Is it safe to buy a property in Turkey? It is a secure and significant investment. Use a solicitor as you would in your home country. Real estate investing in Turkey is not only an excellent idea but also a fantastic investment. It has reached such a stunning worldwide level that investors from all over the world are clamouring to enter the Turkish real estate market and reap the benefits of its stability, power, and bright future. Even so, they may come across several new concepts and words relating to the Turkish real estate market, which is not insurmountable.
Turkish real estate
Usually, Turkey investment in real estate is one of the most prestigious economic activities globally. If you are looking to buy real estate in Turkey, you must first decide how much it is worth. Which of these terms and concepts are the most important? Investing in real estate in the city where you intend to begin your real estate career. This is a good read and can help you, I want to buy a property in Turkey is it possible?
What to look for when determining the property’s worth:
Real estate includes things like land, dwellings, walls, and houses, and elements that influence the value of real estate include:
Supply and demand are in balance.
The location and overall size of the property.
Rental property profit margins.
Weather and the surrounding climate are examples of natural factors.
The impact on the economy of the country.
Construction, destruction, and rental properties are all governed by laws and regulations.
Behaviour patterns and preferences in general.
The land/estimated property’s potential benefits.
Factors that contribute to the high real estate value:
Effects of inflation.
Impact of the Turkish real estate market that determines demand and supply.
Transitions and economic development.
Real estate generates a lot of financial flow.
Improvements to the grounds, including decorations and other enhancements.
The following are some of the reasons behind real estate’s low value:
The demand and supply conditions in the real estate market.
The link between Turkish citizenship and the real estate market
Millions of tourists visit Turkey each year, with many of them, mainly Arabs, returning twice a year. In addition to what came before the new Turkish Citizenship law, a simple calculation of annual expenses would reveal the economic feasibility of ownership and Turkish real estate investment in the medium and long term.
Appraisal of property
Real estate specialists with a government license qualified to work on real estate evaluation in Turkey carry out the evaluation process. The Turkish government has issued a decision mandating the presence of a real estate expert who has been recognised by the ownership department and whose job it is to appraise the property’s purchasing value.
When you acquire an apartment in a complex that is ready for delivery and housing, you are provided complete property documentation for your unit, showing your ownership and protecting your legal rights. Before purchasing an apartment, you must notice the need to reveal the flat’s real estate registration to see if it is subject to restrictions such as attachment or mortgage. The Real Estate Registry Department must be verified for disclosure and enquiries because the conditions are not specified if they exist in the title deed.
The first charge, as well as the reservation fee, are both required
You must make a down payment if you want to buy an apartment on an installment basis. The deposit is a sum of money calculated as a percentage of the total purchase price. In most cases, the initial investment is 35% of the property price, with three years of monthly payments. One or more, as a result of following the plans of the construction businesses. The reservation sum is the amount paid as a deposit to confirm the serious buying intent and hold the apartment until the first payment is received. If the buyer wants to cancel the transaction, he has the right to get his money back within a month.
The buyer paid a quantity of money after signing the purchase contract to initiate the property transfer process. These charges include the expenses for contract paperwork at the notary (Noter) and their translation, as well as the fees for registering the property in the buyer’s name in the Tapu. These fees are generally charged in two installments and are equal to 4% of the property’s value.