What is the impact of Coronavirus on the real estate market in Turkey ?
The year 2020 witnessed the emergence of the new Coronavirus Covid-19 , which has spread the lightning speed from China to the whole world , causing deaths and causing huge losses to all sectors . Coronavirus is still distracting the world due to the wide spread of this mysterious and strange disease , whose hands extend to all countries of the world without exception .
However , the preventive preparations committed by the Turkish government , and the mechanisms to confront this epidemic is what clearly attracts the attention of everyone in Turkey .
To slow and eliminate the spread of the virus , the Turkish government imposed a health quarantine on its citizens , and travel was banned to and from the countries where the virus is spread in order to ensure the safety of citizens , as well as adopting distance education and temporarily closing schools and universities , and closing gathering places such as commercial centers , restaurants and cafes , as well as mosques and places of worship were closed with the call to prayer for the five daily prayers throughout the country .
Learn about the efforts of the Turkish government in fighting the Coronavirus in this article : The efforts of the Turkish government in fighting the Coronavirus
And away from the health damage caused by the spread of the Coronavirus , it has had another impact on the economic side of all countries in the world where this disease has spread , and at all levels in all sectors , of course the exception is the medical sector and the food sector .
With the diagnosis of the first case of infection in Turkey with the Coronavirus , a lot of speculation and expectations began about the possibility of affecting the Turkish economy , and the real estate market in Turkey in particular .
How does Coronavirus affect the economy ?
The new Coronavirus Covid-19 is a rapid spread virus , and here its danger lies , and where it first appeared in China and then spread in several other countries and from it spread to all countries of the world , and as it is transmitted by approaching or touching the patient , most of the precaution procedures against it were related to alleviating mixing , as well as preventing travel to and from the cities in which the Coronavirus appeared . This , in turn , affected flight reservations primarily , as thousands of flights around the world were canceled , many airline activities were disrupted and some even went bankrupt as a result of this economic disaster .
Tourism rates around the world have become threatened with decline , as well , stock markets have declined a lot in several countries , and oil prices have achieved a significant decline for the first time since the global economic crisis early this century .
On the other hand , the emergence of the Coronavirus led to the activity of the medical and protective equipment market , so that their prices increased insanely , especially protective masks and sanitizers , and many countries - including Turkey - are trying to limit the increase in the prices of these goods and find strict solutions to control their prices and not to tamper with it and turn it into a black market that exploits the citizen .
Also , the damage caused by the emergence of the Coronavirus is not only related to the countries in which the virus has spread , but also to the countries that are still safe from the spread of the virus and turn it into a pandemic , " for example , Turkey " that has not been recorded since the beginning of the spread of Coronavirus , only a small number of infections and deaths compared to neighboring countries , however , Turkey is taking preventive measures such as stopping school hours , stopping universities , cultural activities , and large meetings , all of which had a negative impact on the economy in order to protect citizens and preserve their safety .
As for the real estate market in Turkey , the matter is different , its prices and rents are not related to and are not affected by the spread of any disease , but they are mainly 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 , but that would not have a major impact on the real estate market in Turkey , where you can now buy real estate in Turkey and get Turkish citizenship while you are in your home , through the online sales service that we launched to facilitate buying and selling properties under the current conditions . We will provide you with options that suit your interests , and will communicate with you through direct video calls . When choosing your property , you can send us the required documents with the reservation amount of money via the guaranteed mail . In turn , we will send you the property contract . For more details , you can contact us .
RH 163 - One of the best projects in Maslak , ready for housing with a view of Belgrade Forest
Apartments for sale in Istanbul in a huge project like a full-service city , which includes a shopping center , 5-star hotel and integrated social facilities .
The project provides an ideal choice for housing and investment . The project was built in three phases : the units of the first residential phase have been completed and fully sold , the second phase includes shops and a shopping center , while the third and final phase is a mixture of residential and commercial apartments .
The project is located on the European side of Istanbul , specifically in Maslak , one of the largest real estate development areas in the city .
Maslak is one of the main central districts of Istanbul and it is one of the fast-growing areas of the city .
Maslak area is close to transportation links that will take you to all parts of the city in a few moments , and you can easily access the main areas and sights of the city .
Maslak is the ideal area for investment in Istanbul , where it promises high profits and high returns on investment in a few years .
The project is located only minutes away from Taksim and Levent , not more than 5 minutes from Bosphorus , and 25 minutes from Istanbul's third airport , which gives it strategic and investment importance .
The project is located near the metro station and public transport .
The project is located in the Cendery Valley , among the regions of Istanbul that have gained the highest value .
The project is located next to Maslak and Levent , which provides a pleasant life with transportation opportunities .
The project attracts attention through its location close to shopping centers , arts , health facilities , transportation and education centers .
All the project details in this link : RH 136
Coronavirus impact on the real estate market in Turkey
The distinguished matter in the real estate sector in a promising country full of investment opportunities like Turkey is that it is not affected by emergency crises , because it is a long-term investment of course , and for other reasons that are specific to Turkey and are distinguishing it from other countries , and in light of the global economic crisis that started produced due to the Coronavirus , the real estate sector in Turkey has become a desirable hope and an ideal choice for foreign investors , for several reasons which we mention below :
- The huge and continuous collapse in the stock market globally , and investors looking for a safe alternative to keep their money away from the horrific fluctuations in financial markets in this difficult period .
- The price of the property in Turkey is linked to the Turkish lira only , which protects it from any change in the prices of international currencies , especially in countries where the Coronavirus is highly prevalent , such as Europe and the European euro .
- Warn the responsible authorities of the danger of Coronavirus before it arriving in the country , limiting cases of injury to those returning from abroad , and setting up quarantine centers for them before the situation worsened .
- The presence of distinctive real estate investment opportunities in Turkey , and the real estate investment option in general is a long-term option for those looking for profit-guaranteed investments , as the great recovery experienced by the real estate market in Turkey motivates investors and first owners to the direction for this type of investment .
- Increasing 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 from the European countries in this period , and this will achieve a balance that guarantees the imbalance of supply and demand for real estate in Turkey .
RH 80- apartments with Bosphorus view and suitable payment plans in Sisli
A first class residential and investment project in the center of Sisli , specifically in the fast growing Bomonti area .
The project is located in one of the most famous areas on the European side of Istanbul , Bomonti district , a growing area that attracts the attention of investors at the moment , which is characterized by easy access to the most vital places in the city , and its proximity to shopping centers , airports , hospitals , universities and schools .
The project location is just 8 minutes away from Taksim .
This project has been designed in line with the highest quality standards in real estate in Turkey .
All apartments have private balconies with views of Istanbul or the Bosphorus .
The project includes special facilities that provide residents with comfort and entertainment and meet all their needs such as swimming pools , gym, walking paths , sport courts and restaurants , in addition to surveillance cameras and security .
Invest in this project today and benefit from its prices which will increase by 40% after the completion of the project .
All the project details in this link : RH 80
The effect of the Coronavirus on the purchase of real estate by foreigners in Turkey
Some fear that the number of foreigners who own real estate in Turkey may decrease , due to the suspension of flights to and from Turkey to a large number of countries in the world where this virus is spread and whose citizens constitute large proportions of those who are interested in buying real estate and property in Turkey , such as Iraq , Iran , Saudi Arabia , Kuwait , Jordan and Lebanon , will the real estate market in Turkey be affected as a result ?
Real estate experts answer that there will be no clear impact on the overall Turkish real estate market , because the total proportions 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 .
- The majority of foreigners who own real estate in Turkey are Iraqis residing in Turkey , so their turnout rate will not change much . On the contrary , their desire to buy real estate will be revitalized due to the distinctive offers offered by real estate companies in light of this crisis , and the low prices of real estate .
- Iranians have also been buying property in Turkey since the middle of 2018 , and a large percentage of them are residents of Turkey .
- Also , the Libyan community is noticeably coming to real estate ownership in Turkey , and travel procedures to and from Turkey are still available and there are no restrictions preventing Libyans from buying real estate .
- The Palestinian community residing in Turkey has also become an important figure in the real estate market in Turkey .
- Turkey allows real estate ownership remotely through the delegation of a real estate company or any authority entrusted with the responsibility of completing the procedures of buying the property in Turkey , and we at Right Home Real Estate Consultancy in Istanbul launched the service of real estate ownership in Turkey and obtaining Turkish citizenship remotely while you are in your home , while providing important guarantees for those looking to take this step .