Is it safe investing in property in Turkey in 2021? Now, more than ever, it’s a safe and lucrative investment. We always advise you to consult a solicitor. Purchasing real estate in Turkey is a significant investment to make. Global investors are flocking to purchase Turkish real estate market.
Real estate in Turkey
Typically, real estate investing in Turkey is regarded as one of the most prestigious economic activities in the world. If you want to buy real estate in Turkey, first decide what your budget is. Buying property in a city in the hub is where you can start your real estate portfolio. This article may be of use to you, how do I make a good investment in Turkish property?
When determining the property’s value, keep the following in mind:
Land, residences, and houses are examples that influence the value of real estate.
The supply and demand of real estate.
The property’s size m2 and area.
Rental properties and rental payments.
The surrounding climate in Turkey is the Mediterranean climate.
The economy of the country.
Laws and regulations concerning building regulations.
Behaviour and preference patterns.
The benefits of the land/property.
Factors of the high real estate value include:
Inflationary effects.The Turkish property market impact on supply and demand.Development and infrastructure impact.Development and economic transactions.Cash flow of real estate. Improvements, decoration and other alterations.
What are the causes of the poor value of real estate?
Properties market’s demand and supply. Turkish citizenship and real estate – is there a relationship?
Millions of tourists are attracted to visit Turkey year on year; many are Arab tourists, visiting twice a year. An assessment of yearly figures, in addition to what existed before the new Turkish Citizenship law. It demonstrates the feasibility of ownership and Turkish property investment in the long term.
Turkish property appraisal
The valuation is carried out by real estate specialists with a government license and are competent to give real estate evaluation in Turkey. The Turkish government requires a real estate expert who has been approved whose job it is to appraise the property’s purchase value.
What real estate documents are needed?
When you purchase an apartment on a site that is key ready, you will receive property documents in full for your apartment, which will show sole ownership and look after all your legal rights. Before you purchase an apartment, the real estate registry must be checked to see if there are any restrictions on it, such as attachment or mortgage; your solicitor will do this for you. The legal requirements are not shown on the title deed (Tapu). Therefore, the Real Estate Registry Department need to be verified for inquiries and disclosure.
A reservation fee is needed
If you wish to buy an apartment in monthly installments, you will need to pay a deposit. The deposit is a slice of the total purchase price. Usually, the first investment is 35% of the purchase price, with monthly payments for three years. One or more, as a result of following the construction companies’ plans. The reservation sum is paid as a deposit to show you are keen on buying the apartment until the first payment is received. If the investor decides to not go ahead with the purchase, they should have a refund within four weeks.
Cost of purchasing property
Once the purchase contract has been signed, the investor made a payment to begin the property transfer. The fees cover the costs of contracts and translation at the notary (Noter), as well as the costs of registering the property in the buyer’s name in the Tapu. These costs are typically paid in two installments and amount to 4% of the property’s value.