Covid-19 and It's Effects on Turkish Property
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.
Majid Fakhari .The Chairman of StoneTree which is the leading real estate company in Turkey, has stated that this situation can be also considered as an opportunity for the investors or individual buyers.
Each Crisis Is Also An Opportunity
Majid Fakhari 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%".
similar hot offers are being published on StoneTree Web site
How Can I Buy Property While There Are Travel Bans?
StoneTreemakes a difference in remote real estate purchases with its OnlineProperty program. With OnlineProperty, buying and selling real estate can be done easily by phone without the need to be physically in Turkey. You can read the details from the OnlineProperty page.