Real estate investment in apartments that are still under construction is definitely a successful investment option, and the reason is because the value increases significantly upon delivery, which means buying the property off the map or when the project launches, and during the period in which the construction is in progress, the value increases continuously.
But watch out! This investment is risky if we do not pay attention to many important matters when purchasing, so we have listed for you 5 important tips for foreigners who are about to buy apartments under construction in Turkey. We really hope that you will read them to the end because they were written based on experiences laden with professionalism in the real estate market. Turkish.
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Damas Turk Real Estate Company, in its article today, will begin with you by defining the term real estate under construction, and then we will go into mentioning 5 important tips for you in order to choose apartments under construction suitable for safe investment, and finally we have prepared for you the average investment returns in the most prominent Turkish cities that you will reap from Before properties under construction, if most of the tips we will mention to you are applied.
What do we mean by apartments under construction in Türkiye?
The concept of apartments under construction, by which we mean apartments that are still in their construction state or are still on the map, and they are widely available in Istanbul, where this type of apartment is offered for sale immediately after obtaining building permits by the relevant municipalities, and a title deed and official papers are delivered. As colorful as any other type of apartment.
This term is widely used specifically in rapidly growing real estate investment options in Turkey, and therefore it has become a good option for many people who want to develop and sustain their money. Therefore, we have listed for you at the end of the article how to maintain this investment, and the average investment returns expected from it .
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5 real estate tips for foreigners planning to buy a property in Türkiye
First: Choosing the strategic and future location in the areas of Istanbul based on the expert advisor’s view
- The most prominent cities in Turkey, such as Istanbul, Ankara, and Antalya, have an indescribable population expansion, and they always need new housing units to accommodate the increasing population on the one hand and the arrival of foreigners to them from all over the world. The only solution is to establish residential projects and buildings in new places and regions there.
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- Choosing a strategic and future location by which we mean these areas to which smart construction companies flock, knowing that these areas will have a great impact in the near future, so it is necessary to know how to choose the most appropriate areas in order to obtain properties under construction there.
- Therefore, choosing a location with a future outlook and an investment vision is important when you want to buy an apartment under construction in Turkey. Based on this vision, you will benefit from the value of these properties increasing severalfold within a few years, and they will continue to increase as long as the location has a dimension and a future full of expansion. population more.
Damas Turk Real Estate has an insightful future vision based on previous experiences and expertise with real clients, so we are always happy to help you choose the best location when you intend to buy an apartment under construction in Turkey . There are areas that will accommodate very large, vital projects, most notably the Istanbul Water Canal, which will It will be adjacent to the Bosphorus Strait in the city of Istanbul .
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Second: Movement and vitality, in addition to the projects, also have a distinctive investment addition to these apartments
- Areas that have constant liveliness and movement always attract people to them, so you must be careful that the apartment is under construction in these places specifically, because it guarantees you that the property will have a promising investment future. On the one hand, if the goal is to live, then go for it and enjoy. That is, you live in a place that attracts all segments of people.
- What is meant by movement and vitality in terms of projects? It means the presence of vital facilities such as schools, parks, hospitals, shopping centers, and markets in all their forms and types. These facilities enhance the population’s demand for them thanks to the needs for them. All segments need these facilities on a daily basis to continue daily life.
- In order to know the most lively places, we must know all the information related to the area in which we want to buy an apartment under construction, right? Sometimes this area may be new and devoid of these facilities. How can we know this then? Population expansion is what helps this. The clustering of buildings in a place requires the municipality to have public facilities, so you need an expert to guide you to this.
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Damas Turk Real Estate was able to select properties under construction in places that if I saw them the first time, I would have said that this is an area where life might have begun 20 years later, but life began immediately after 5 years!! Yes, modern areas such as Basaksehir , Bahcesehir , and Esenyurt in Istanbul. Who expected life in those areas, in your opinion?
Third: Choose a reputable construction company in order to receive the apartment on time
It is one of the most important tips that plays an important role in obtaining apartments under construction in the safe and desired manner. There are many options for this matter, and therefore there are two parts to this dilemma to ensure obtaining a respectable construction company that delivers on time, and in the event of a delay, you will bear the consequences of that.
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- First: When purchasing apartments under construction, most people turn exclusively to government construction companies, or to private companies that provide their projects with a government guarantee, because they always deliver their projects and properties at the time estimated for them and mentioned in the private contracts between them and those wishing to buy in them.
- Second: There are some people who do not want to buy from government companies because of their mediocre finishes, and they go to private companies, but they choose companies with a history full of ancient projects and a long history as well, and this is what we always advise when any foreigner wants to buy a property under construction in Turkey.
Damas Turk Real Estate provides you with a comprehensive, comprehensive, complete and integrated offer about the construction companies that you wish to buy from. Not only that, but we display several projects that it has previously established and see how the delivery was completed and the delivery dates if they match the initial contracts, just as we would if we bought from New company we oblige them in contracts to compensate for delays in delivering properties.
Fourth: Ensure that the materials for cladding and finishing are consistent with those agreed upon in the initial contracts
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- One of the sensitive points that any buyer of real estate under construction is afraid of is delivering the apartments in the required and agreed-upon manner, which is something he certainly has the right to hesitate about, due to the bad reputation of some construction companies that do not respect themselves and break their promises to foreign customers and others.
- Therefore, there are model apartments before the construction of projects, in which all the materials used for cladding, the type of finishes, and the appliances delivered when the apartments are delivered are detailed, and they are complete with everything that is required for cladding and finishing a real apartment, and they are presented to the clients to confirm how the apartments will be delivered, but in your opinion, is this enough? ?
- Certainly not, because viewing and inspecting is not sufficient for that, but rather this must be stipulated in the initial contracts between me and the construction company, so make sure that there is an expert consultant in the subject of contracts or an official Turkish lawyer with you when signing, to make it clear to him that you accept the purchase based on the mentioned Specifically, these are the cladding materials and tools delivered to the apartment!
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Damas Turk Real Estate has this and has adopted it in many of the properties it has purchased for dear clients. If you would like us to be with you when you purchase an apartment under construction, “believe that you will need support in achieving this in a safe manner.” You must contact us to pave the way for you to obtain The perfect apartment you desire.
Fifth: The integrity of the legal documents related to the property and ensuring that the title deed is received directly
- One of the most important basic points that must be taken into consideration is the integrity of the legal documents related to the property under construction. There is nothing wrong with asking about the property and the project in the municipality or the land title directorate concerned with the place. Accompany the lawyer of the company that brought you to the project and inquire about all the legal documents for the property.
- As for the title deed, it is sometimes a dilemma. If the property is under construction, there may not be a ready deed immediately, and sometimes the deed is ready. Make sure as much as possible that the deed is ready in the projects you want to buy in, and if it is not there, make sure. You need to check the contracts and know the time of receipt or issuance of the title deed in order to transfer ownership directly to your name.
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- Damas Turk Real Estate now has many projects in its portfolio that grant the title deed to clients, even though the projects and properties are still under construction, and in pivotal and central places in the city of Istanbul. Let us help you find an apartment that suits your preferences and requirements, and then leave us the task of delivering the deed to you. directly.
What are the expected returns from investing in apartments under construction in Turkey and how are they?
- Investing in apartments under construction is one of the most desirable investments in Turkey for those who like to invest in medium numbers. It is done by purchasing the property on the map, for example, before establishing the project, or in the early stages of establishing the project. The delivery of the project or property takes place after two years, for example, or more. In general, the average delivery period is Maximum 3 years.
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- This is in light of the construction strength of most construction companies in Turkey, which is a feature that the Turkish state is proud of in general. Turkey, in particular, was able to obtain a reconstruction deal for the damaged places in the state of Ukraine, and this only indicates the size of the construction strength of Turkish companies, which It ranked third in the world this year.
- Investing in under-construction apartments has become very popular in the city of Istanbul in particular, in addition to being profitable and short-term compared to residential apartments, and it is done by purchasing an apartment in Istanbul under construction that will be delivered within two to three years, and here we can buy it at current market prices. And at a discount, and then sell them upon delivery of the apartments at market prices in the coming years.
- There are some construction companies for these projects that also repurchase the property from the buyer upon delivery, and guarantee him a profit of at least 30% and then resell it again, but if we wait longer, the profit will certainly exceed this percentage and more, and therefore these companies are always the first to Stop selling a good number of apartments for resale upon handover.
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- For example, a property under construction was purchased at the end of 2020 and delivery will be at the end of 2022. The construction company buys the property from the client after selling it to it, and for the same market value at the end of 2022. This advantage is provided by construction companies to reduce the burden on clients in searching for clients for their properties, and to achieve profits. them by buying back the property.
Average investment returns for apartments under construction in Türkiye
- In general , real estate in Turkey is subject to a price increase system at least every six months in proportion to the increase in inflation in general in Turkey. Prices also increase with fluctuations in the exchange rate of the Turkish lira against the dollar, and all of this indicates that buying a property under construction is a successful real estate investment in Turkey.
- Here in this strategy, the price difference is calculated between the purchase in the first stages and when the project is delivered, and usually the difference is at least 30%, of course, in the normal case, but if this property is in a distinctive location and has good features, the percentage may reach up to 60% and more. that.
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- Investment returns and the percentage that we can achieve in investing in apartments under construction, according to our rich experience in the market and experiences with specific projects, we were able to achieve profits that reached 30% and 40% of the capital, which is a significant number, but it must be within We create distinct standards and recipes with precision and care, which we mentioned previously.
- Of course, this investment also requires good capital exceeding 400 thousand dollars, in order to choose an apartment currently under construction within the available prices, and in order to easily sell it in the coming years. This is on the one hand, and here we remind you again that some construction companies offer it to whoever sold it. These apartments are purchased upon delivery in order to resell them at a high price.
- In fact, from what we have observed over many years in the Turkish real estate market, we say it frankly that investment in real estate under construction is the most profitable and fastest investment in the cities of Turkey, and that is based on real numbers, analysis and comparisons in the Turkish real estate market. Leave us the task to achieve this.
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- In conclusion, we say to you that the investment returns that we mentioned at the end of the article depend on achieving the previous five tips, which provide us with security in order to obtain a rewarding and abundant profit in Turkey. However, if we neglect one of the tips and ignore it, then we will actually lose a lot. Our article was full of advice. Important to you, do not neglect this and rely only on what has been mentioned. There are many things that may surprise you. Invite the baker to bake it while you enjoy the profits.
- Damas Turk Real Estate specializes in providing legal, real estate and engineering consultations within the city of Istanbul. We are agents for more than 300 points and projects in Turkey, specifically in the cities of Istanbul, Antalya and Bursa. We offer special services to you, starting with greeting you at the airport and ending with handing over the key to the property. Wait! The service is not finished yet. Rather, we provide professional after-sales services. Contact us to learn about them.