The president of the Central Bank of Turkey had to move out to her mother. All because of high real estate prices in Istanbul. Ankara, Izmir and Istanbul are the cities where housing prices increased the most.
Hafize Gaye Erkan, Governor of the Central Bank of Turkey, asked a rhetorical question in one of the interviews, in which she referred to her previous place of work: “How can Istanbul be more expensive than Manhattan?” The 44-year-old was previously a director at American banks First Republic Bank and Goldman Sachs. President Recep Tayyip Erdogan became the new president of the Turkish National Bank in June 2023. It is worth noting that she is the first woman in the history of the country to hold this position.
According to PAP, the president of the central bank ranks high among other state officials, earning PLN 161,000. Turkish lira gross (over USD 5.5 thousand) without extras. The minimum wage in Turkey is 11,402 lira ($393).
The president of the central bank suggests increasing the number of social housing units as a solution to the housing crisis in Istanbul. Erkan added that “one person should not have 10 houses.”
Rental prices in Turkey have increased by 117 percent in one year. The global housing price index of the international consulting company Knight Frank reports that prices have increased in three Turkish cities. The data includes: Ankara, Izmir and Istanbul are the provinces with the highest increase in housing prices among 150 regions in the world: 135.3%, 133% respectively. and 127.3 percent