Istanbul Turkey Pandemic

Property Turkey Istanbul

ONE IN EVERY 4 HOUSEHOLDS IN ISTANBUL DURING THE PANDEMIC ASKED FOR SOCIAL ASSISTANCE

• During the Covid-19 period in Istanbul, exports decreased by 24.5 percent and imports by 20.3 percent. Although the number of applications for unemployment benefits increased by 37.6 percent, the number of those eligible for this benefit decreased by 33.7 percent. One in four households claimed welfare benefits.

• One in every 4 households in Istanbul during the pandemic asked for social assistance

• The Istanbul Statistical Office of the Istanbul Metropolitan Municipality published a report evaluating the effects of the pandemic on the economy in Istanbul. The data contained in the' effects of COVID-19 Pandemic on the Istanbul Economy ' Report are as follows::

TURKEY COMMERCIAL ELECTRICITY CONSUMPTION DECREASED BY 44 PERCENT

• Industrial electricity consumption in Istanbul reached its lowest level since 2016 in April; it decreased by 27 percent compared to the previous year. During the same period, industrial electricity consumption in Turkey decreased by 22 percent.

• As of May, signs of recovery began to appear. On the other hand, trading houses were more affected by the restrictions, and electricity use decreased by 44 percent in Istanbul and 34 percent across Turkey, especially in May compared to the previous year.

TURKISH EXPORTS DECREASED BY 24.5 PERCENT, IMPORTS BY 20.3 PERCENT

• In Istanbul, which accounts for 50 percent of Turkey's foreign trade, exports in the second quarter of 2020 decreased by 24.5 percent compared to the first quarter and amounted to 15.6 billion dollars.

• Imports decreased by 20.3 percent in the same period to $ 24.2 billion. Exports in the second quarter of 2020 across Turkey decreased by 24 percent compared to the previous period to 32.3 billion dollars, while imports decreased by 22.3 percent to 43.2 billion dollars.

• The foreign trade deficit in Istanbul reached a record high of $ 5.6 billion in August 2020, an increase of 79.2 percent compared to the end of the previous year. In Turkey, it increased by 34.5 percent to $ 6.28 billion.

THE NUMBER OF TOURISTS TO TURKEY DECREASED BY 98.2 PERCENT TO 68 THOUSAND

• Tourism was one of the sectors where the effects of Covid-19 were seen significantly. May and April saw a sharp drop in the occupancy rates of hotels located in Istanbul.

• The number of foreign tourists visiting Istanbul in the second quarter of 2020 decreased by 98.2 percent compared to the same period of the previous year and decreased to 68 thousand. In the same period, the total number of tourists coming to Turkey decreased by 97.9 percent and became 269 thousand. The total number of tourists arriving in Istanbul in the first four months of 2019 exceeded 4 million, while the total number of tourists arriving in Istanbul in eight months in 2020 could reach 3.2 million.

NUMBER OF CLOSED PRIVATE TURKISH COMPANIES, THE FIRST 7 MONTHS OF 2019 YEAR CAUGHT THE TOTAL

• In 2019, a total of 6,899 private firms were closed, while the number of private firms closed in the first seven months of 2020 reached 6,870. The private company, which closed in Istanbul in the first nine months of 2020, increased by 55.9 percent compared to the same period of the previous year and by 15.8 percent throughout Turkey. The number of companies with foreign capital established in Istanbul decreased by 24 percent in the first nine months and amounted to 4,583.

EXCISE DUTY COLLECTION INCREASED BY 85.8 PERCENT IN ISTANBUL TURKEY

• Tax revenues collected from Istanbul in the Covid-19 period totaled TL 70.58 billion in the second quarter of 2019 and increased by 6.7 percent to TL 75.32 billion in the same period of 2020.

• In the third quarter of 2020, tax collection increased by 38.3 percent compared to the same period of the previous year to TL 113.08 billion. Excise tax (excise tax) peaked at TL 10.7 billion in August 2020.

• Looking at the first quarter of 2020, 16.06 billion excise taxes were collected; in the second quarter, 9.5 percent increased to 17.58 billion rubles, and in the third quarter, 85.8 percent increased to 29.83 billion rubles were collected.

TURKEY JOB PLACEMENTS THROUGH IŞKUR DECREASED BY 4 TO 85 PER CENT

• April and march saw record highs in applications for unemployment benefits through IŞKUR after the Covid-19 pandemic. April May March 2019 in Istanbul in total 130 thousand people applied for unemployment benefits, while the number of people applying for the same period of 2020 increased by 37.6 percent and reached 178 thousand.

• In the same months of 2019, the number of those who qualify for unemployment benefits was 75 thousand, while in 2020, 33.7 percent decrease was 50 thousand. In the same period, the number of applications in Turkey increased by 42 percent and reached 362 thousand, the number of applicants decreased by 35.1 percent and decreased to 155 thousand.

• While total job placements through IŞKUR reached 102 thousand people in the second quarter of 2019, placements decreased by 85.2 percent and decreased to 15 thousand people in the same period of 2020. In Turkey, the number of those placed in work in the first quarter of 2020 was 246 thousand, while in the second quarter of 2020 it decreased by 43.6 percent to 138 thousand, while in the third quarter it was at the same level as in the first quarter.

BORROWING UP, TURKISH BANK LOANS UP 41.4 PER CENT

• Need loans in Istanbul real estate and houses, looking at the last 10 years, amounted to a higher amount than housing loans for the first time in the second quarter of 2020. Looking at the last year, loans for needs in Istanbul increased by 58.8 percent, and housing loans increased by 20.5 percent.

• In Turkey housing market, in the second quarter of 2020, the amount of housing loans increased by 29.9 percent and loans for needs increased by 63.8 percent compared to the same period of the previous year. Non-performing receivables increased by 59 percent in the first quarter of 2020 compared to the same period of the previous year to TL 61.4 billion, and in the second quarter increased by 41.4 percent compared to the same period of the previous year to TL 61.8 billion.

TURKEY HOME SALES RISE AS HOME LOAN INTEREST RATES FALL

• One of the most important economic factors of the pandemic was Turkey housing sales. In April July 2020, home sales were at their lowest level in 7 years, while July 2020 was the month of the highest home sales since home loan interest rates fell.

• In June, the price of new homes in Istanbul increased by 31 percent compared to the same month of the previous year, and used homes by 20 percent. In July 2019, 17 thousand houses were sold in Istanbul, while in July 2020, 128 percent increased to 39 thousand. Home sales rose 124 percent in July across Turkey.

ONE IN EVERY 4 HOUSEHOLDS IN ISTANBUL TURKEY CLAIMED WELFARE BENEFITS

• According to the applications made to the web page opened by IBB for social assistance; during the pandemic, it was revealed that one out of every 4 households in Istanbul requested social assistance.

• The total number of households in Istanbul was 4.5 million, while the total number of applications from households exceeded 1 million. It found that 30.9 per cent of households who applied did not have a regular income.

77.9 PER CENT OF LOW-INCOME TURKISH HOUSEHOLDS HAVE DEBT RISING

• The results of a survey of 1,000 low-income households between 14 and 23 October 2020 were published to measure the effects of COVID - 19 in poor households.

• According to the results announced, 37.6 percent of low-income households experienced job losses during the pandemic period, while the income of 75.2 percent of households decreased. Due to the outbreak, 77.9 percent of households had an increase in their current debt, while debit and credit card debt increased the most.