Covid-19 and It's Effects on Turkish Property Market
Even though Turkey is quite successful in the ranking of the 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 the Turkish real estate market as well as all over the world.
The Coronavirus has created uncertainty in the 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.
Bayram Tekce, the Chairman of Tekce Overseas Gayrimenkul AŞ which is the leading real estate company in Turkey, has stated that this situation can be also considered as an opportunity for investors or individual buyers.
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 the Turkish Lira. With the exchange rates increase, the prices on USD or Euro have 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.
How Can I Buy Property While There Are Travel Bans?
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