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Real estate owners in Turkey are experiencing a golden era.
Prices are extremely high in dollar terms, especially in Istanbul. High according to what? Compared to their counterparts abroad. Moreover, it is incredibly expensive compared to the overnight borrowing rate of around 49%.
I think there are good arbitrage opportunities.
This is a result of the model that pressures the dollar but frees up the supply of the Turkish lira. As long as this model continues, prices will remain high.