The earthquake in Turkey and its impact on the real estate market
Turkey will certainly suffer from the consequences of the devastating earthquake that struck several cities in it. Moreover, the earthquake will have a significant impact on several economic, investment and social fields. Undoubtedly, it will affect the real estate market in Turkey as we will see in this article from Ebla Real Estate.
The earthquake in Turkey:
The impact of the earthquake affected 10 different cities in southern Turkey, along with some cities in northern Syria. It caused huge losses in lives, buildings and properties. Real estate losses in Turkey exceeded one million housing units, which were either severely or partially damaged.
Why did so many buildings in Turkey collapse?
A large part of the old buildings that are more than 20 years old, with a number of floors that do not exceed 5 floors in the Turkish cities, where the earthquake struck, which were originally not earthquake resistant, collapsed.
Moreover, among the buildings that collapsed were those that were less than twenty years old, were not earthquake-resistant, and did not have the right foundations.
Furthermore, a section of the modern complexes completely collapsed because contractors and real estate developers did not abide by the building regulations that include engineering and technical standards that guarantee the buildings’ resistance to earthquakes.
In addition, there are some buildings that did not collapse. And the main reason is that these buildings are equipped with the best materials.. As attention was paid to the form rather than the content.
It is worth noting that immediately after the earthquake.. The Turkish government arrested a number of contractors responsible for buildings that collapsed after the earthquake. The Turkish Ministry of Justice also ordered extensive investigations into crimes related to the earthquake.
Thus, the real estate developer, who cares about his interest without caring about the safety of people, builds cheap properties that contain the least amount of steel possible that collapse during the earthquakes. Moreover, the new buildings built by a well-known developer cannot be damaged due to earthquakes that are less than 9 on the Richter scale. Evidence for this is that the state construction company.. Toki, built more than 133,000 houses in those 10 Turkish cities affected by the earthquake.. And none of these houses have fallen or destroyed.
The impact of earthquake on the real estate market in Turkey:
Any area that is exposed to natural disasters will be affected in terms of real estate, prices and investment. Accordingly, the real estate market in Turkey will be greatly affected by this catastrophe, especially in the earthquake areas.
The desire to invest in these areas in Turkey will decrease. Thus, there will be a clear impact on real estate sales for foreign investors. Moreover, real estate prices may decrease in those and nearby areas, especially if seismic activities continue in Turkey.
Tips from Ebla Real Estate Company:
You should buy your property from a developer with a good reputation in the market, and of course through consulting a trusted real estate company. In addition, it is important to get the “Dask” earthquake insurance, which qualifies the buildings to withstand earthquakes under 9 degrees according to the Richter scale.
As there are many offers from reliable construction companies in Turkey.. You can now own a property resistant to earthquake from a good developer.
Edited by: Ebla Group Real Estate
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