The real estate sector is one of our locomotive sectors that affects 15% of our country's economy, therefore it is an important indicator sector. As COVID-19 spreads worldwide and the number of patients and mortality grows, economists have reduced their global growth prospects for 2020. The virus was the beginning of a new era, and it faced us with the reality of remote working and virtual environment and the new world order.
When it comes up to the negative effects of the virus, there might be a time problem in the construction contracts for flat for land method, land share or remuneration , especially for contractors. This can appear in two ways. The first is due to the fact that the production period is extended due to the fact that the production has to be interrupted by the workforce for various reasons, and the second is that due to the fact that the origin of some materials specified in the contracts are abroad and it can not be provided for a certain period of time. For such reasons, construction contractors can request additional time. Contractors will for the previously mentioned reasons struggle to fulfill their commitments. Additional time may be required.
Coronavirus has undertaken the duty of stimulating the real estate sector in certain areas, as in every sector. For example, after Pandemic, people will become more sensitive to hygiene and they will be conscious and selective in this regard. Sterilization criteria of common areas can be conducted in residential projects. Different concepts can be created with small changes on the site entrances, apartment entrances, residential entrances. Disinfection solutions can be applied before the project visits in house sales. Such solutions can be reassuring for the buyer. Antibacterial furniture and such solutions in furnished apartments can be as well considered.
In addition, technological solutions such as virtual tour and drone usage will become more and more used methods. In the new period, I think isolation will become a more important part of construction production.
As real estate professionals, we have completed our real estate sales in our country by focusing more on foreign sales. Well, whether or not, a question of what will happend with the sales to foreigners, comes up to our mind. First of all, it should not be forgotten that this is a temporary period. We observe the situation in which all countries have been affected deeply, and a much more controlled and smart process being led by our country.
It should be known that the virus that has become a trouble of the world will force foreign investors to turn to the safe aspect of the direction and an increase of demand for safe port such as Turkey will increase in the medium and long term.
It is our duty to complete our exam successfully in this period.