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In Turkey, high inflation drives home sales

The demand on Turkey’s housing market, stoked by a rush to protect savings from soaring inflation, is likely to increase despite skyrocketing prices unless inflation shows signs of easing. 
Customers stand at the counter of an exchange office, Ankara, Turkey, Feb. 23, 2022.
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Home prices in Turkey have seen a staggering uptick, fueled by a combination of factors, including a rush for real estate among the well-to-do to protect their savings from inflation, which has hit an annual rate of nearly 50%.

The demand on the housing market has defied steep price increases, running 10 percentage points above the inflation rate, pushing the prices even higher. The supply, meanwhile, has shrunk amid a slowdown in new investments — the result of whopping cost increases in the construction sector. 

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