Two reasons why there will be fewer new apartments and houses in Turkey

Two reasons why there will be fewer new apartments and houses in Turkey

Affected by the pandemic, construction companies in Turkey are gradually returning to their usual rhythm of work. This has been said by Emlak Kulisi, the construction and real estate newspaper in Turkey. The COVID-19 pandemic has caused enormous damage to the Turkish construction industry. During an pandemic, sales of new homes practically stopped, construction projects slowed down as much as possible or were frozen, the delivery dates for new residential complexes were postponed and a huge number of workers were made redundant. In addition, there has been an acute shortage of construction and finishing materials (their supplies from abroad have decreased to a critical level).

To revive the construction and real estate sector in Turkey, the country's authorities have taken a number of consistent measures: from an special mortgage campaign to a 100% transition to domestic building materials. These measures have already begun to bring considerable results - Turkish contractors are completing their projects under construction and launching new ones. However, the number of new ones remains rather low compared to the stats of previous years. The reasons for this are the coronavirus and the high demand for housing and as a result Turkish construction companies are now trying to sell off all available stocks of new apartments.

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