With Erdoğan’s new tenure, increased migration of wealthy people from Turkey

ANKARA — British-based The Times reported that the rich in Turkey flocked to London, and buyers from Turkey are concentrated in the city this year.

The newspaper said that the wealthy Turks have been looking for homes and real estate to save their families and money, escaping the Turkish economy turmoil, especially during the past two years.

“For the last 2-3 years, Istanbul’s wealthy elite has been increasing in order to keep their assets in a stable place,” the newspaper added.

It was reported that the Turkish Lira has lost value and inflation has increased recently. Camilla Dell, founder of the real estate company Black Brick, said, “Due to the depreciation of the TL, Turks can now find a house for rent in London. But the rich are trying to get their money out of Turkey.”

“Many Turks think the economy will worsen as long as Erdoğan stays in office,” sources said.

In 2013, the Turkish economy indicated that the dollar exchange rate was equivalent to 2 Turkish liras, while last week, it exceeded 22 Turkish liras, which poses a great threat to the citizens’ money in Turkey.