In a stark reflection of Turkey's economic challenges, the newly appointed head of Turkey's central bank, Hafize Gaye Erkan, reveals that she has been priced out of Istanbul's property market due to rampant inflation.
Forced to make a difficult decision, the 44-year-old former finance executive has moved back in with her parents.
Despite her extensive background, including roles at Goldman Sachs and First Republic Bank, Erkan faces the harsh reality of Istanbul's skyrocketing real estate prices, leaving many young people struggling to secure affordable housing. As she grapples with the surprising costs, Erkan questions if Istanbul has become more expensive than Manhattan.
The economic policies of President Tayyip Erdogan, including a weakened lira and promises of a new economic team, have further intensified the housing crisis.
Attempts to address the issue, such as capping rent increases at 25 percent, have only added tension to the housing market. Erkan's insights shed light on the personal toll of inflation, as the central bank implements measures to control rising prices
