We Cannot Become New Normal This Summer!

Posted on 1 June, 2020 by emel akbaş idikut

The world is facing a more shocking crisis than ever before. We are trying to fight globally with a danger that brings life to a standstill and compels us to stay in our homes. The long-term homestay practices we experience during the coronavirus process have permanent effects on our habits. Although the numbers are decreasing day by day with the measures we take and we are starting the process of normalization, our research shows that the effects of the pandemic continue to limit us for a while. 

Our survey of 1080 people over the age of 25 shows that although we are not quarantined, we are at home this summer. It seems that the fear and suspicion that Covid 19 has created within us will prevent us from living for a while longer.

Even if schools are opened today, .3 of our participants plans to send their children to school at the beginning of the new semester at the earliest. ,1 stated that he could go to shopping malls, ,5 to restaurants, ,2 to cinema, ,1 to sports at the end of summer. While ,5 stated that it will definitely not be a holiday this summer, ,4 responded according to the developments. Bad bad news for the entertainment and service industry that has been closed for over 2 months. Economic recovery may take several months.

However, our survey also confirms some demand changes we have mentioned with the pandemic. For example, .29 of the participants stated that they would prefer a detached villa even if it is a summer vacation. On the other hand, the participants answered the question 'What kind of house do you want to buy' at a rate of ,2, 'A House with a Garden'. But what's interesting is that no 'Residence' answer was given. This shows us that after Covid 19, the city's skyline will really start to change and we will see that projects are increasing in horizontal architecture. High, elegant and luxurious residences, but garden and small houses are popular.

Of course, there are also brutal facts of the pandemic. .3 of our participants stated that they experienced job loss during the pandemic process and .8 reported loss of income. The proportion of those who think about making a structural change (home, work, city change, etc.) after the quarantine process is to a considerable extent . Those who plan to invest in real estate after the quarantine process are .4, while those who say they may depend on opportunities are .2. So the buyer of the real estate is still price oriented. If you want to sell it must be priced right. In this regard, we can say that the decision to reduce, postpone and reduce the down payment in the credit rates received will be an advantage.

On the other hand, the ratio of those who plan to sell their home after the quarantine process is only %9.4. Because sellers know that they cannot get the numbers they want under these market conditions. It is very difficult to start a new project in the next 3-4 years. In this case, we are moving towards a market where supply is low and demand is high for the first time in years. Real estate prices may increase in a short time. It is useful to evaluate these days well. 

When we asked our participants about the real estate prices after the pandemic process, we saw that approximately % expects an increase in prices, .9 will remain this way for a while and .9 anticipates a decrease in prices. They seem a little confused about it.

The results are slightly different for our foreign participants. For example, the rate of those who do not want to send their children to school until the end of summer is .9, while those who say that I will go to the shopping mall immediately .2 and those who say I will go in 1-2 weeks .4. Likewise, .4 stated that they would go to restaurants immediately, 15.8 in a few weeks and .3 in 1 month. Similar answers were received in Cinema and Sports. Most of the participants' do not plan to leave before the end of summer.

Foreign participants ,8 flights when planning starts, do not come to Turkey, said he will decide according to ,6's of the development. .3 of our foreign participants did not lose work, but .2 experienced no loss of income. The rate of those who want to make radical changes in life after pandemic is almost . Despite everything, the rate of those who want to own a house in Turkey ,3, stating that evaluated according to the proportion of deals ,9. In other words, foreign investors are waiting for some incentives, as in loan discounts.

On the other hand, our foreign participants seem to have not changed their real estate buying habits. of the participants are interested in the apartment and .3 are interested in luxury residences. While the rate of those who want to get Turkish Citizenship is .1, .6 evaluates this.

While .4 of our Turkish participants stated that they are not planning a new business investment after quarantine, this rate is .6 for our foreign customers. This shows that there will be a period of contraction in commercial and office investments. The effect of this contraction may be reflected in commercial real estate rental and sales prices.

In summary, it can be seen that, although Covid -19 is a short-term pandemic, it has had a long-lasting effect on our lives. It seems like it will take time for us to recover both economically and socially. I hope we can continue our lives with health as soon as possible by adapting to the 'new normal' process.