Housing affordability crisis intensifies in Spain and Kayseri

In Spain, a widening gap between wages and housing costs is driving significant social and political unrest. Data from the National Statistics Institute (INE) shows that housing prices rose 84.6% between 2015 and 2025, while average annual gross wages increased by only 27.85% during the 2015–2024 period. An Oxfam Intermón report warns that housing expenses have pushed the working poverty rate to 15.49%, affecting approximately 770,000 people. Among those renting from the market, the poverty rate reaches 34.08% after rent is paid.

Similarly, in Kayseri, Turkey, rental prices have seen a dramatic surge. According to Central Bank of the Republic of Turkey (TCMB) data, the rental value per square meter in Kayseri rose from 47.99 TL in the third quarter of 2023 to 150.82 TL by the third quarter of 2026. This represents an increase of approximately 214% over the three-year period. For a standard 90-square-meter apartment, monthly rent climbed from roughly 4,602 TL in 2023 to approximately 14,464 TL in 2026.