A country in Europe loved by Brits has seen house prices increase by a staggering amount over the last decade.
According to euronews.business, house prices in Turkey have risen by a whopping 1,194 percent in less than 10 years.
This figure is far ahead of second on the list, Hungary, whose house prices have risen by 116 percent in the past decade.
Data suggests that rather than rising gradually over a period of 10 years, that instead, Turkey has seen a dramatic rise since 2021, a situation exacerbated by the Russia-Ukraine war.
Construction and real estate leader at KPMG Görkem Yapan said that the war in Ukraine hadn’t caused the issues, but instead, several major factors and events had triggered the skyrocketing rise of house prices.
He explained: “The main reasons I believe, are the currency fluctuation, the devaluation of Turkish lira, higher inflation rates and the consequent increase in construction costs, and also the growing demand after the pandemic.”
Furthermore, natural disasters also played a role. Mr Yapan said earthquakes affecting 11 cities had forced people to relocate and contributed to the rise in house prices as people bid more money for fewer properties.
Another influential factor has been the influx of Russians avoiding Vladimir Putin’s draft who have flooded cities such as Mersin, Istanbul, and Antalya.
In the seaside city of Antalya, Mr Yapan said house prices had jumped by 230 percent. He said: “Due to the doubling of the foreign population in Antalya over the course of two years following the migration from Russia and Ukraine, property and rental prices skyrocketed.”
Last year, Express.co.uk visited Antalya and spoke to residents affected by the huge numbers of Russians who described what was happening to their city.
One resident, who did not wish to be named, described how one landlord wanted to increase their rent tenfold, forcing them to move back in with their parents.
The local said: “I was living in my own flat and my rent was 1,000 lira. After the Russians arrived, the owner wanted to charge me ten times more which is illegal.
“The minimum wage in Turkey is 11,500 lira and the minimum rent for a rubbish house is 12,000 or 13,000 lira per month so many people cannot afford to pay their rent and imagine that they have children to look after.
“Because there is no control over the situation, nobody could say anything or change the situation in a good way so many people are homeless right now.
“Many people who are married with children had to break up so most of the people had to change their lifestyle. We just lost our freedom. The population is increasing every day and they are mentally and physically stronger than us.”
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