The real estate sector in Turkey has recently taken the decision for early elections in June 24th and made a series of decisions that are affected after the election. Especially in recent years, a great improvement in the real estate system, the decision of early elections and then how the effect of the decision taken is discussed.
After the elections, President Erdogan has made many changes in the structural changes and regulations, making decisions that may affect the markets and especially the real estate system.
Part of this decision is expected to be associated with ministries in Turkey. Some ministries are expected to be merged to increase the activities of ministries, while some ministries will be completely eliminated. The number of ministries is reduced from 26 to 16. The Ministry of Family and Social Policies has been merged with the Ministry of Labor and Social Security and the Ministry of Science and Technology and the Ministry of Technology are merged with the Ministry of Industry and Technology. In addition, the Ministry of Economy and Trade are combined with the Ministry of Economy and the Ministry of Trade is expected to be formed. With this change aims to make Istanbul a global financial center and remove Turkey’s annual exports of $ 500 billion. Other changes to be made are the Ministry of Forestry and Water Affairs and the Ministry of Agriculture and Forestry under the Ministry of Agriculture and Forestry and the Ministry of Foreign Affairs of the Ministry of EU Affairs
It was decided to establish 9 new committees as well as the arrangements to be made regarding the ministries. These committees; , Security and Foreign Committee. Policy, Economic Policy Committee, Education Policy Committee, Committee on Science, Technology and Modernity Policy, Committee on Local Government Policy, Committee on Social Policy, Committee on Health and Food Policy, Committee on Culture and Arts, Committee on Legal Policy.
THE EFFECT OF THE DECISIONS TO BE TAKEN ON THE PROPERTY MARKET
When Lately, though fluctuations affect the economy and real estate market experienced in the political arena, according to the Statistical Institute of Turkey Looking at the volume of foreign purchases strikes a positive picture to the eye. According to the data, the emalk sector in March increased by 15.8% compared to the previous year. When the increase in the sales of real estate to the foreigners is examined, the effectiveness of the decisions taken. When the number of real estate sold to Istanbul is examined, Istanbul is ranked first with 556 real estate sales, Istanbul with 446 sales, Trabzon with 134 sales, Bursa with 109 sales and Yalova with 89 sales.
CITIZENSHIP BY INVESTMENT
In the last period, the investment requirement of 1 million dollars for Turkish citizenship is reduced to 300 thousand dollars by the law. With this amendment, it is aimed to strengthen the Turkish economy and make the country attractive for Turkish citizenship.
The effects of early elections on the real estate sector
In Turkey, the early election decision; export, development projects, tourism, unemployment rate and inflation.
Turkey’s exports saw a peak of 144 billion dollars in 2017. In 2017, the automotive production figure in the country was 1 minion and 540 thousand. The expectation is that the export figures will increase further with the stability to be experienced after the early election decision.
Development projects and major projects in the construction sector in Turkey and provides foreign investors and attract employment growth in the country. Some of these projects are completed in Istanbul and one of them will be the largest airport in the world the new Istanbul Airport and Eurasian Tunnel that connevt Asian and European continents from the bottom of the bosphorus.
Another important sector for the Turkish economy is the tourism sector. Tourism is an economically important sector because of the natural beauty of the country and its being surrounded by seas. According to statistics, the number of tourists is expected to increase.
The most important concepts that could pose a problem for the country is the large unemployment rate. For many principles, the unemployment rate remains high despite all the measures taken. The unemployment rate was 10% for Turkey against water taken all the measures in the new year is expected to be 11%.
fluctuations in exchange rates and the decline in the Turkish lira to the highest levels seen in the last 10 years inflation rate in Turkey has led to an increase of 15%. This problem has led to a 24% increase in commodity prices
Remarks by some real estate leaders on the impact of early Turkish elections
According to the opinion of many real estate experts such as Feyzullah Yetgin, early elections will provide great gains especially for sectors such as real estate and construction. With the advance of the early elections, tensions in the country will decrease and the uncertain situation will end.