Are the prices of Turkey properties capable of holding off temporary crises?
It was not the first time, and without a doubt, it will not be the last time that the real estate sector in Turkey faces shocks resulting from crises that are known to be closely related to economic, social and political sectors.
The real estate sector and the selling of Turkey properties have proven that it is able to overcome many of the crises that the country has gone through. It was the one that withstood the same 2016 in the face of the failed coup attempt and also managed to challenge the crisis of the depreciation of the lira in 2018, and other crises, up to the Corona pandemic in which he demonstrated However, it is the strongest sector that maintained its activity continuously, recording the beginning of 2020, the best performance in 8 years.
Also, real estate online sales recorded a significant number during March 2020 in another concrete evidence of the challenge of real estate purchase transactions in Turkey for the negative effects and residues of the emerging Coronavirus.
For its part, real estate prices in Turkey 2020 witnessed an increase during the first two months of the current year, an increase recorded primarily by those promising real estate areas, such as Beylikduzu, Esenyurt, Başakşehir and Zeytinburnu,
However, the rise quickly began to decline with the growing Corona pandemic, in another sign of the sector's flexibility.
In this regard, which coincided with the Corona pandemic, the prices of property in Turkey, in particular, the detached houses, decreased relatively, which led to a record demand by clients looking for the appropriate independence of home quarantine measures, which depends on the principle of social separation.
In turn, the various Turkish construction companies presented exceptional offers and record cuts on the prices of Turkey properties and the prices of homes in Turkey of all kinds, where the discounts amounted to 40% at times, while providing excellent incentives for investors who started buying properties online.
What are the factors affecting the prices of property in Turkey?
It is very natural that the factors relating to the property itself play a big role in determining the prices of property in Turkey and here we mean the quality of building materials, the luxury of finishing and finishing, the age of construction and others.
But the factors affecting the setting of house prices in Turkey do not stop at just subjective factors, but there are other factors that played an active and basic role in controlling the value of prices of Turkey properties, which are those related to infrastructure in its comprehensive concept of roads, bridges, water resources, sanitation, electricity networks, Energy, communications, transportation, vital installations and other projects that Turkey has proven to have made far strides in, such as the water channel, the third bridge, the new Istanbul airport and various metro tunnels ...
In general, real estate prices in Turkey have become closely related to:
- The extent of infrastructure development and its strength.
- Real estate legislation updated and its investment and banking compatibility with the desires of clients.
- The Turkish government continues to strongly support the foreign investor.
- The population increase in Turkey, which exceeded 83 million people.
- Incentives provided by the Turkish government for those wishing to purchase real estate for the purpose of obtaining Turkish citizenship.
- The annual influx of tourists annually to Turkey as one of the most powerful and attractive tourist destinations in the world.
- The support provided by the real estate sector to the Turkish economy, where, for example, the low exchange rate of the lira against the dollar contributed to foreigners who are coming to buy property in Turkey in achieving several advantages, whether in consumer or production spending, for example, who was buying a property yesterday at 400 thousand pounds against 100 thousand dollars can today buy it for only $ 70,000.
- The number of urban renewal projects that directly affect real estate prices in Turkey is growing.
Thus, the prices of Turkey properties have proven that they are able to repel the winds of various crises by setting records with each passing crisis, whatever its type and the size of its impact on aspects of life.