Covid-19. How Effects on Turkish Property Market
Even though Turkey is quite successful in the ranking of fight against Coronavirus (COVID-19) among other countries with a population of more than 50 million, it is apparent the effects of the virus on Turkish real estate market as well as all over the world.
The Coronavirus has created uncertainty on Turkish Real Estate market, which has been steadily growing in recent years. The most important reason for this was the travel ban that was put right in time. Turkey was one of the first countries that applies precautions on this rapidly spreading epidemic as Turkish Airlines holds the title of the airline that flies to most countries in the world. Turkey has received early and strong measures and blocked access from many countries. This situation slowed the spread of the virus compared to other countries but put pressure on the real estate market.
Each Crisis Is Also An Opportunity
Bayram Tekce said in his statement that; “The sales pressure due to the sudden contraction in demand, causes a serious price reduction pressure on construction companies that needs financial liquidity. While this situation increases buyers’ bargaining potential, also creates opportunities for investors with high liquidity. On the other hand, the fluctuation of exchange rates brings other opportunities. Property prices in Turkey are based on Turkish Lira. With the exchange rates increase, the prices on USD or Euro has been decreased by 10%, even though the TL prices remained the same. When the sellers’ desire to sell their properties for liquidity is added, the market now offers price advantages of up to 20-25%”.
We witness serious sales campaigns in the real estate market in Turkey from construction companies and sellers who need liquidity.
This 147 sqm 3+1 property on sale is a good example. The owner of this property is a tourism company that is affected hugely from Coronavirus. There is not any traveler to his hotels, however, there are ongoing staff and maintenance costs for the next coming months. He wants to sell his apartment urgently for cashflow. The sales price was 850.000 TL and its Euro equivalent was 129.000 Euros on 2 January 2020 (1 Euro = 6.60 TL). Euro has increased today (21 March 2020) to 7.04 TL. The seller dropped down the price to 700.000 TL which is 99.500 Euro. 100 sqm 2+1 apartment at the building from the developer is 94.500 Euro. You can almost buy 3 bedroom apartment for 2 bedroom apartment price.
How Can I Buy Property While There Are Travel Bans?
We make a difference in remote real estate purchases with its TeleProperty program. With TeleProperty, buying and selling real estate can be done easily by phone without the need to be physically in Turkey.
We give professional service with its 7 offices operating across Turkey, with its team of professionals speaking more than 20 languages and having 16 years of experience in the sector. We delivered thousands of title deeds to the people from 84 countries with Zero Failure since it’s established, now ensures its customers to buy a property in Turkey without having to leave their homes thanks to TeleProperty. When you come to Turkey, your keys are in your hand!