that the monthly minimum wage in Turkey is 4,253 lira ($290), a low earner would have to work for over 27 years to be able to afford an average apartment — and that is assuming that they did not spend any of their earnings on anything else and that inflation did not get any worse.