The Real Estate Sector in Turkey during the Covid-19 Pandemic
2020 in Turkey as well as all over the world was also a year in which unexpected events. The Covid-19 pandemic, which has taken over the world, negatively affected many industries. The sector of real estate in Turkey was interrupted after the first cases described. After the recession in March and April, with interest deduction support made for the industry has been a large increase in real estate sales in Turkey, and the all-time record in real estate sales was broken during the Covid-19 pandemic period. Experts stated that the biggest contribution to the 11.2% increase compared to 2019 was the low-interest support loan.
40.812 Housing Sold to Foreigners in Turkey in 2020
According to figures released by the Statistics Institute of Turkey (TUIK), 40.812 housing was sold to foreigners in Turkey in 2020. Despite travel restrictions between countries due to the Covid-19 pandemic, foreigners did not give up taking property from Turkey. The real estate sales were made online to foreigners with virtual tours carried out by the construction and real estate companies in Turkey. In 2020, most housing sales to foreigners were made in Istanbul. Istanbul is followed by Antalya, Ankara, Mersin, and Yalova, respectively.
Most housing sales were made to Iranian citizens in 2020
In 2020 most housing in Turkey has bought by Iranian citizens. Iranian citizens were followed by Iraq, Russia, Afghanistan, and Azerbaijan, respectively.
Let’s answer the questions about the real estate sector in Turkey in 2020:
How was the Covid-19 pandemic affected the real estate sector in Turkey?
The real estate sector in Turkey in 2020, a bad year for the whole world, was also negatively affected in the beginning, but it had the most active period in its history with the low-interest campaign.
What is expected from the real estate sector in Turkey in 2021?
Despite the pandemic, good developments are expected in 2021 in the real estate sector, which closed in the year 2020 with a record. Experts, indicating the year of the real estate investment in Turkey will be 2021, state that investors will show great interest in real estate, which is the safest investment tool. Despite the Covid-19 pandemic, many construction companies that have consumed their stocks have started to implement new investments in line with changing consumer needs.
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