Real estate industry after Corona
Real estate industry after Corona, including Turkey’s, faced significant challenges due to economic uncertainties and disruptions in construction activities. However, Turkey has implemented measures to mitigate the crisis, particularly in the real estate sector, which has helped in its recovery.
Here are some key points and observations from the provided text:
1. Global Economic Impact:
The global construction market experienced declines and fluctuations due to the pandemic’s effects, including concerns about the global economy, protectionist policies, commodity price fluctuations, and political risks.
2. Local Housing Loan Support:
Turkey implemented local housing loan support activities to stimulate the real estate sector, contributing to its rapid recovery despite the negative impacts of the pandemic. Affordable and low-cost housing loan campaigns helped reduce contraction and enabled the economy to record growth in certain quarters.
3. Domestic Real Estate Market:
The Turkish real estate market witnessed fluctuations in local demand over the past year due to the pandemic’s economic slowdown. However, campaigns promoting affordable housing loans contributed to some recovery within the sector.
4. Legal Amendments:
Amendments to Turkey’s property law, allowing foreign investors to obtain Turkish citizenship by purchasing residential properties worth $250,000 or more, led to increased domestic and foreign demand for real estate, especially residential properties.
5. International Construction Projects:
Turkish contractors have been actively involved in international construction projects, with a significant volume of projects implemented outside the country, totaling billions of dollars. Despite the challenges posed by the pandemic and global market uncertainties, Turkish contractors are striving to maintain their position and expand their presence in foreign markets.
Turkish diplomacy plays a role in facilitating the continuation and completion of pending projects in countries such as Libya and the Arabian Gulf. Turkish construction companies are actively seeking solutions to overcome existing challenges in these markets.
7. Aid in Reconstruction:
Turkish contractors are expected to play a significant role in the reconstruction of the Azerbaijani territory of “Karabakh” following recent conflicts. Strengthened Turkish-Azerbaijani relations have facilitated collaboration in reconstruction efforts, indicating potential economic priorities for Turkish contractors in the coming years.
In summary, despite the challenges posed by the COVID-19 pandemic and global economic uncertainties, Turkey’s real estate and construction sectors have shown resilience and recovery efforts, supported by government measures, international projects, and diplomatic engagements.