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COVID-19 and Turkish property: what investors should know

Coronavirus Turkey

The rapidly evolving Coronavirus pandemic is causing a ripple effect in every corner of the world, and that includes Turkey. Like everyone else, Property Turkey director Cameron Deggin is keeping a close eye on events on his backdoor, as well as around the globe. "It's certainly an unprecedented, and rapidly evolving situation," he said. With schools closing and social gatherings forbidden in many parts of the country, Deggin had hopes the Turkish government's plan to curtail the spread will limit loss of life. 

Coronavirus and the Turkish property market

With the flights that usually stream into Turkey dropping off as border restrictions close, there will certainly be consequences for the real estate market, Deggin said. With fewer visitors to the city, foreign investors are falling away, and, the market has dropped off.

"The market is slow right now, and that means developers and vendors are worried. Which means good deals are available."

"As they say: buy property when there's blood on the streets," Deggin said.

But investors looking for bargains don't need to move an inch.

The online advantage

With investors coming hailing from around the globe, Property Turkey has long been optimised for remote purchases, Deggin said. "We've moved with the times. We were one of the first real estate companies in Turkey to offer Bitcoin, and we have robust systems in place to deal with remote transactions."

For some investors, buying property is not unlike investing in the stock market. Deggin has brokered transactions from buyers all over the world, he said. And the relationships his company had built over the last decade or so saw some investors returning multiple times. 

With an experienced team of in-house lawyers, property transactions were simple and efficient, he said. "For many of our investors, they barely have to lift a finger: it's just another transaction."

How to buy Turkish property online

Property Turkey's portfolio is extensive, and many listings have detailed information and detailed videos. Deggin advises buyers to focus on low to mid-priced properties that are near completion, as these will be the most likely to be discounted.

"Read through the information, then give us a call to talk through your requirements."

With some properties better optimised than others for investment, consultants can walk buyers through virtual viewings, and answer questions about investment suitability. Then, buyers can send a reservation fee to cement the deal. Ideally, buyers would arrange power of attorney with the in-house legal team.

"Our team takes care of the rest," Deggin said.

Why trust Property Turkey?

"We've been in this industry for well over a decade," Deggin said. "We're well established in the areas where we operate, and have excellent relationships with developers, which allows us to get fantastic prices. And buyers - and there have been thousands of them, by now - know that our reputation and credentials are strong, and our systems are solid."

The company, which Deggin began in his living room 15 years ago and now has offices in several cities, had weathered several storms.

"The credit crunch, an attempted coup, a currency crisis and political uncertainty," Deggin listed. "Now, a pandemic. But here's hoping the situation will be under control quickly."

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