And finally… bank of mum and dad
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In a revealing account of Istanbul’s spiralling housing market, Hafize Gaye Erkan, the newly appointed head of Turkey’s central bank, has been forced to move back in with her parents after she found herself grappling with the same housing affordability crisis affecting many in the city.
Despite her high-profile career, including stints at Goldman Sachs and First Republic Bank, Ms Erkan, 44, has been compelled to move back with her parents due to the city’s prohibitive property prices, Times of Malta reports.
Her situation reflects the intensity of Istanbul’s housing market, where rampant inflation has rendered accommodation options unaffordable for many.
With a year-on-year inflation rate of 61% as of November, the city’s property market is outpacing even some of the world’s most expensive cities.
Reflecting on her two decades living in the US, Ms Erkan wondered: “Is it possible that Istanbul has gotten more expensive than Manhattan?”
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