Although we will review the insurance law against earthquakes and natural disasters in Turkey, this does not constitute a diminution of real estate in Turkey as much as it constitutes strength and a source of safety for real estate owners in it, and Istanbul is one of the strongest cities in the world at various levels, the most important of which is the real estate field, and there is much talk However, the real reality is that it is a strong and solid city, and the 1999 earthquake gave it a great deal of government attention, so the Turkish government focused most of its attention on constructing buildings and infrastructure according to strict conditions that cannot be tolerated, so that the buildings are resistant to earthquakes and earthquakes over time .
In view of the losses caused by the aforementioned earthquake, Istanbul is considered a steadfast city, and this is evident in all its heritage and current buildings, noting the scholars' assertion that the earthquake line does not pass through the center of Istanbul.
Returning to our main topic, which is real estate insurance against earthquakes, and what does this mean?
This includes everything that proves the construction and makes it steadfast in the face of time factors, and the Turkish government’s take on this matter puts the real estate construction companies in front of a great challenge in producing the best they have, starting from soil analysis experts, testing their suitability and the amount of height of the floor buildings above them, through the materials used in construction and ending with the cladding.
Do earthquakes pose a threat to real estate investment in Turkey?
Natural disasters occur everywhere and their occurrence and damage cannot be predicted. This matter has no human hand in it. The evidence for this is the occurrence of earthquakes in Iran and Indonesia, the occurrence of the well-known tsunami, as well as storms and hurricanes that occur everywhere in the globe and leave a lot of damage and losses.
What are the measures taken by Turkey regarding earthquakes:
After the earthquake of 1999, the Turkish state found itself facing a major challenge, and it issued a list of its most important plans in order to remain on alert for such natural disasters.
The earthquake, which caused great losses, awakened the spirit of preparedness to confront it and to take the best possible measures in order to reduce as much as possible its effects in the event of its occurrence.
For this purpose, he issued a decision to establish Turkish companies to combat natural disasters, DASK, whose mission is insurance in the event of natural disasters resulting from the earthquake, such as:
Destroy the property
property combustion
The property cracked, whether the columns or the walls
Damage to the garden of the property and its accessories
After the establishment of these companies, obtaining an earthquake insurance policy became necessary and obligatory for everyone who wants to own a property in Turkey.
This document - earthquake insurance - is presented with the real estate papers to the municipality, after paying the insurance value by the owner of the property, after he obtains a full explanation of the real estate situation in terms of area, building age, building status, degree of resistance to earthquakes, and materials used in construction.
The owner of the property must pay the insurance value annually to the earthquake insurance company, and the tenant has nothing to do with paying the insurance.
The property owner cannot open the water, electricity and gas meters only after obtaining the property insurance policy against earthquakes
On the other hand, earthquake insurance companies in the event of a natural disaster occur to the property:
Compensating the owner of the property, whether a citizen or a foreigner, with a specified amount of money.
According to the area of the property and the extent of the damage to it.
What does the Turkish government provide to those affected in the event of an earthquake:
The Turkish government is building tents for those affected or providing prefabricated houses
The government provides an amount of money to each affected family
The government asks the Toki Housing Corporation to quickly build the dilapidated properties and provide them to the affected people
What are the places where an earthquake insurance policy is required when owning it:
Residential buildings
Commercial real estate and its workplaces and offices
Private real estate, even if it is under construction, is still in progress. construction license
What are the places that earthquake insurance companies do not insure:
offending buildings
construction in rural areas
Public facilities
Abandoned buildings
The importance of earthquake insurance in Turkey:
Since the decision is valid and binding in Turkey, this prompts construction companies to construct earthquake-resistant real estate according to the best conditions for convergence of damage resulting from the earthquake. Thus, construction companies will do their best to construct a building with high-quality materials and earthquake-resistant features of 8 degrees on the Richter scale, because they will be responsible for Damages if they occur later.
Should you be concerned about the decline in real estate prices in Turkey due to earthquakes:
It is not a matter of concern to property owners or investors for reasons
1- The annual increase in the population, in particular Istanbul, which has an annual increase of 5.2 per year.
2- The measures taken by the Turkish government represented by the earthquake insurance law and the obligation of construction companies to construct buildings that are highly resistant to earthquakes.
