First of all, economic growth should be highlighted.
In May 2021, the residential real estate market grew by 17.5% year-on-year. This allows us to be positive when buying real estate and earn money on renting.
On the other hand, home sales are still quite low due to quarantine restrictions. This means affordable prices and an opportunity for consumers to buy quality real estate for future relocation.
Nevertheless, according to TurkStat, almost 62 thousand apartments were sold in May alone.
If you look at the general trends in the market, prices are rising, so it is most profitable to buy real estate now, even if you do not want to use it at the moment.
Compared to last year, real estate prices in Istanbul, Antalya, Trabzon, Bursa, Izmir and Yalova increased by 21,13%, 45,47%, 5,68%, 2,02%, 3,32% and 2.36%, respectively.
What is interesting is the distortion of growth rates. The first two places are more diverse in the composition of the real estate sector. The other four are more related to tourism, but will be seriously affected by quarantine restrictions in 2020 and 2021.
Considering the real estate market as part of the overall economy of the country, which follows general trends, it should be noted that the Turkish economy grew by 22.3% in the second quarter of 2021 compared to the comparable quarter of 2020, and the process does not slow down.
High demand comes from the richest 25% of the population, who take advantage of the current situation with rising inflation, but unchanged credit rates. Allows you to plan the proceeds from the sale of luxury real estate to this group of residents.
The changes in the epidemiological situation are noteworthy. The corona virus is seriously affecting Turkey. Rising inflation is just one of the manifestations of this process, but the fight is gradually shifting in favor of the authorities, not COVID-19.
At the end of August, it was announced that European countries, such as the United Kingdom, are ready to exclude Turkey from the red list and stop regular passenger traffic.
Turkey is also beginning to make extensive use of regulatory methods, including "Covid passports". Travelers, visitors to concerts, cinemas, public events and other public places must now submit documents for a negative PCR test result or confirmation of vaccination.
Such measures can ease restrictions and return to broader commercial activity, which should have a positive impact on the overall state of the economy.
Overall, there are signs of rapid and intensive growth, so we can say that now is the best time to enter an even cheaper market before intensive growth begins.
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