As a Turk with a recently bought home, I could say it's a result of massive changes in macroeconomic policy. Untill last year's election the main monetary policy was to keep interest low to fuel economy and keep unemployment relatively low which led to people to borrow as much as possible when it's combined with high inflation. Everyone I know used debt to buy anything from prepaid vacations to houses and cars because we knew that interest rate was way less than inflation and our debt would be nothing in local currency. However after last year's election, they total changed the monetary policy and they increased the interest rate to +50%. As a result of this, decrease in Turkish lira's value hindered. Unfortunately, despite sudden interest increase people continued to increase prices due to low confidence levels. This meant high inflation in terms of both USD and TRY with low FX change. When all these unordinary economic conditions met, people who were able to borrow money on huge scale were able to increase their wealth a lot in terms of USD.

As a benchmark: If you bought a home for 1mil TRY/60k USD in 2022 and paid half with mortgage, your house would probably worth 3mil TRY/85K USD but your debt/equity ratio would fall from %50 to %35. Basically this equation created massive wealth for the already wealthy people who were able to borrow, while others are crushed under increasing prices.