The report delves into the intricacies of the Turkish property market during the second quarter of 2024. Through meticulous analysis of key statistics and trends by Realty Homist experts, we aim to provide valuable insights for investors, developers, and stakeholders operating within this dynamic sector. House Sales Statistics, Q2 2024 Mortgaged House Sales Other House […]
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.
Homist’s analysis shows that many factors will affect Turkey’s property market. That will lead investors to be more conservative in their investments in Turkey’s market. Statistically, 2023 will not follow the extraordinary growth trend that occurred from 2018 to 2022. In general, Foreign Investors may taken risk averse strategy and their return outlook will be moderated, similarly the demand-supply balance has been effected during 2022. We highly advise our clients to thoroughly analyze the offers they receive from developers or agents. However in long term there is no doubt Turkey’s real estate market would appreciate the investment in real estate with acceptable Return on Investment (ROI). The presidential elections is another effecting critical factor that plays critical role for property market in Turkey which will take place not later than July 2023. The opening of the Istanbul International Finance Center (IIFC) in Istanbul might be one of the few positive factors that could affect growth in property prices. Several developing enterprises and contractors will engage in recovery of southern Turkey to build more than 50,000 houses in affected areas which may lead to shortage of supply in the other regions likes Istanbul and effect in prices of properties.