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Five real estate tips for foreigners planning to buy property in Turkey

11/11/2022 Investment in Turkey 231 Five real estate tips for foreigners planning to buy property in Turkey

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To avoid falling victim to fraud, exploitation, or misbehavior on your part, we have prepared this article titled " Five real estate tips for foreigners planning to buy property in Turkey." For a rich source of information, make sure to read this article.

We provide real estate assistance to foreigners considering purchasing property in Turkey in order to help them find the ideal apartment in a secure and desirable manner, and we now extend that assistance to you by outlining the key milestones you must reach along the way of buying a property. And remember, it is necessary to pass through these points in order to achieve the right goal.

The most crucial tool a client may have today when purchasing real estate in Turkey is the right compass, which directs him to choose an apartment that fits both his demands and his budget while also ensuring that the process is free of difficulties, mistakes, and traps. You must consider everything we will talk about in this article today in order to avoid any challenges like that.

Damasturk Real Estate Company will outline the most significant real estate tips for foreigners looking to purchase a property in Turkey, covering various factors that must be carefully addressed, beginning with the selection of the real estate consultant and finishing with attention to the quality of the apartment and its lack of problems such as mortgages and the like. Let us discover these tips. 

Five real estate recommendations for foreigners considering purchasing property in Turkey

  1. Finding an experienced real estate advisor in the Turkish real estate market

In Turkey, like in any other country, you will need a partner who will accompany you while you explore and get to know the country from the inside. However, the step of purchasing real estate assets in any country requires a professional real estate adviser to pave the path for you. Thus, if you insist on depending on your expertise or insight, you will almost certainly make a mistake.

So, what exactly is the role of a real estate consultant in Turkey? Damasturk Real Estate, your real estate advisor, has prepared various key points for you. We have offered and will continue to offer the following benefits to all of our clients: So, what exactly do we do, dear investor?

  1. Having a born-to-do-business company with you at all times who knows all walks of life ensures a safe outcome.
  2. The real estate advisor serves as a legal safeguard to prevent you from being a victim of fraud or other illegal activities and to guarantee that you lawfully acquire the title deed.
  3. The real estate advisor is the person who walks you through prior experiences he had with customers and how he was able to get successful investments.
  4. The real estate advisor provides you with the complete picture when selecting the property for sale in Turkey and attaining the intended purpose of the acquisition.
  5. The real estate expert is completely capable of defining Turkey and the areas that are appropriate for the needed investment.
  6. The real estate consultant's duty is to offer guidance while also accepting responsibility for all of the recommendations he makes.
  7. The real estate advisor acts as your advocate to negotiate the finest terms and pricing for the properties you wish to purchase.
  8. The real estate consultant helps you with a variety of additional tasks during your home-purchasing process for investment purposes, the most crucial of which is the application for Turkish citizenship. He will also provide you with other services, and he will be by your side throughout every step of the way.

Choose Damasturk Real Estate with confidence when purchasing a property in Turkey, considering our extensive experience in Turkish cities, particularly Istanbul, Antalya, and Bursa. Do not hesitate to get in touch with us. 

  1. Purchase according to your needs and budget

Turkey offers a wide range of options and real estate opportunities, beginning with the cities, as every city offers a unique set of benefits. When an investor purchases an apartment for sale in Istanbul, he gets a residence in a posh community with a stunning view in a tourist and historical city. The areas inside Turkish cities also provide a range of advantages, some of which are better suited for settling down and raising a family and others of which are more tourist-oriented.

Knowing your real estate investing objectives greatly influences the type of property you may purchase. The objectives can range from real estate residence to Turkish citizenship, financial gain and investment, housing, and settling down, which, for example, puts you in front of possibilities for apartments near service locations like schools and health facilities, as well as apartment sizes that match the number of family members.

In general, there are a few crucial considerations to take into account when looking to purchase an apartment in Turkey:

  • The excellent position and good view: Turkey is a very unique country, and each of its cities is distinguished by a unique vista. The chances of a profitable investment in a property, regardless of whether you choose to sell it or rent it out, are increased by the careful consideration given to what you like, in addition to the strategic position of that property, such as if it is close to schools, health centers, shopping centers, and service centers in general, as well as the main roads and transportation networks.
  • The property type: We already highlighted that there are several real estate investment strategies available in Turkey. The success of your investment and the avoidance of risks are guaranteed by your thorough understanding of the type of investment you want. There are properties that are just used for residential purposes, like villas and apartments, and there are other properties that are utilized for commercial purposes, like offices and retail shops.

It is important to keep in mind that residential real estate, some of which are good for living and stability, and others which are more suited for investment, like when the owner wants to rent them out or sell them after a time, differ as there are preferences and requirements which must be available in residential apartments in order for them to be suitable for settling down, as well as other preferences for investment apartments in order for them to be acceptable for investment.

The following table lists the three essential points, which are the location, the space, and the view:

Factors to consider

 Residential apartments

Investment apartments

 Location
  • Schools, universities, health facilities, transit hubs, shopping malls and stores, leisure areas, and workplaces should all be within close proximity to the property.
  • Close proximity to the city core and popular tourist destinations.
  • Close proximity to shopping malls, transit hubs, and other amenities.
  • Close proximity to major thoroughfares and important locations (restaurants, cafes, clubs), particularly in the case of vacation rentals.
 Space
  • It must be proportionate to the number of persons in the family.
  • It is preferable that it be of medium size owing to the increasing demand for properties of this size and the ease of renting it out or selling it, provided that it is within the investor's budget.
  • It is desirable for the property to be on the Office Home system so that it may function as both an apartment and an office at the same time.
View
 
  • In accordance with the property owner's preferences.
  • It is preferred if the apartments have a nice view, as this boosts the property's market value.
  1. Choosing the right location in line with the purpose of buying an apartment in Turkey

Turkey is a big country with 81 provinces. Each city in these provinces has its own municipalities, and each municipality has its own region. And luckily, each region has something unique that sets it apart from the others, such as a total view of the sea, being surrounded by greenery and woods, or even being on a lake.

Additionally, each area has its own unique content, some of which is tourism for leisure and vacations and some of which is business for the goal of investing and generating investment returns, so this section is primarily in the core. The goal of the purchase has to be compatible with the region and place. And in this case, what do you need?

Damasturk Real Estate puts every location in your hands, complete with its demographic environment, the sort of land it is, its distinct advantages and disadvantages, the population there, the kinds of activities it enjoys, and the specifics of the details that do not easily come to mind. You only need to be able to match the appropriate place with your goal if you want to buy an apartment in Turkey and make a success of that.

Schools and other places of interest should be close by—restaurants and retail areas you can take your kids to—or, in exchange a financial investment that yields investment returns in the proper location, etc. You now know the main points in brief; get in touch with us to get your desired results. 

  1. The property's value and its alignment with prices in the Turkish real estate market

This advice is quite sensitive, knowing that a good proportion of individuals have experienced regret after purchasing a property in Turkey, and the reason for that is the subsequent discovery of a huge discrepancy between the price of the property they purchased in comparison to the prices of properties in that region. Many buyers have reported being duped by this while thinking they were getting the best deals, and that has shocked them deeply.

Those who felt duped had a variety of grounds for their regret, but the main one was that they had not hired a real estate consultant or that they had picked the wrong one. This is what we stressed at the beginning of this article, so it is critical to use the appropriate consultant and real estate evaluation to match the apartment's worth and pricing with the market price.

How do you accomplish this? First, compare and analyze the desired property with the relevant real estate in the area. This is done by doing real research rather than using information obtained from potentially deceptive web sources. Instead, real estate appraisal companies may do so; nevertheless, even these companies must be respectable and well-known, not just any company. 

The importance of obtaining a real estate appraisal report

Before purchasing any property in Turkey, a real estate appraisal report is now a crucial requirement and procedure. The Turkish government passed a number of laws earlier in 2018 to safeguard investors' rights, particularly those of foreigners, and prevent real estate fraud.

One of these regulations mandates that before buying any property, a real estate appraisal report must be obtained. The report contains precise information as well as explanations of all aspects of the property, including its true cost. The real estate appraisal report is issued by a specialized individual who works for an official entity that is authorized to provide real estate assessment reports. 

  1. Verify that the property is free of a mortgage or similar issues

One of the most crucial things to fully comprehend is that you need to make sure the property is free of any troubles like foreclosure or other potential issues. There are several ways to do this, yet many buyers lack the expertise to do so and might not be certain that everything is accurate.

  • First and foremost, pay close attention to the apartment's history and past. You should be aware of this property's history from its construction to the present and, if required, examine the property archive records in the relevant municipality. Before making a purchase, you must have this knowledge; hence, having a professional consultant with you is advised.
  • Second, confirm that there are no mortgages or accumulated debts on the property, including real estate loans, mortgages resulting from accumulated debts, seizures as a result of divorce proceedings, and the like. There are various causes for such issues, so you must make sure the property is free of them all. Otherwise, following the transfer of ownership, it would be only natural for you to assume responsibility for them all due to the lack of experience.
  • The third factor is the type of title deed. Have you ever heard of the several forms of title deeds in Turkey? What are its many forms and developmental stages? What would be the status of the acquisition if the property is under construction or completed? A lawyer who is knowledgeable about all of these issues and their specifics is required. Do not expose yourself to adopting a title deed that you could regret having in the future because you were misinformed when you made the purchase.

Therefore, prior to even making the deposit payment in exchange for the apartment's purchase, it is essential to be aware of all legal aspects of the apartment. Anyway, the issues that burden a significant portion of Turkish real estate, the most notable of which were mortgages, accrued taxes, or unpaid payments, have actually impacted many individuals. And unfortunately, it is true that some individuals have purchased apartments in this situation!

Damasturk Real Estate Always do deep research on the history of the property before engaging in any discussions or agreements with real estate owners. We can guarantee the legitimacy of the property for the intended objective through relationships with the governmental entities involved with these issues. Therefore, choosing us ensures your safety when completing the process of purchasing a property in Turkey. 

Methods for paying the seller and avoiding fraud

The most crucial advice in the process of buying a property in Turkey is the method of money transfer. There are two aspects to this: the first is whether the purchase is made directly from the construction company, and the second is whether the purchase is made directly from the property owner. In both situations, it is important to pay attention to the transfer method to prevent falling victim to real estate fraud.

The process of purchasing a property in Turkey goes through this station, which is, to a great extent, the most sensitive of all the stations. You are recommended to have a companion who is an experienced adviser or lawyer, and all transfers should be handled through banks rather than in person or with cash to prevent theft and other hazards. Let us first show you how to transfer money directly to the construction company. 

Direct money transfers to construction companies

To begin, you are absolutely secure if you deal with construction businesses that have government guarantees, such as Emlak Konut, Toki, and others. You only need to make a bank transfer or deposit money directly from your own account. However, if you have a specific property that has already been agreed upon and the deposit should be paid on that basis, then the only information that has to be given in the "clarification box" when depositing or transferring along with your name is the property number and the name of the project.

If you are transferring to a private construction company, you must first decide on a specific property in advance with the project management team, pay the deposit, and then decide formally—not orally—on the timeframe for delivering the title deed. This is a source of concern for many people who purchased properties from construction companies and were shocked to receive the title deed after a year or two.

In this situation, you must reach a settlement with them through a contract requiring the submission of the title deed at a specific time and not just rely on verbal assurances. Because construction companies commonly protect themselves, and for that reason, we recommend the buyers who want to buy an apartment in Turkey take the initiative and carefully read the whole contract to ascertain the earliest possible date for the transfer of ownership before transferring cash.

A bank transfer can also be used to transfer money, either from outside or inside Turkey. In this case, the buyer's name and the property number are used in the explanation box, and the money is then sent to the construction company. However, make every effort to transfer and obtain the title deed as quickly as you can; do not rely on promises or other factors. 

Direct money transfers to the property owner

If you are dealing directly with the property owner, you will require an experienced specialist in the real estate sector because many unfortunate buyers have been conned at this highly sensitive station. To begin, you must ensure that all legal documents pertaining to the property are in the name of the person to whom the transfer will be made, and you must not accept the transfer to anyone other than the owner of the property. 

After making a modest deposit payment, you must inform the property owner that you are prepared to transfer the rest of the money throughout the title deed transfer process! Under any circumstances, you should not agree to the money transfer a day, an hour, or even a few minutes in advance. Before completing the direct bank transfer, make sure you and the property's owner are at the title deed office working on the ownership transfer.

No matter what, do go unprepared; you need to have everything ready, like increasing the bank's transfer limit, or you may fix the transfer at the bank and provide confirmation while transferring the title document. Alternatively, if the owner agrees in advance, you can have the bank issue a check for the full value of the property and present it to him. In these circumstances, a check is typically the best method of money transmission.

Another transfer mechanism is known as TAPU TAKAS BANK. The guarantee between you and the property owner is this practice. Where money is paid to the title deed office in advance, for example, a day ahead of time, and the property owner, in this case, would be assigned along with his bank account and when the title deed certifies that the transfer of ownership has occurred in your name, the money is transferred straight to the property owner. However, because this method necessitates certain processes, many real estate owners occasionally refuse to use it.

Damasturk Real Estate remains with you every step of the way in each of these scenarios, and we always ensure that the means of money transfer are risk-free, secure, and without any room for suspicion on either party's part. Choose your real estate consultant wisely, and find out how he can ensure a secure transfer. Get in touch with us right away so we can provide you with all the information you want in this regard. 

Top motivating factors for investing in real estate in Turkey

  • Turkey is a crucial crossing point between Europe and Asia and boasts a first-rate infrastructure that encourages successful investment.
  • The Turkish government's facilities and benefits for foreign investors have also resulted in the establishment of legislation that safeguards and maintains the rights of the investor.
  • Turkish legislation does not distinguish between a foreign investor and a Turkish one when it comes to the taxes and fees associated with real estate ownership.
  • The figures show a recovery and expansion of the Turkish economy, as well as an unparalleled expansion of the real estate sector, which paints a positive picture of the future and consistently draws in new investors.
  • Freehold ownership, as Turkish law does not need a particular amount of time to possess the property, and the property becomes the buyer's perpetual property, with the right to transmit it to his offspring and no fear of nationalization or confiscation.
  • If the value of your real estate assets surpasses $400,000, you are eligible to apply for Turkish citizenship and benefit from the Turkish passport.
  • The prospect of making sizable financial investments and earnings in the real estate sector is attractive, particularly if they are made in a tourist-friendly country like Turkey.
  • Whether they are investing in real estate or anything else, Turkey permits international investors to repatriate all of their profits and investment returns back to their home countries without running afoul of Turkish law.
  • Whether you want to purchase apartments for sale in Istanbul or any other city, you will discover a wide range of possibilities on the Turkish real estate market.

According to appearances, investing in real estate in Turkey is a bold and hopeful move toward a rich future. The concept of settling down and living in Turkey through real estate ownership is a successful and stable pillar for spouses and families seeking a better future for their children in a stable and safe country with an economy that is always developing and offers a lot.

So, dear reader, we have emphasized the major recommendations you should keep in mind when you purchase real estate in Turkey. Do not hesitate to get in touch with us if you have any inquiries so that we can assist you in identifying the solutions that best meet your requirements. 

To sum up

Our article today, titled " Five real estate tips for foreigners planning to buy property in Turkey," stressed the most crucial points to pay attention to. And the way to do so is by selecting a real estate consultant, selecting the ideal location for the property, and confirming the property's actual worth with an emphasis on the absence of any mortgages or other encumbrances. Thus, let us take care of the chore of making sure that everything is alright; get in touch with us straight from this page by clicking here.

Damasturk Real Estate specializes in delivering legal, real estate, and engineering consultancy services in Istanbul. We represent more than 300 points and projects across Turkey, particularly in the cities of Istanbul, Antalya, and Bursa. The particular services we provide to our clients begin with a welcome at the airport and finish with the delivery of the key to the property owner, in addition to expert after-sales services. Contact us right away to find out more.

 

Edited by Damasturk Real Estate©

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