Is it safe to invest in real estate in Turkey? It’s a safe and worthwhile investment. As you would in your home nation, consult a lawyer. Investing in real estate in Turkey is not only a great concept but also a significant investment. Investors from all over the globe are clamouring to enter the Turkish real estate market and reap the rewards of its stability, power, and bright future. Nonetheless, they may come across a few new terms and concepts related to the Turkish real estate industry, which is not insurmountable.
Real estate in Turkey
Typically, when you invest in Turkish real estate it’s regarded as one of the most prestigious economic activity in the world. If you want to invest in property in Turkey, you must first figure out how much it is worth. Which of these terms and concepts is most crucial? Purchasing property in the city where you plan to start your real estate career.
Determining the property’s value
Land, residences, walls, and homes are examples of real estate, and elements that influence the value of real estate include:
The supply and demand are in equilibrium.
The property’s location and total size.
Profit margins on rental properties.
Natural elements include the weather and the surrounding climate.
The effects on the country’s economy.
Laws and regulations govern all aspects of construction, demolition, and rental buildings.
Patterns of behaviour and preferences in general.
The prospective benefits of the land/estimated property.
Factors that influence the high real estate value include:
Turkish real estate market has an impact on demand and supply.
Infrastructure development is essential.
Economic development and transitions.
Real estate creates a significant amount of cash flow.
Grounds improvements, such as decorations and other additions.
The following are some of the causes behind the poor value of real estate:
The property market’s demand and supply conditions.
The relationship between Turkish citizenship and real estate.
Turkey attracts millions of tourists each year, with many of them, mostly Arabs, coming twice a year. A simple assessment of annual expenses, in addition to what existed before the new Turkish Citizenship law, would demonstrate the economic feasibility of ownership and Turkish real estate investment in the medium and long term.
The evaluation is carried out by Turkish real estate specialists with a government license and are competent to work on real estate evaluation. The Turkish government has issued an order requiring the attendance of a real estate expert who has been approved by the ownership department and whose job it is to appraise the property’s purchase value.
Documents concerning real estate
When you buy a property in a complex that is ready for delivery and dwelling, you will receive complete property documents for your unit, which will demonstrate your ownership and preserve your legal rights. Before buying an apartment, you should check the real estate registry to see any restrictions on it, such as attachment or mortgage. Because the requirements are not indicated in the title deed, the Real Estate Registry Department must be verified for disclosure and inquiries.
Both the first charge and the reservation fee are necessary
If you wish to buy an apartment every month, you’ll need to put down a deposit. The deposit is a portion of the total purchase price determined as a percentage. In most situations, the first investment is 35% of the purchase price, with monthly payments for three years. The deposit is the amount paid as a deposit to show you are serious about buying and keeping the apartment until the first payment is received. If the buyer decides to terminate the purchase, he is entitled to a refund within a month.
After signing the purchase contract, the buyer made a payment to begin the property transfer process. These fees cover the costs of contract papers 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.