Losses from the fund crisis and the subsequent decline in the Turkish stock market are equivalent to the construction cost of around 4.5 million homes. This was calculated by Serkan Sarı, deputy chairman of the parliamentary group of the opposition Republican People’s Party.
According to him, around 800 billion Turkish liras are linked to the fund crisis, while the loss in stock market capitalization has reached 8.66 trillion liras. The calculation was made by comparing these figures with the official construction costs for 2026 for a 100-square-meter home, excluding the cost of land and VAT.
According to the data presented by Sarı, 800 billion liras would cover the construction of around 380,000 homes. The stock market loss corresponds to approximately another 4.114 million homes. Thus, the total reaches 4.494 million homes.
He linked the capital market crisis to rising housing, rental and daily living costs. According to the lawmaker, young people consider the amount of rent even before planning a marriage, while students look for accommodation immediately after being admitted to university.
Investigation covers 433 suspects
Meanwhile, the investigation by the Istanbul Chief Public Prosecutor’s Office is continuing. According to Justice Minister Akın Gürlek, there are 433 suspects in the case. Of these, 112 are in custody, 186 have been placed under judicial control, and 38 are wanted.
Gürlek said that the investigation was not limited to ordinary stock market manipulation and that the authorities were examining an alleged organized structure linked to the financial sector and the supervision of capital markets. These allegations are part of an ongoing investigation and do not represent guilt established by a final court judgment.
The Capital Markets Board halted the operations of 131 funds managed by seven asset management companies and ordered their liquidation. The crisis affected around 455,000 investors.
Former minister and former regulatory chief give testimony
Former Minister of Family and Social Policies Fatma Betül Sayan Kaya, her husband İlyas Kaya, and former chairman of the Capital Markets Board İbrahim Ömer Gönül gave testimony at the Istanbul Courthouse.
Kaya and her husband are among the names mentioned in the investigation into alleged profits from transactions carried out before the market crash. Turkish media reported that the funds linked to these transactions had been returned through a voluntary mechanism. The circumstances surrounding the operations and the possible liability of those involved are still being clarified.
According to Turkish authorities, around 30 billion liras in cash, property and shares have been returned through a voluntary mechanism. The investigation is continuing, and the final assessment of the damage and the liability of the individuals involved will depend on the actions of the prosecution and the court.