Turkish real estate defeated Corona in early 2020

Despite the new epidemic of Corona, which the world has known since the end of the past year, and the negative repercussions that followed have seriously affected the economic aspect of the countries, Turkey is one of the few countries that has increased its activity, but has doubled in some sectors, especially the real estate sector, where it managed to sell 341 thousand and 38 properties during The first three months of the year 2020, January, February and March, achieving a qualitative leap and its best performance during the first quarter of the year eight years ago in terms of buying property in Istanbul and property in Turkey in general.

The Turkish Statistics Authority stated that the record achieved in terms of the percentage of buying property in Turkey comes as a result of reducing interest rates on real estate loans.

The Turkish Central Bank has gradually reduced interest rates since last June 2019, which automatically led to a decline in interest rates on real estate loans, and therefore the focus of citizens' attention was primarily on owning properties and buying property in Istanbul and throughout Turkey.

And the sales of property in Turkey were distributed during the first 3 months of 2020 as follows:

• January sales: 113,615 properties were sold across Turkey between Istanbul properties and Turkey properties in general.
• February sales: 118,753 properties were sold across Turkey.
• March sales: During March, Turkey sold 108,670 properties in the country.

Why is demand for property in Turkey doubling in times of crisis?

Unlike all other sectors, the real estate sector is one of the few resilient sectors that are not easily affected by the transitional economic and social crises that countries are going through.

In the Corona pandemic crisis, the real estate sector in Turkey proved to be stronger than expected by setting a record above the last eight years.

There are several reasons for the strong Turkey properties sales, the most important of which are:

• The real estate sector’s great position in the global market and the wide confidence of foreign investors in offers for buying property in Turkey.
• The large demand for independent homes during this period due to the Corona pandemic and the desire of many families to live in separate places due to the quarantine that depends on the principle of social separation.
• The rapid growth, diversification and competition of the Turkish economy in the market compared to other countries.
• The large number of real estate projects that the Turkish state is trying to construct and attract, and a good reputation for its quality and respect for delivery times, especially those that are under construction with the guarantee of the Turkish government.
• Lower costs when buying property in Turkey compared to major capitals, similar to the capitals of European countries.
• Low standard of living expenses which are the lowest in the world.
• Lower costs of buying property in Istanbul or Turkey in general, whether in terms of prices, taxes or fees.
• Turkey is one of the countries in which the return on investment is high, as all the experiences of buying property in Turkey have succeeded with the aim of investing by local and foreign investors alike.
• Turkey has an excellent geographical position and charming nature that makes its buildings distinct from others in the world.
• Turkey contains major vital facilities such as the world's largest new Istanbul airport, Istanbul Water Canal, its giant bridges, its "Techno Park" and other mega projects.
• Turkey is distinguished by its enchanting nature and a wonderful climate, which made it a tourist country with distinction, millions of which flock to it annually, thus the need for hotel establishments and tourist homes increases, and this motivated investors to buy property in Turkey in order to put them for rent at the tourism seasons where statistics indicate that they managed to achieve great profits in short periods . 

Features that made Turkey set a new record in the real estate sector, whether in the percentage of sales directed to Turkish investors or the purchase of property in Turkey by foreign investors who flocked to Turkey during the first two months of 2020, that is, before the decision to temporarily suspend international flights.