Effects of Covid-19 on Real Estate in Bursa
Effects of Covid-19 on real estate in Bursa.. Although the Corona pandemic is no longer a global threat and epidemic, discussing how this crisis has affected the real estate market in Bursa is very important for investors. In this article, we will talk about the effects of Covid-19 on real estate in Bursa and the rise in real estate prices.
An introduction to the effects of Covid-19 on real estate in Bursa:
The Corona epidemic did not affect only a specific region, but all countries of the world, including Turkey. Moreover, Covid-19 has not only negatively affected the health sector, but also affected the sectors of the economy. However, some regions in Turkey faced this epidemic and continued the work as we will see in this article.
Corona’s impact on tourism in Turkey:
Tourism in Turkey and the world has completely declined due to the Corona epidemic. Thus, this negatively affected the real estate sector.
These effects are clear in all Turkey, including Bursa. The inception of new policy and precaution measures, especially travel bans and restrictions on domestic and foreign tourists impacted the tourism sector. Thus, that caused its revenue to decrease, the narrowing of the volume of transactions in real estate.
In addition, the additional measures taken due to the pandemic caused the significant increase in operating costs, decrease of rent collection losses due to declining in demand. Net operating income and investment value also tended to decline.
Effects of Covid-19 on real estate in Bursa:
The real estate sector in Bursa has not been negatively affected by the Corona epidemic in terms of price and demand and sales. This is due to several reasons, the most important effects of Covid-19 on real estate in Bursa are:
- the desire of expatriates to reside in Bursa as Bursa is a tourist city and a perfect city for living and accommodation. Therefore, many tourists who came to Bursa preferred to stay in it for the purpose of seasonal tourism or for work and investment. In addition, some visitors preferred to live permanently in Bursa. Thus, that urged them to look for real estate for sale in Bursa.
- Continuing to buy and sell real estate in Bursa for local residents and foreigners within safe restrictions.
- Moreover, for some, Covid-19 was an opportunity to buy a property among several great offers in Bursa. Thus, it was a good investment.
- Continuing work on several modern and urban projects in Bursa after following health and preventive measures.
- Furthermore, the Turkish government provided many services and facilities regarding the purchase of real estate online. Thus, the approved real estate companies in Bursa were able to implement the procedures accurately and safely.
- Additionally, among the reasons that increased the purchase of real estate in Bursa during the Corona crisis is the desire to obtain Turkish citizenship and complete all procedures through the Internet.
- In addition, many residents were able to obtain real estate residency after purchasing a property.
Buying real estate in Bursa during the epidemic period:
All people and investors who bought real estate in Bursa during the epidemic period benefited, and they saw the results in the current period when the prices of their properties rose and they got high returns of investment.
Thus, we talked about the real estate market in Bursa during the Corona epidemic. We also talked about the impact of Covid-19 on real estate in Bursa.
Thus, we talked about effects of Covid-19 on real estate in Bursa.
Edited by: Ebla Group Real Estate
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