THE COST OF LIVING IN ISTANBUL HAS INCREASED BY 50%

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Revised May, 2024 – Resource, Turkey iResidence
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THE COST OF LIVING IN ISTANBUL HAS INCREASED BY 50%

The fact is that 5 out of 10 people living in Istanbul cannot earn enough money to get by while the Turkish and Foreigner citizen who is lost in the hike storm is having difficulty making a living.

In the face of it increased the cost of living every day, poverty began to spread throughout society. According to the results of the Istanbul Barometer survey prepared by the Istanbul Planning Agency of the IMM, the cost of living in Istanbul has increased by 50.18 percent in the last year as of November. With this increase, while the citizen’s budget is ending, half of the residents of Istanbul have reached the point where they cannot get by with their income. 53.5 percent of the respondents stated that they did not earn enough to get by, while 42.7 percent stated that they earned only enough to get by. The proportion of those able to accumulate remained at 3.8 percent.

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THERE IS TALK OF A CRISIS IN HOMES

It turned out that the proportion of respondents who stated that they did not earn enough to get by increased compared to October, while there is pessimism in expectations about the economy. 57.6 percent of the respondents stated that they think that the Turkish economy will deteriorate, while half of the residents of Istanbul expect a deterioration in their own economic situation. Despite the ongoing epidemic and the growing number of cases with new variants, the main agenda of the citizen became the economy. An overwhelming majority of respondents, such as 68.3 percent, said that economic problems were their main agenda at home, while for only 7.5 percent, the coronavirus outbreak could be the main topic of conversation. These issues were followed by family events and the change in the exchange rate. For 6 out of every 10 people, the main agenda of November was the Central Bank’s interest rate cuts, and for 2 out of every 10 there were women’s murders.

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HE RAN OUT OF HOPE OF FINDING A JOB

Unemployment, which is one of the chronic problems of Turkey, has also become one of the most important problems for those living in Istanbul, the largest city in the country. Increasing unemployment periods also exhaust the citizen’s hope of finding a job, while 6 out of 10 people who are looking for a job think that they will not find a job anytime soon. 73.2 percent of respondents expect unemployment, 72.8 percent of exchange rates, 68.3 percent of inflation to increase in the next 6 months. 44 Percent of citizens who have given up hope for the future think that growth will decrease and 43.5 percent think that investments will decrease.

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THE PAYMENT OF THE DEBT IS MINIMIZED

A citizen who does not earn enough money to get by also has difficulty paying debts. According to the study, 31.2 percent of respondents stated that they could only pay the minimum amount of their credit card debt. Of those who used a credit card, 46.3 percent said they were able to pay off their entire monthly credit card debt, and 31.2 percent said they were able to pay the minimum amount of the debt. 7.5 Percent stated that they could pay an amount between the minimum amount and the entire debt, 3.1 said that they could pay less than the minimum amount, and 11.9 percent said that they could not pay the card debt. An overwhelming majority of residents of Istanbul, with 52.1 percent, expect a further deterioration in their economic situation in the coming periods, while 27.4 percent stated that the situation will not change and will remain stable. The proportion of those who thought that there would be an improvement in the economic situation remained at 20.5 percent.

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THE STRESS OF ISTANBUL HAS PEAKED

According to a study conducted by IMM, the cost of living in Istanbul has increased by 50.2 percent in the last year. The mean stress level of the Istanbulites was 7.7 and the anxiety level was 7.4.

The November report of the Istanbul Barometer survey published every month by the Istanbul Planning Agency of IMM Istanbul Metropolitan Municipality has been announced.

November Decembers 19 – Decembers 11, 2021, 808 Istanbul residents were interviewed and the research was prepared by telephone.

The report also included the results of the “Cost of Living in Istanbul” survey.

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A HIKE OF OVER 100 PERCENT

According to the data obtained, the cost of living in Istanbul has increased by 50.2 percent in the last year. in 2021, sunflower oil, wheat flour and LPG became more than 100 percent expensive.

There has been a large increase in prices in many areas such as food, personal care and cleaning products, housing rents.

Sunflower oil increased by 137.59 percent, wheat flour by 109.14 percent, LPG by 102.72 percent, toilet paper by 90.71 percent, bleach by 75 percent.

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THEY THINK THAT SALES RESTRICTIONS WILL INCREASE

Istanbulites were also asked about their thoughts about the developments in the research.

67.3 Percent of respondents think that within 6 months the restriction on sales of products such as fats and sugars will increase.

34.7 percent of respondents stated that they had encountered restrictions on the purchase of products such as fats and sugars in some grocery stores.

85.3 Percent said they faced restrictions on fat, 57 percent on sugar, and 21.5 percent on flour intake.

67.3 Percent of the participants noted that they think that this situation will be seen more in 6 months.

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I CAN’T EARN ENOUGH TO GET BY

57.6 percent of respondents said they thought the Turkish economy would deteriorate, while 53.5 percent said they did not earn enough to earn a living in November.

The proportion of respondents who said they did not earn enough to get by increased compared to October.

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DOLLAR ESTIMATE: 15 TL – 20 TL

Of the participants who stated that they could accumulate, 33 percent said that they bought gold and 30.8 percent said that they bought foreign currency. There was an increase in the foreign exchange purchase rate compared to last month.

Participants were asked about the year-end dollar forecast. 21 percent of respondents stated that they had no idea.

The average year-end dollar expectation from 8.5 TL of the participants who expressed their opinion was 15-20 TL. 62.9. Percent of respondents noted that they do not consider cryptocurrencies to be a safe investment tool.

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AGENDA: ECONOMIC PROBLEMS

Participants were asked what was most talked about at home in November. 68.3 percent of respondents stated that economic difficulties and 7.5 percent that Covid-19 were the most talked about issues within the home. These issues were followed by family events and a change in the exchange rate.

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THEY WANT DAYLIGHT SAVING TIME

57.2 Percent of Istanbulites wanted the implementation of a dual time system, namely summer and winter time. Participants were asked about their feelings in November and asked to rate out of 10.

The mean stress level of the Istanbulites was 7.7 and the anxiety level was 7.4.

7 by 7, the stress level reached the highest level measured in the last year on the Istanbul Barometer.

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