Real estate investment in Turkey is a good idea, not just a good idea it’s a great investment. It reached this remarkable global level, the desire of investors around the world to enter the Turkish real estate market and benefit from its reliability, power, and bright future and content is increasing. Still, they can run into a set of new concepts and terms related to the Turkish real estate market, which is not impossible to overcome.
In general, Turkey real estate investment is one of the world’s most prestigious economic activities and one of the most important divisions of investment in Turkey property, which has enticed many of the world’s leading energies in recent years. When you decide to buy real estate in Turkey, you must first determine its value. What are the most relevant of these terms and concepts? Purchasing real estate in the city where you want to start your real estate investment. The question you need to ask is why should you invest in Turkish property?
The value of the property – what to look for:
Lands, homes, walls, and houses are examples of real estate, and factors influencing the value of real estate include:
Supply and demand equilibrium.
The property’s location and total area.
Returns on rental properties.
Natural factors such as the weather and the surrounding climate.
External factors that influence the country’s economic environment.
Laws and regulations governing construction, demolition, and rental properties.
Patterns of behaviour and preferences in general.
The expected potential benefits from the land/property.
Here are some of the reasons for the high real estate value:
The real estate market’s effect on demand and supply.
Economic development and transitions.
Real estate cash flows at a high pace.
Decorations and other improvements to the grounds.
Reasons for the low value of real estate include:
The real estate market’s demand and supply conditions.
The real estate market’s connection to Turkish Citizenship
Millions of tourists visit Turkey each year, and it is noted that many of them especially Arabs visit on a semi-annual basis. With a simple calculation of the expenses paid annually, the economic feasibility of ownership and Turkish real estate investment would appear in the medium and long term, in addition to what preceded the new Turkish Citizenship law.
Real estate appraisal
The evaluation process is carried out by real estate experts who have a government license that qualifies them to work on real estate evaluation in Turkey. The Turkish government recently issued a decision requiring the presence of a real estate expert recognised by the ownership department, whose task is to determine the purchasing value of the property.
Documents related to real estate
When you buy an apartment in a complex that is ready for delivery and housing, you are given full property documents for your apartment, proving that you own it and preserving your legal rights. You must notify the need to disclose the real estate registry of the apartment before purchasing to know if it is subject to restrictions such as attachment or mortgage. Since the conditions are not listed if they occur in the title deed, the Real Estate Registry Department must be checked for disclosure and inquiries.
The first charge as well as the reservation fee
If you want to buy an apartment on an installment basis, you must make a down payment, which is a sum of money measured as a percentage of the overall purchase price. In most ventures, the initial cost is 35% of the property price, with monthly payments for three years. One or more, and this is due to following the building companies’ plans. The reservation sum is the deposit paid to confirm the severe purchase intent and reserve the apartment until the first payment is made. The buyer has the right to recover the reservation amount within a month if he wishes to cancel the purchase.
Costs of purchase
After signing the purchase contract, the buyer paid a sum of money to begin the property transfer procedures. The fees for contract documents at the notary (Noter) and their translation, as well as the registration fees for the property in the buyer’s name in the Tapu, are included in these costs. These payments are 4% of the property’s value and are typically charged in two installments.