Will earthquake effect real estate market in Turkey?
The 7.8-magnitude quake that struck southeastern Turkey – Kahramanmaras, Gaziantep and Adana – left more than 80,000 buildings partially or fully damaged with more than 35,000 fatalities. That catastrophic earthquake will likely become Turkey’s deadliest — a 1939 quake killed 32,962 people.
Generally that natural disaster will have an impact on the Turkey’s real estate market specially in the affected areas, as well as on the overall economy of the country. In the immediate aftermath of a significant earthquake, we expect demand for real estate in the affected area may decline as people move away from the area or are hesitant to invest in property there. This can lead to a decrease in property values and a slowdown in the local real estate market. In cities like Istanbul, the demand may decrease also but due to significant demand in the area that won’t last longer.
It’s also worth noting that the impact of earthquakes on the real estate market in Turkey can be reflected on factors such as the overall economic conditions in the country and the level of investment in the affected areas.