Buying an Apartment in Turkey
Tourism in Turkey:
Turkey is considered one of the most important tourist attractions for visitors, due to its charming view of four major coasts (The Mediterranean, the Dead Sea, the Aegean Sea and the Sea of Marmara); also, the hot-water resorts are among the most important tourist places in Turkey.
Turkey is also the region where Europe meets Asia. It is distinguished by many features as well as being a distinct cultural mixture for combining both Islamic and Western cultures.
Especially the city of Istanbul, which combines the enchanting natural beauty with the high mountains and heights to add a charming view of the city.
What distinguishes Turkey the most is its ancient history that dates back to the Stone Age crossing through other eras. It is also considered one of the most important places for religious tourism because of the ancient sanctities it has.
Turkey also has the largest number of medical organizations, as Istanbul alone hosts a huge number of modern centers and hospitals equipped with the latest medical equipment, making it one of the most important places for medical tourism in the world.
Recently, Turkey has become preferred over the rest of European countries because of the advantages that are provided to foreigners by the Turkish government, including the right to citizenship, real estate ownership, investment, and many other advantages.
How to buy an apartment in Turkey?
Conditions for choosing the right place:
- The purchase of a real estate in Turkey must be through a well-known, reliable, and trustworthy company or a company that one of your acquaintances may have dealt with before. Although there are large companies in Turkey, you may be subject to fraud.
- Pay attention to the taxes before buying the property, and beware of the property that has accumulated taxes, because in this case when you buy, you will not be able to receive the property or sell it to benefit from it before all taxes are paid.
- Try to buy the property through the company directly or through one intermediary so you don’t have to pay a big amount of money.
- The area is better to be far from crowded projects and the property should be located in a desirable area so that you can sell it easily and make a profit without having to wait.
- The area of purchase must be developing and have a promising investment future because this will highly increase the value of the property.
- Make sure to buy the apartment in an area where the municipality cooperates with foreign investors because the presence of the property in an area marred by complaints will make it difficult for you to invest and sell.
- Having the apartment between several tourist areas to reach easily will increase the value of its tourist rent, and this grants you the benefit of selling it later at a very good price.
- The price of the property should be reasonable and commensurate with the prices of neighboring properties in the same area.
How does investment in Turkey works?
How to buy and make a profit from live estates in Turkey:
There is no doubt that Turkey, like any other country in the world, owns many types of real estate, including apartments suitable for housing and stability and many commercial real estate. Commercial real estates may not suit you as a place to live. However, it is very profitable.
- You have to define your goal: Are you looking for an apartment or an investment property?
In other words, do you want to buy an apartment to live in and sell it later, or buy a property and sell it within a short period?
Real estate marketing companies may not always promote properly that the investment property located in a good investment area has better financial profits than buying a normal apartment for housing and then taking advantage of buying it again later.
- Property area’s selection: the luxury of the area plays a huge role in the price of the property, but from the investors’ point of view that the investment place is the one that has a great demand for the region’s residents and this is what we call the correct investment for the region.
- Do not buy in ready-to-live projects: If you are looking for a real investment. A strong real estate developer often raises its price at the end of the project, and this is a great opportunity to make a profit and it is rarely found in ready-made projects.
- Buy the property in (cash) and not through installments. Buying in cash will help you save 15% of the amount to invest it elsewhere.
- Choose a strong real estate developer: projects in Turkey are generally divided into three sections:
Governmental project: the real estate developer in this case is the Turkish government itself, and the landowner is the government as well.
Projects with government guarantee: the Turkish government is the landowner while the real estate developer is a private company
Private projects: The real estate developer is a private company that does not have any government guarantee.
The best projects for investment are those that are guaranteed by the Turkish government, while all government projects are a little far from investment.
- Buying in the city center or its outskirts: good investment areas are often located on the outskirts of the city. However, it does not reap the same profits, as the ones are located in the city center.
What are the best times for real estate investment in Turkey?
The best times for real estate investments in the world are when there is little demand and a lot of supply.
The tourist seasons and the seasons for large property purchases are not the best for real estate investment and reaping an appropriate profit.
- Buy your property in the winter seasons to get a suitable price. Due to the lack of demand in this period, you will get many appropriate offers, and you may get payment facilities from the company itself.
- Global economic crises: The best time to buy and invest a property is in the economic crisis. Move away from freezing funds and start keeping them in the form of real estate. When the crisis ends, we will notice a significant increase in the price of the property.
- The real estate developers’ need to sell at certain times: This is what makes them make strong offers and lower their prices, and this is what the smart real estate investor should exploit.
- A property that is never lost or has minor losses is the one that has always a high demand: it is often a commercial property rather than a residential one.
- Real estate or gold: the real investment is with these things only, far from freezing funds.
Useful advice when buying a property:
- The title deed (Tapu): When you buy the property, check the title deed carefully and compare the name on the title deed (Person’s name) and ID name.
- Do not buy from the Internet alone without gathering information about the company’s reputation or knowing someone who has dealt with it before.
- It is okay to buy the property while the project at its start, but try to deal with well-known companies and trusted people because many companies do not finish their projects.
- Do not hurry to buy a property, take your time to make the decision. Ask a friend you trust and try to see many projects so that you do not regret it in the future.
- Companies are one of the most important things in real estate fields. Try to buy from previously known companies and ask for their previous projects. Try to know more about how they operate to be completely sure, perhaps you may not like them.
- Hire a translator when necessary. Perhaps there are words in the contract that you did not understand well and in this way, there will be someone to help you without being defrauded. The contract is a very important thing so study it well and read it more than one time because one word can make you vulnerable to fraud. One more thing to remember, the company is the one who needs you and not the opposite.
- Find the right offers for you and contact the company itself.
- Inquire about the legal status of the property and its previous owner, and do not forget to review the real estate registry before signing the contract to verify all the details.
- Take a look at the company profile before you make a deal and pay your money.