Real estate demand to flourish after the Turkish general elections

SEDA TABAK
ISTANBUL
Published 02.11.2015 21:21

The strong win of the Justice and Development Party (AK Party) last Sunday is expected to trigger the real estate and construction sectors, which have been the driving force behind the economy in the last year. The representatives of the sector agree that the risk of political instability has been eliminated in Turkey with the AK Party winning the majority of seats in the general parliamentary elections for the fourth time. The leading businesspeople from the sector now believe that the elections on Nov. 1 had been a turning point and the delayed demand in real estate is expected to rise shortly. Emlak Konut GYO General Manager Murat Kurum said the repeat elections had a negative effect on sales and there has been general stability even in the face of risks of political instability; however, as of Nov. 2, both buyers and investors will be relieved. Sur Yapı CEO Altan Elmas also expressed that sales and property demand will soon increase. He also said that now is the time for Turkey to rise since political stability has been established. KONUTDER President Ömer Faruk Çelik stressed that the voters proved they had confidence in the ruling party and the need to achieve political stability in Turkey. "The results will cause a boom in the real estate sector," Çelik added.

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