International
Turkish Property Market Soars to Unprecedented Heights, Out of Reach for Most Turks
Rapid rent increases and property prices in Istanbul have reached staggering heights, rendering even ordinary properties unaffordable for most Turks. Over the past two years, the cost of real estate per square meter in the city has skyrocketed by over 480%, according to consulting firm Endeksa. Adjusted for inflation, housing prices in Turkey as a whole rose by 51% last year, surpassing all other major economies, as reported by a study conducted by the Bank for International Settlements.
The primary factors driving this surge are reckless interest-rate cuts and resulting inflation, both stemming from the policies of Turkish President Recep Tayyip Erdogan. These developments have encouraged individuals with access to credit to invest in property as a means of preserving their wealth. Foreign buyers, particularly Russians, have also played a role in driving up prices, especially in Istanbul and along the Mediterranean Riviera.
The destructive earthquakes that struck southern Turkey earlier this year, claiming the lives of over 50,000 people, have had further repercussions. The estimated 3 million individuals displaced by the disasters have relocated to other parts of the country, leading to an abrupt spike in demand.
Concerns about a potentially devastating earthquake in Istanbul, which lies just north of a significant fault line, have caused the prices of newer and safer buildings in the city to surge. Interestingly, according to a recent study by Bahcesehir University’s Center for Economic and Social Research, the neighborhoods farthest from the fault line have witnessed the highest price increases.
While one might anticipate a burst in this property market bubble, even recent policy changes may not be enough to bring the market back to reality. On June 22nd, Turkey’s central bank implemented a policy U-turn by increasing the benchmark interest rate by 6.5 percentage points. However, analysts suggest that prices will continue to rise, albeit at a slower pace, as long as inflation expectations remain high.
Unfortunately, inflation expectations remain persistent. The recent interest rate hike deemed insufficient to make a substantial impact, failed to alleviate pressure on the Turkish lira, which swiftly plummeted by 3% against the dollar within an hour of the decision. Since President Erdogan’s reelection on May 28th, the currency has depreciated by 18%. This, along with a recent 34% increase in the minimum wage, on top of a 55% increase six months prior, is expected to sustain inflationary pressures.
As the Istanbul property market continues its meteoric rise, it poses significant challenges for ordinary Turks struggling to find affordable housing. The government may need to implement further measures to address the growing housing affordability crisis and curb excessive speculation. Meanwhile, investors and analysts closely monitor the market, anticipating a potential adjustment in the future, albeit at a more moderate pace of growth.
At least 20 people have been killed after a passenger bus caught fire in Rajasthan’s Jaisalmer district on Tuesday (October 14) afternoon. The bus was travelling from Jaisalmer to Jodhpur when the accident occurred.
Police said the bus, carrying 57 passengers, left Jaisalmer around 3 p.m. Shortly afterward, smoke was seen coming from the rear of the vehicle. The driver stopped the bus on the roadside, but within minutes, flames engulfed the entire bus.
Locals rushed to help the passengers and informed the fire brigade and police, who later brought the blaze under control. Initial investigations suggest that an electrical short circuit may have triggered the fire.
Fifteen passengers, including four women and two children, sustained severe burns, with some suffering burns over 70% of their bodies. The injured were taken to Jaisalmer’s Jawahar Hospital and later shifted to Jodhpur for advanced treatment.
District authorities launched an immediate rescue and relief operation. Officials confirmed that the bus was completely gutted, making it difficult to identify many of the victims. DNA and forensic teams from Jodhpur have been deployed to assist with the identification process.
Rajasthan Chief Minister Bhajan Lal Sharma visited Jaisalmer late Tuesday night. Indian Prime Minister Narendra Modi expressed his condolences and announced financial aid of ₹2 lakh each for the families of those killed.
(Source: NDTV)
U.S. President Donald Trump has described the Gaza ceasefire agreement as “an important day,” saying that “no one thought this could ever happen.”
He made the remarks aboard Air Force One while returning to Washington after visits to Israel and Egypt.
When asked by reporters whether the ceasefire signaled the return of peace in the Middle East, Trump replied, “Some support a one-state solution, others want a two-state solution — we’ll have to see what happens.” He declined to elaborate further on the issue.
Earlier, at a summit in Sharm el-Sheikh, Egypt, Trump and representatives from 20 nations signed a peace agreement related to Gaza, aiming to pave the way for a lasting ceasefire in the war-torn enclave.
During the flight back to Washington, Trump also commented on Gaza’s future, saying, “I can’t say what will happen, but whoever takes responsibility — I’ll fight for them.”
Later, on his social media platform Truth Social, the former president wrote, “Something extraordinary was achieved today in Israel and Egypt. Much has been done — and I wouldn’t have it any other way. It was an incredible experience!”
Source: BBC Bangla.
International
Jordan’s King Abdullah warns: “Without a Palestinian state, the Middle East will collapse”
Jordan’s King Abdullah II has warned that the Middle East could face destruction if the ongoing peace process does not lead to the creation of an independent Palestinian state.
In an exclusive interview with BBC Panorama ahead of the Sharm el-Sheikh summit in Egypt, King Abdullah called for a renewed commitment to peace, emphasizing that Gaza’s governance should be handed over to an independent Palestinian authority once a ceasefire takes hold.
He said countries like Qatar and Egypt are working closely with the parties involved to ensure compliance with the ceasefire agreement. However, he cautioned that “the devil lies in the details” of the Trump-era peace accords and stressed the importance of continued US engagement in the process.
“The region will collapse if we fail to provide a future for both Israelis and Palestinians,” the King said, adding that the solution must lead toward a two-state outcome.
Referring to Israeli Prime Minister Benjamin Netanyahu, he said he does not trust him personally but believes there are Israelis who genuinely want peace with the Arab world.
Despite criticism at home, the King reaffirmed that Jordan’s 1994 peace treaty with Israel remains crucial, especially in maintaining regional security cooperation.
He concluded, “Peace is the only solution. If we fail to achieve it, this region may cease to exist as we know it.
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