As we progress further into this global pandemic and prohibitions on public places are slowly being lifted, many people are planning big life changes to keep themselves and families safe. And those changes are certainly having a lasting effect on real estate in Turkey.
Covid-19: Turkish Real Estate Implications
Turkey ranks 14th among the world’s most advantageous real estate markets for foreigners. According to the Turkish Statistical Institute data, the number of properties sold to foreigners jumped 11% and reached 11,068 in the January-March period of this year despite a short-term stagnation in the real estate market due to the coronavirus pandemic.
New Trends in Real Estate Sector During Covid-19
1. Virtual Property Tours
It’s clear that the way people experience buying properties on the market is already influenced by the COVID-19-related restrictions. But also, it’s possible that the experience of spending so much time at home will change the way people feel about houses in general. Hence, homebuyer preferences have changed during these times, with more virtual tours and face masks and fewer open house viewings. The method for looking for properties is also changing under the effects of COVID-19. Some buyers still make home purchases without ever having stepped foot in a house!
It may sound a little strange to buy a property in a foreign country over the phone for most people. However, if you are dealing with a professional real estate company, it will turn out to be an advantage in some cases.
2. Tendency to Private Houses
The coronavirus pandemic has increased the demand for villas and detached houses in Turkey. The demand has increased rapidly and buyers who live in central districts, complexes, and apartments are now looking to move out of those areas. Buyers are looking more closely at small towns over urban epicenters to enable them to practice social distancing more effectively. Many people now want a small-town place where they can feel they are in a less dense area for safety and privacy purposes due to the current pandemic crisis.
During COVID-19, families that have been isolating together and spending more time under one roof have come to appreciate the ability to find private space inside their home. People are having difficulty managing home and work life in their small houses. Therefore, buyers are now seeking homes with extra rooms and private spaces.
Some buyers believe that the situation will continue through summer and thus want a pool and want to plant fruits or vegetables in their gardens, wanting more outdoor space. Homeowners may value private backyard space more than ever after COVID-19. Entertaining outside has also become more popular while people practice social distancing, so houses with large gardens may be on homebuyers list of priorities in the months to come.