Remote Working Leading to Real Estate Demand

By. Justin Mays

The number of people who have been working from home since the beginning of the COVID-19 pandemic has increased from 15% to 25%-30% in 2021 with a ratio of one to four, according to the Daily Sabah. Some people have also begun to look for homes that have elements that make remote working feel more comfortable, for example, spacious homes with magnificent views, gardens, and large balconies. Tech-oriented features are also considered for those who need a home office. 

One study shows that even if COVID-19 is to stop, an average of 36.2 million employees will still be working from home in 2025, which is 22% of the working population. Working from home has also proved to reduce business costs while increasing productivity by a significant measure. A large number of people managed to save a lot of money due to the fact that they could not go for vacations during the pandemic as they normally did. International Monetary Fund (IMF) indicated that there is over $7 trillion in savings. This is the money that some people are utilizing to purchase real estate.

A press release produced by the Turkish Statistical Institute indicated that of the 147.143 houses sold in Turkey, 6.630 units were sold to foreigners in September 2021. Istanbul had the highest sales of 28.229 (19.2%), followed by Ankara which sold 14.218 (9.7%), and Izmir, 8.806 (6%) units, followed by other provinces. 29.759 houses were sold on a mortgage while 117.384 units on other sales. 

Different nationals bought real estate from Turkey and these include those from Iran, the United States of America, Egypt, the United Kingdom, China, Sweden, Sudan, Ukraine, and Yemen. Iranians bought the most units in September - 1.323, followed by Iraqi who bought 990 units, Russians, 540 units, followed by other nationals mentioned above. Turkey’s real estate industry has a variety of properties for clients to choose from. There are apartments, duplexes, penthouses, villas, in different cities and districts, and with different facilities that match diverse people. The renowned architectures continue to deliver state-of-the-art and unique houses. Since some people can now work from home, they can now move freely to purchase homes of their dreams in their chosen locations around the world. Other reasons that people buy real estate in Turkey are the easy buying process, reasonable prices, high-quality homes, citizenship by investment program, and also to get a high return on investment.