17/10/2020
Real estate sales increased in Turkey while the government easing covid-19 measures
The Turkish economist indicates that with the stability of the exchange rate, it was an important reason for increasing the demand for real estate purchases, as the decline in the price of the Turkish currency against the dollar encouraged the purchase of the real estate in the local currency, as well as “cheaper real estate prices, especially in Istanbul, if the price is compared to international currencies. Or in major cities and capitals, where the price of a house ranges between 40 thousand and 100 thousand dollars, depending on the location and area, and this is an attractive and distinct price for investors or even tourists who prefer to spend their summer vacation in Turkey.
⬅️ Turkey wrote its own success story socially and economically in three chapters by well planned and organized measures:
1- before the discovery of the first positive COVID-19 case
2- COVID-19 virus spread into Turkey and the lockdown
3- Coping with post-COVID-19 effects and lifting the curfew
⬅️ Was the real estate market affected by the COVID-19?
As for the real estate market, the COVID-19 did not affect it significantly, but at a slight rate as a natural recession due to the preventive measures followed internationally, as foreigners represent 3.6% only of real estate purchases in Turkey.
Among the measures Turkey has taken during the crisis: websites to facilitate the affairs of the citizens, and one of these websites (Web Tapu), where the individual can buy, sell move property ownership online from home without the need to travel specifically for that with the presence of the travel ban between cities, and it was As a result, nearly 30,000 properties were sold online in the early days of the crisis.
This is also thanks to the daily statistics provided by the Turkish Ministry of Health about the spread of the COVID-19 in the country, as these statistics indicate that the situation in Turkey is much better than other European countries because Turkey has become the only country in the world that it gradually controls the COVID-19, and this situation will It makes it a strong country more than its current state.
⏮️ The Turkish economist, Khalil Ozon, indicated that the start of flights between Turkey and some countries, the opening of airlines, the opening of some borders, and the continuation of the opening after Corona's concerns, first reflected significantly on the tourism sector "in some states, such as Antalya, and the effects of the return of tourists and investors began to be reflected in the construction and real estate sector. ".
The Turkish economist indicates that with the stability of the exchange rate, it was an important reason for increasing the demand for real estate purchases, as the decline in the price of the Turkish currency against the dollar encouraged the purchase of real estate in the local currency, as well as “cheaper real estate prices, especially in Istanbul, if the price is compared to international currencies. Or in major cities and capitals, where the price of a house ranges between 40 thousand and 100 thousand dollars, depending on the location and area, and this is an attractive and distinct price for investors or even tourists who prefer to spend their summer vacation in Turkey.
☑️ Some figures and statistics about Turkish real estate sales:
Last July, the Turkish Minister of Treasury and Finance stated that real estate sales reached a record last June after they exceeded 190,000 units.
The minister said during a tweet on his Twitter account, that sales of housing units increased by 209.7% last month and recorded the highest number in its history by 190 thousand and 12 units, and he indicated that the construction sector moves another 250 sub-sectors as the real estate activity and the sale of housing will move the economy. Al-Turki, after the wave of stalemate during the past months due to the Corona epidemic, "because it will increase sales of raw materials entering the construction, employ the workforce and thus reduce unemployment rates, increase employment, and restore home furniture and electrical sales, which prompted the government to provide soft loans to buy household and electrical appliances." He stressed that the financial support provided by banks played a major role in the country's revival and revitalization of real estate sales.
Some Turkish media reported that 229,357 homes were sold in July, with Istanbul getting the highest share, with 37,432 houses at a rate of 17.2 percent, followed by Ankara with 26,885, or 11.7 percent, and Izmir with 15.614 houses and 6.8 percent.
The governorates that recorded the lowest number of housing sales are Hakkari with 19 houses, Ardhan with 30, and Sirnak with 74 homes respectively.
Other housing sales in Turkey increased by 10.6 percent in July 2020 compared to the same month of the previous year, reaching 98,636 homes.
In other home sales, Istanbul ranked first with 15,432 homes, by 15.6 percent.