Turkey’s Central Bank Governor Forced To Move In With Parents Due To Soaring Property Prices In Istanbul.
By Caroline Ameh
The newly appointed head of Turkey’s central bank, Hafize Gaye Erkan, has revealed that she and her family have been compelled to move in with her parents due to the exorbitant cost of property in Istanbul, a consequence of rampant inflation plaguing the city.
Erkan, a 44-year-old former finance executive with a background including roles at prestigious firms such as Goldman Sachs and First Republic Bank in the United States, expressed her dismay over the skyrocketing prices, highlighting the struggle to secure affordable housing in the city.
In a recent interview, Erkan highlighted the severe challenges faced by many residents, emphasizing that the lack of social housing has contributed to the untenable situation. “We haven’t found a home in Istanbul. It’s terribly expensive. We’ve moved in with my parents,” she lamented.
Drawing a comparison that underscores the severity of the situation, Erkan questioned whether Istanbul has surpassed Manhattan in terms of real estate costs, reflecting the astonishing levels of inflation in the city.
The inflation rate in Turkey surged to a staggering 62 percent year-on-year in November 2023, following a 61.36 percent annual increase in October. This alarming trend has been attributed to the continuous depreciation of the Turkish currency, the lira.
Erkan’s personal experience sheds light on the broader issue facing many young professionals and families in Istanbul, grappling with the soaring prices that have made finding adequate accommodation an arduous task amid the challenging economic climate.
