The earthquake affects real estate demand in Turkey

A series of earthquakes in Turkey has significantly reduced the demand for housing, meanwhile prices remain stable. The earthquakes that began on February 6 destroyed 5,606 buildings and killed over 43,500 people. These earthquakes remain on a smaller scale.

According to Tranio, a professional real estate broker, the number of applications to purchase real estate in Turkey has fallen by 41% since the disaster. However, people are in no hurry to buy housing in other countries. This is due to the fact that many buyers from Russia are planning to apply for citizenship under an investment scheme.

In particular, economy class houses were most affected by the earthquakes. Buildings built half a century ago and before the 80s were also damaged. At present, the construction of residential structures requires a very high level of seismic resistance.

Antalya and Alanya are less prone to earthquakes, so property prices will not fall here.