COVID-19 and Impact on Turkish Real Estate
The Covid-19 emerging virus crisis has caused repercussions on all facilities of life around the world, and the economic aspect is not immune to those repercussions if not the most affected at all! Accordingly, the Turkish real estate market had to be affected by this chronic global crisis. But the question that comes to the minds of those concerned with the Turkish real estate issue is about the extent of the real estate market’s impact on that crisis, and about the truth of the rumors and speculation that accompanied this matter, which we will answer through this post.
Real estate investment in Turkey has witnessed a significant growth in recent years in general. At the beginning of last year, the growth rate reached 8.07%. The Turkish government also helped to support this real estate sector in a large way through several decisions. Registering it in your name will obtain Turkish citizenship. Real estate in Turkey is one of the most promising real estate markets in Europe because of its strategic location at the crossroads of Europe, the Middle East and Central Asia. Turkey provides opportunities for turkey real estate to trade their properties and invest in Turkey.
Corona virus relationship with the economy
In general, the emerging corona virus is considered a rapid spread virus and here lies the danger in it, and it appeared in China first and then spread in several other countries, and as it is transmitted by approaching or touching the patient, most of the precautionary measures related to it were to reduce mixing, as well as to prevent Travel to and from the cities in which Corona appeared, which affected primarily airline reservations, as thousands of flights were canceled around the world, and many airlines were disrupted due to their activity in the countries where the disease spread. Tourism rates are also threatened by decline and decline, stock markets have retreated a lot in several countries, and oil prices have achieved a significant decline for the first time since the last global economic crisis.
Corona, on the other hand, moved the market of medical and preventive equipment, so their prices increased insanely, especially protective masks and sterilizers, and many countries – including Turkey – are trying to limit the increase in the prices of these commodities and find strict solutions to control their prices and not to manipulate them and turn them into a black market, and the damage caused by corona is not related. Only in the countries where the virus has spread, so the interconnectedness of the world in the present era has made how many countries in the world in isolation and paralysis.
Speaking of real estate in Turkey or in any other country, the matter is different, its prices and rents are not related to the spread of any disease, whether corona or others, but are related to the movement of supply and demand for real estate, so Turkey will face a challenge regarding an expected decrease in the number of foreigners who will buy real estate in Turkey During this period, however, this will not have a major impact on the real estate market in Turkey.
The real estate sector in Turkey will benefit from Corona!
Yes … you were not mistaken by reading the title of this paragraph! The distinguished matter in the real estate sector, especially in a promising country and full of investment opportunities such as Turkey, is that it is not affected by emergency crises because it is a long-term investment of course, and for other reasons related to Turkey in particular, and in light of the global economic crisis that started to produce because of Corona, the real estate sector in Turkey has become a desirable hope for investors Foreigners, due to the following factors:
The striking collapse in the stock markets globally, and the desire of investors to exist on a safe alternative to keep their money away from the horrific fluctuations in the financial markets during this period.
The real estate price in Turkey is linked to the Turkish lira only, which protects it from any change in the prices of global and regional currencies, especially in countries where the Corona virus is widespread.
Notify the responsible authorities of the danger of Corona before arriving in the country, limiting cases of injury to those returning from abroad, and creating quarantine centers for them.
The great recovery experienced by the real estate market in Turkey.
The presence of distinctive real estate investment opportunities in Turkey.
The real estate option in general is a long-term option for those looking for investments.
The growing desire of foreign residents to obtain real estate residence in Turkey, especially the Iranians and Iraqis.
A major return of the Turks residing abroad, especially in Europe, during this period, and this will achieve a balance that guarantees the imbalance in supply and demand for real estate in Turkey.
Will foreigners buy real estate in Turkey decline?
Some fear that the number of foreigners who own real estate in Turkey may decrease due to the suspension of flights to Turkey from many countries whose citizens are active in the aspect of buying Turkish real estate, and this is definitely expected, but the most important question will whether this decrease in the number of travelers to Turkey will affect The real estate market in Turkey?
Answer: It will not have a clear impact on the overall real estate market! Because the total percentage of foreigners who buy real estate in Turkey does not exceed 3.6% at best, according to the statistics of the National Institute of Statistics in Turkey. Also, the majority of foreigners who own real estate in Turkey are Iraqis residing in Turkey, so their turnout rate will not change much, and the same applies to Iranians, Libyans, Palestinians, and Arab Gulf communities.
Alternative plans to strengthen the Turkish real estate market
The real estate sector in Turkey is a flexible sector that can easily adapt to emergency events. Turkey has managed to overcome economic and political crises during previous years without any noticeable impact on the real estate sector. Here are some possible plans for Turkey to strengthen the real estate market during this period, to ensure that Affected by the Corona Virus Crisis:
Providing incentives for real estate investment in Turkey, such as value-added tax exemption.
Providing facilities for foreigners to travel to Turkey with the intention of real estate ownership.
Reducing interest rates on real estate loans in Turkey.
Providing legal facilities to facilitate the real estate ownership procedures by proxy, to allow foreigners to own their properties remotely, especially real estate under construction, while providing guarantees that achieve this step properly.
Allowing the citizens of the Syrian nationality to own direct real estate ownership, and this particular step will greatly increase the recovery of the real estate sector in Turkey, especially since tens of thousands of Syrians have business and investment links to them and only lack real estate ownership.
It is very convenient, which saves time and effort, and is even more secure than making the wrong choices. It is dealing with a successful, known and reliable real estate agent.
If you are looking for real estate for sale in Istanbul Turkey or just want to ask about real estate prices in Istanbul, we are ready to assist you in determining your most suitable choice, and in order to ensure that you get the best options available in terms of profit and preserve the value of your future real estate that you wish for housing or investment in Turkey, Take advantage of our advice and advice completely free of charge, which our experts will gladly and welcome you. Call now .