Mistakes you need to avoid when buying apartments for sale in Turkey
Previous experiences of buying property in Turkey are not free from mistakes that caused their owners some distress and embarrassment, and were lessons from which newcomers learnt the right way for buying property in Istanbul or any other Turkish city.
In this regard, a number of foreign investors, especially Arabs, who have committed mistakes during the process of owning property in Turkey, tell their experiences to Alhuda in order for any foreigner who is considering real estate investment in Turkey to avoid them.
The most important mistakes that you need to avoid while buying property in Turkey
Among the most mistakes in which Mazen, an investor from Iraq, and Bushra, an investor from Algeria, and Hatim, an investor from Libya, made and urgently warn any foreign investor in Turkey, from falling into their trap, we find:
- Focusing on one of the advantages of the apartment and neglecting the rest of its negatives, i.e. if a foreign investor wishing to buy a property in Istanbul for the purpose of ownership or obtaining Turkish citizenship turns to the area of the property while neglecting the price and the proximity to vital areas, schools, hospitals, transportation, etc., which is a fatal mistake that must be avoided by the foreign investor, where the options and financial capabilities must be balanced, such as buying an apartment with less space, but the number of rooms in it or its distribution is appropriate with its proximity to social facilities that would provide services that facilitate the life of the buyer and members of his family
- That a foreigner who wants to invest in real estate in Turkey buy a property in the heart of the city at a hefty price, since Turkey knows annually an exponential growth in the prices of apartments in Istanbul and the rest of the cities, i.e. the value of the investment returns is high and therefore it is right for the investor to buy property in Istanbul within promising urban regions like Basin Express instead of ownership in the Fatih region, for example, as the first is witnessing a great rise in the numbers of major projects, vital roads and other services that would provide the complete comfort of the investor with guaranteed profit.
- Avoid impatience, as it is one of the most important things that may frustrate the process of buying property in Turkey, as property ownership deals require great patience in order to seize the best opportunities, as the real estate market in Turkey is one of the strongest and most competitive markets in the world and therefore the investor must realize that buying a property in Turkey, and needs time and carefulness, and asking many question, to reach the goal.
- One of the common missteps among foreigners who want to buy property in Turkey is to put their full focus on the price and the extent of the region's popularity, but the better is to think about the future of the region, as the ownership in a region that may seem far and empty today will be useful tomorrow, especially with the urban revolution that Turkey is witnessing so, the foreigner better think in investing in Esenyurt for example and after years he reaps double profits instead of buying property in Sisli at exorbitant prices without increasing in the future.
- Permanent updating of information regarding the real estate market that does not know stability, whether in terms of projects that grow significantly or prices or real estate, legislation or regions. For example, in the past ownership in Beylikduzu was considered a popular option, while in the last three years it turned into the most prestigious areas of living In Istanbul with high prices and today it contains huge real estate projects, and the same applies to laws, for example, obtaining Turkish citizenship before 2018 was impossible in the event that the value of the property is less than a million dollars, and with the updating of the legislative text, foreigners can obtain the Turkish citizenship by owning a property worth 250,000 dollars only.
The investor should also be aware that the ownership procedures may differ in Turkey from one state to another, for example obtaining military approval during the purchase of apartments in Istanbul may take only 3 days, while in the case of choosing Malatya state it may take a month and like the length of time there are other procedures that differ from one state to another.