For years, Turkey marketed to the world the idea that Istanbul is a big city with good food, comfortable living, and at a much lower price than Europe. Istanbul was supposed to be the cheap alternative to London.
But a recent check reveals that a basket of basic food products in Istanbul is about 62% more expensive than a similar basket in London. This is not about luxury apartments on the Bosphorus. Not about tourist restaurants. Not about imported brands. It is about bread, milk, oil, vegetables, and basic products — in other words, the items that measure the real cost of living for an ordinary family.
When a city like London, one of the most expensive in the world, manages to be cheaper than Istanbul, the problem in Turkey is much bigger than just inflation. Prices are rising, the lira is depreciating, and local wages struggle to keep pace. For the average Turk, a basic shopping basket requires more working hours.
This is also true for foreigners who moved to Turkey in recent years, including Arabs, Russians, Europeans, and others who saw Istanbul as a big city at an affordable price. In short, if Istanbul has become more expensive than London for basic goods, then something seriously went wrong in the Turkish economy under Erdogan.