A selection of the most relevant news of the real estate market of the Republic of Turkey is in our first spring digest for 2023.
The country continues to deal with the consequences of the February disaster. Among the primary tasks is to provide housing for those in need and provide compensation to those whose damaged apartments and houses were insured.
More than 314 000 people have applied for funds under DASK disaster insurance policies; payments have already exceeded one and a half billion Turkish lira (TL).
The construction of the first 20 000 new residences in the earthquake zone has started. Moreover, preference is now given to projects with low-rise buildings.
At the same time, the authorities continue to check buildings for earthquake resistance; those that do not meet the requirements will be demolished. This is especially true of the social infrastructure; for example, a decision was made to demolish a well-known, but rather old hospital in Ankara. Of course, the hospital as an institution is not being disbanded: we are talking exclusively about the fate of the building.
The events of last month worried both foreign investors and the local population; first of all, those who live in areas that are especially risky from the point of view of aftershocks. Demand for real estate has "sunk" by 30%, analysts say; although, most likely, this is a temporary phenomenon. In Istanbul, an outflow of population was recorded, especially from areas with dense buildings of old houses.
Nevertheless, this does not bother developers, because the demand for quality housing has never significantly decreased. Therefore, new projects continue to enter the market. Thus, Artaş Inşaat collects preliminary applications from buyers for the purchase of residences in Istanbul's Avrupa Konutları Yenimahalle.
Well, in total, in the largest Turkish metropolis, new owners are waiting for lots in 166 residential complexes at once.