What is the impact of the Coronavirus on real estate prices in Turkey? Full details can be found in our article
The real estate market in Turkey was not immune to the effects of the Coronavirus, and of course, these effects were limited to the negative aspects, but they were not limited to the impact on the health sector in the country, but extended to reach various sectors, including the economic sector in Turkey, as well as tourism and Trade in its various forms, from land, sea, and air, but the most important part for foreign or local investors is the effects that the Coronavirus pandemic has imposed on the real estate sector and real estate prices in Turkey.
It is not possible to talk about the impact of the Coronavirus on an investment sector in Turkey with absolute neutrality, as all investment sectors in the country are linked to each other, and any emergency that affects one of them must reach the rest. The real estate sector in Turkey is strongly linked to the tourism sector and because the most important problems are or the consequences of the spread of the Coronavirus is restricting the movement of people and travelling from one country to another, and thus the flow of foreign tourists to the country has stopped, which has negatively affected the real estate sector due to the stoppage of hotels and tourist properties that depend on their investments and profits on rental revenues Which you get from foreign tourists during the tourism seasons and it does not end here, as the real estate sector in Turkey is also related to the trade sector, which was not escaped is also from exposure to the negative effects resulting from the Coronavirus, which has resulted in the suspension of many businesses Or the lower rental returns obtained by property owners due to the inability of people to pay rents to stop business and close the country.
Although the negative effects caused by the spread of the Coronavirus have been dire and have affected various fields and sectors, what is striking is that real estate prices in Turkey have not negatively impacted it, as it can be said that real estate prices have remained constant. Or within the average limits recognized before the spread of the virus, but the parts that have changed in the real estate sector in Turkey were the rents that had the largest share of damage and were significantly affected, as well as the percentage of real estate sales in Turkey, which had witnessed a significant recession, especially concerning To sales of real estate in Turkey towards foreign investors.
It seems really interesting and may raise many people’s questions to find out the reason that may prevent real estate prices in Turkey from being affected by the spread of a huge and deadly pandemic such as the Coronavirus. Of course, experts and workers in the field of real estate investment in Turkey have worked to clarify the reasons leading to such a result and Which can be summarized in each of the following: Firstly, the fact that the sale and purchase movement in the real estate sector in Turkey is originally dependent on Turkish citizens and foreign investors who originally reside in Turkish territory and that the number of foreign investors who buy real estate in Turkey from outside it is not considered large enough to affect The sector, that is, the suspension of transport and travel between countries did not cause effects on the supply and demand process in the real estate market in Turkey, which remained continuous in addition to continuing work on the completion of several projects that had already been started before the spread of the Coronavirus. Especially in Istanbul, as in the Basaksehir area
And the experts added to the list of reasons that contributed to the fact that real estate prices in Turkey were not affected by the pandemic, the facilities that the Turkish government worked to provide to all investors and the sale and purchase of real estate in Turkey remotely and via the Internet. Adapting to the new lifestyle imposed by the Coronavirus, and they began working to provide all services and consultations related to owning real estate in Turkey via the Internet, and also despite the suspension of travel operations to Turkey, many foreign investors did not hesitate to take advantage of the opportunity to obtain On Turkish citizenship by buying a property in Turkey, which contributed to the continued movement and activity of the real estate market and the most important thing is that investing in a field such as real estate in Turkey is classified as one of the long-term or long-term investment areas, and therefore many people will not hesitate. In his entry for fear of the Coronavirus or the effects, it may cause on the real estate sector in Turkey in a short time.
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