According to the most recent data, property prices in Turkey will perform well in the coming year despite the pandemic. The global economy, particularly the real estate industry, has been dramatically influenced by Covid-19. The good news is that, as the pandemic fades, more growth and optimism are expected in the current year 2021, which is expected to see a global economic breakthrough. Efforts to immunize the world against the virus have begun. Is Turkey on your wish list for a home?
Turkey’s economy is expanding
The Turkish economy finished the year on a high note, prompting affiliation designation from several financial institutions, including the World Bank and Fitch Ratings. This was done to change their forecasts for the Turkish economy in 2021. According to experts, the increase in optimism is attributed to a slew of measures enacted in the final two months of the year. These economic forecasts will influence the success of real estate investments in Turkey. Are you searching for property in Turkey 2021?
According to World Bank researchers, the Turkish economy is expected to grow by 0.5% in 2021, which revised their projections to 4.5% earlier this year. By 2022, they are expected to have increased to 5%. According to Fitch Rating analysts, the rollout of Coronavirus vaccination will ease previously imposed lockdown and restrictions, causing the Turkish economy to accelerate in the second half of this year.
The property market in Turkey
Analysts predict that new home prices in Turkey will continue to rise this year, increasing by up to 20% in the first half of the year and possibly reaching 50% due to solid home purchases in 2020. Turkey reached a record high for home sales, with over 1.5 million properties sold in 2020. Therefore, property sales in 2021 are expected to rise by 11.2% higher than last year. Banks lowered their interest rates, which drew in many new customers, foreign nationals.
The following are some of the factors for Turkey’s property boom:
The Turkish government has approved real estate tax reductions.
The Turkish government caters to both international and domestic investors.
Purchasing Turkish real estate to obtain Turkish citizenship.
The completion of large-scale projects such as Istanbul International Airport and the rapid expansion of infrastructure surrounding the real estate sector.
Costs of new construction
The high expense of construction is reflected in the high costs. According to Turkish real estate regulators, new price lists will be released soon. As a result, new charges based on the new rates would be established by the spending corporations. Prices began to rise in August of 2018 but did not reflect the state of the economy. The rise in home prices in Turkey is not uniform; the balance of supply, demand influences it, and consumer interest, among other factors. Global developments in the emerging coronavirus pandemic would boost demand for real estate and tourism in Turkey.
If you wish to invest in Turkish real estate, follow these steps:
Look for a reputable real estate agent or consulting organization with a proven track record of success. The real estate advisor will provide you with accurate information, observations, and solid recommendations for the success of your purchase, as the real estate advisor, is typically up to date on the real estate market, assisting the investor in deciding where to invest.
How do you find the right property for you?
Residents in Turkey are known to sway the real estate market, so examining a home as a local rather than a tourist is a smart move. To meet the investment goal, choose a property based on the tastes and demands of the occupants.