Property prices and rents in Istanbul have always been on the higher side. In 2015, a villa on the banks of the Bosphorus was sold for over $100 million, with speculation that a Qatari businessman acted as a middleman for the prominent businessman. The Bosphorus divides Istanbul between Asia and Europe and is a prime location for premium real estate. Recently, a mansion that belonged to a sex-cult leader, who was sentenced to nearly 900 years in prison for a range of crimes, was sold for $26 million.

However, the prices of even average properties in Istanbul have become unaffordable for most Turkish citizens. According to consultancy firm Endeksa, the city’s cost of a square meter of real estate has increased by over 480% in the two years leading up to May. While inflation peaked at 86% year-on-year last autumn before slowing to 40% in May, housing prices in Turkey increased by 51%, more than any other major economy, as per a study by the Bank for International Settlements. Israel came a distant second with 11%. There has also been a significant increase in rental rates. According to a senior municipal official, the average rent in Istanbul, which is home to over 16 million people, has now exceeded the average income of its residents.