Real Estate Investment and Life in Turkey During Covid-19 Pandemic: What Awaits You in Turkey?Wed, Jul 27, 2022, 12:43:14 AM
Turkey Covid cases used to be one of the biggest challenges for the Turkish government during the pandemic. Today, although there are still daily cases all around the country, it is considered quite safe to travel. Thus, many countries also removed Turkey Covid travel restrictions once again.
In this article, we are going to discuss how the Covid-19 pandemic affected the country and the Turkish economy. Although the pandemic was a great challenge for many governments, unfortunately, the Turkish government could not cope with it very well.
As a result, many investment opportunities arose, especially for foreign investors. Turkish Lira lost great value during the process and every day more investors are investing in real estate in the country.
Considering the low number of Turkey Covid cases, the country is also safe to travel to. So, if you are planning to invest in real estate in the country and your country does not have any Turkey Covid travel restrictions, this is the best time to visit Turkey!
Turkey Covid Cases and Turkish Economy
Just like all other countries, the Turkish government failed to cope with the pandemic. However, unlike other countries, the government experienced a bunch of economic failures too. As a result, the Turkish Lira, which already lost a great value before the pandemic, lost a lot more value during this process.
As of today, 1 dollar is almost equal to 10 Turkish Lira. This offers a great opportunity for many foreign investors to buy real estate in some of the most beautiful parts of the country. Many United Kingdom, United States, Arabic, and Russian citizens already bought plenty of real estate.
In some of the touristic destinations of Turkey, there are neighborhoods where only citizens from a certain nationality live. Since Turkey Covid travel restrictions loosened a lot, these real estate owners have already begun to enjoy the natural beauties of Turkey.
Besides having a great day and lifestyle in Turkey, they also enjoy saving money due to the almost collapsed Turkish economy.
How Did Turkey Covid Cases Affect Daily Life?
Turkey Covid cases did not affect daily life in the country at all. Probably, this is one of the most important reasons why the government failed in coping with the pandemic. They did not take enough precautions but relied on their well-developed healthcare system.
In fact, this strategy became highly successful, however, this time the weak Turkish economy could not resist in the face of increasing costs. Although it is completely safe to travel to and live in Turkey, the increasing daily costs are still a concern for many locals.
However, this provides a great opportunity for many foreign investors. Especially those who do not have any Turkey Covid travel restrictions often visit the country, make investments, and decide to spend their time in Turkey during the pandemic.
If you are vaccinated and you are not a Turkish citizen, you are legally allowed to not wear masks in open areas. In addition to this, you do not have to worry about the lockdowns too. All restaurants, cafes, bars, clubs, and all other businesses keep serving foreign visitors.
This means that you can enjoy a day in Turkey without worrying about the Turkey Covid cases at all. This is why almost a million foreigners decided to move to Turkey during the pandemic. Those who are subject to Turkey Covid travel restrictions need to be quarantined for 14 days in a hotel after they land at their destination.
What Are Turkey Covid Travel Restrictions?
As of today, the government removed all Turkey Covid travel restrictions for major countries. However, they did this before and had to bring the restrictions back. If this may be the case again, you do not have to worry a lot.
Foreigners who are going to visit Turkey may quarantine for 14 days in some of the hotels determined by the government. After spending 14 days, you can continue with your daily life.
On the other hand, if you are vaccinated for at least two doses, you do not have to worry about quarantine too. You can directly start enjoying your days in Turkey without any limitations or obligation to wear a mask.
Did Turkey Covid Cases Affect the Real Estate Prices?
As we previously mentioned, Turkey Covid cases significantly affected the Turkish economy. In a vicious cycle, the prices are going up all the time while the Turkish Lira still loses great value. On the other hand, most of the prices are indexed to the dollar.
This means that your investments are not being affected at all by the value loss of the Turkish Lira. However, more and more Turkish citizens plan to sell their real estate with the increasing trend of foreign investments.
You can easily buy luxurious villas for the half price of a standard apartment in your hometown. Many American and British citizens have already begun to invest in real estate in Turkey.
Is It Still Profitable to Invest in Real Estate in Turkey?
Without a doubt, Turkey is one of the most profitable countries to invest in real estate. The country ranks number one in Europe in terms of percentage increase in rental and sale prices of real estate. Considering that Turkey Covid travel restrictions are completely removed, it seems like more foreign investors will decide to invest in Turkey.
You do not have to worry about increasing Turkey Covid cases anymore. The country managed to control these numbers for about half a year, and everything is under control now. However, the government is unable to control the economy.
The Turkish Lira is losing great value and everything including real estate prices are indexed according to the dollar. Thus, you can invest in real estate in Turkey without any worries. Experts believe that the prices will continue to increase in the following years too.
Moreover, foreign investors who buy real estate worth $250,000 can apply for Turkish citizenship. If you would like to learn more about this opportunity, you can contact us at any time for more information.