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What will happen to Turkish real estate prices after the scale of destruction caused by the earthquake?

  • 02.03.2023
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What will happen to Turkish real estate prices after the scale of destruction caused by the earthquake?

The devastating earthquake in Turkey not only took many lives, but it also raised a number of questions for property buyers, including whether Turkish housing is safe and worth investing in. Experts propose two scenarios for the real estate market:

  • Most likely, apartments in buildings that were built over thirty years ago will become cheaper. This type of housing stock does not meet modern safety requirements for buildings.
  • Apartments in new buildings will continue to go up in price. Much of this growth is due to high demand, as well as a price growth for construction materials.

It is important to consider that not all types of buildings were damaged. According to Turkey's Ministry of Urban Development, more than 133,000 buildings in the seismically unstable zone were unaffected. They are all part of the modern housing stock. This demonstrates the importance of researching not only the characteristics of the region and the benefits of a specific unit when house-hunting but also the developer's reputation.

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