The Turkish Real-estate Sector is one of the most important, fast-growing economic sectors in Turkey. It is attracting many investors from outside the country. But there are many questions that arise regarding the precise details of these investments and how to avoid falling into problems that may result from misunderstanding the laws, lacking knowledge of the language, or even misinformation spread by promoters and fake agents in the real estate market.
The real estate investment expert and consultant at Imtilak Real Estate in Turkey, Abdullah Adak, says that the investor must verify that he is dealing with a reliable real estate company which has title deeds for the properties that it offers for sale. However, let us note that there are 3 types of ownership bonds: The first is the title deed of the land on which the property is located, the second is the title deed of unfinished real estate, and the third is the apartment number written in the full title deed, meaning that the municipal procedures and the bond have been completed without any defects. He added: “We always advise investors to buy real estate with full title deed if possible. We can verify the quality of the real estate company’s service through full transactions and the time required to issue or transfer the title deed without delay”.
Adak revealed that there are several procedures that a person who wants to buy the property must perform, the most important of which is to see the property he wishes to buy and inspect it on the site, and if it is possible to verify the validity of the images used in advertising and promotion. The investor can add requests that he deems important to guarantee his rights in the sale contract that is concluded with a real estate company.
Regarding the large inconsistency in real estate prices which often makes a house exceed the price of another house in the same city by 10 times, Adak explains that these price differences are completely related to the location of the property. For example, the city center and areas near the Bosporus are always very expensive in Istanbul. The proximity to public transportation facilities in the area in which the property is located is another factor that raises its price, as is the proximity to vital facilities, such as hospitals, schools, business and shopping centers.
According to the current law, a residence permit is granted for a maximum period of one year to a foreigner who owns a property as well as to all family members if they so desire. The owner can then proceed with the citizenship procedures according to known conditions regarding the price of the property, proof of ownership, and other things. The important thing here is for the buyer to make it clear that he wants to obtain citizenship when buying the property, and then make sure when he obtains the citizenship that he obtained it through this property.
As for installment systems that are set place for real estate purchases, Adak explains that in cash sales; the prices are cheaper than selling in installments, but the possibility of installments exists and the difference in inflation is added to it, so that the installments are applied by the real estate company or the bank that was contracted with the real estate or the bank and financial institution which will deal with the buyer directly.
After the investor decides to buy, he will choose the city in which he will buy and the region in that city according to his purpose in the purchase, whether it is residence or investment. Then he examines the possibility of buying in it, because some cities and regions allow specific proportions of the structure to foreigners. After that, he must search for development prospects in the region, and the price increase in it in the future. If it is approved, he must examine the year of construction and the status of the title deed of the property to be purchased before he signs the contract, which once signed will make him the owner of the property.