| Date: | Thursday, January 12, 2023 |
Distancing measures, travel bans, and cancellation of many events, it is the biggest challenge the world has faced since the war
Distancing measures, travel bans, and cancellation of many activities, it is the biggest challenge the world has faced since World War II.. With these words, people are talking about the emerging Corona virus pandemic , which tops the entire world news with the size of its great effects on many fields and sectors, and the Turkish real estate market was not immune from it. These changes and effects, but they are among the least affected.
What are the features that make real estate in Turkey less affected than others in light of the spread of the Corona virus?
- Turkey's possession of large numbers of medical equipment and cadres at very advanced levels that make it fully prepared to confront the novel coronavirus pandemic and limit its effects. The Turkish Minister of Health has stated that there are 100,000 rooms in Turkish hospitals equipped to become isolation rooms.
The Turkish government takes all necessary precautions on the security, health and social levels.
- The Turkish government is taking a series of measures to mitigate economic damage and support investors
Investing in Turkish real estate is a long-term and stable investment
- The fluctuation of the exchange rate of the Turkish lira and its decline against the US dollar may revive real estate sales in Turkey because the real estate price remained constant in the local currency.
- Investors will look for a safe and economically prosperous place to invest their money after the collapse of the global stock market and after the drop in global oil prices.
- Turkey is characterized by the presence of wide and promising real estate investment options and opportunities.
- Real estate investment is an opportunity for those wishing to obtain Turkish citizenship or real estate residence in Turkey.
Most of the foreign investors in real estate in Turkey are residents, so the travel bans between countries did not affect them.
- The real estate market opened up to online investment and sales platforms, which made foreign investors who were unable to come to go to digital platforms to view Turkish real estate and complete all buying and selling operations without the need to attend in person.
What are the most important procedures and measures taken by the Turkish government to support real estate investment and prevent its deterioration during the coronavirus pandemic crisis?
- The Turkish government has allocated an estimated amount of $15.5 billion to activate a recovery package with the aim of supporting and encouraging economists, mitigating economic damage to employment and trade.
- The decision to cut interest rates to inject much-needed liquidity into the markets, and improve corporate cash flow.
- Giving Turkish banks flexibility in managing liquidity in Turkish lira and foreign exchange.
Facilitating online buying and selling procedures.
- Close monitoring of the markets in order to prevent monopoly operations
Achieving the highest levels of coordination between the Ministries of Health, Interior, Information and Economy
- Securing a continuous flow of credit to the most affected corporate sector and supporting the cash flow of exporting companies.
- The Turkish government's decision to impose precautionary measures against the new Corona virus, which took into account the economic markets and did not reach a complete closure.
Postponing taxes and loans, providing incentives, and supporting sectors that have been affected.
Therefore, despite the negative effects left by the Corona virus pandemic, and despite the statement of the head of the International Monetary Fund that the Corona virus has entered the world into a state of economic recession, the Turkish real estate market is able to recover again in record time compared to the rest of the economic sectors and real estate markets in other countries.
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