Best ways to buy a property in Turkey 2021
Turkey is a center of attraction for foreign investors of all stripes, especially the Arabs, as there are many investment opportunities, which prompted some investors interested in working in the trade sector of all kinds.
Others prefer to invest in the industrial sector to buy a property in Turkey, not to mention those who take real estate as an investment source by renting or reselling real estate in the Turkish market, one of the most active real estate markets in the world.
Istanbul, the economic and tourism capital of Turkey, occupied this city, which has become a pilgrimage for tourists from all over the world after capturing the hearts of tourists in the first place in terms of buying apartments in Istanbul on its European and Asian sides.
The reasons for buying apartments for sale in Istanbul differed between investment, housing, and spending vacations and annual holidays among the charming city's embrace.
But before taking this crucial and excellent step at the same time, are you sure that you have all the abundant information regarding buying a property in Turkey?
In today's article, we will talk about the most crucial information that an investor who wants to buy real estate in Turkey should know in the form of essential and valuable advice.
Table of content
- The most important information you must know before buying a property in Turkey
- Rights that you benefit from when buying real estate in Turkey
- Steps that should you take before buying real estate in Turkey
Best ways to buy a property in Turkey 2021
The most important things to know before buying a property in Turkey
When you decide to buy a property in Istanbul, you must take several steps to facilitate the buying process.
The following are the most important things you should know before starting on the procedures for buying a property in Turkey:
The successful buying process begins with the optimal real estate consultancy. The purchase goal (housing, investment) is determined, and the consultant provides you with the options available according to your request and the budget allocated for the purchase.
The real estate consultancy provides you with an overview of the vital and strategic locations in the city and the best areas for housing and other suitable areas for investment.
As for if you are looking for apartments for sale in Istanbul for the sake of an investment that brings you a monthly profit through rent, you should focus on vital areas.
If you want a guaranteed investment, we recommend investing in offices and shops. These properties are characterized by their strategic locations in commercial areas.
If the purchase's purpose is housing, we recommend choosing the area far from congestion and the central and tourist areas like Basaksehir.
If you like sea views, your destination will be Beylikduzu, which overlooks the Sea of Marmara from every direction, and is one of the best residential areas for foreigners and locals in Istanbul.
Rights that you benefit from when buying real estate in Turkey
Foreigners who invest in Turkey may encounter some situations that require rights that they must know to benefit from them. Every familiarity with the details helps the investor more for a successful purchase. We mention:
- If there is any failure or defect in construction during the first five years and you are not directly responsible for it, be aware that construction companies bear it legally.
- Suppose you discover the defect or deficiency and confirm that the construction company's fraud and intentional deception after the first five years have passed. In that case, you are legally entitled to hold the construction company accountable.
- You have the right to follow the construction company until it adheres to all the promises it made about the project in commercial advertisements, brochures, and publications explaining the guarantees and benefits of real estate investment in the project.
- If the construction companies made promises to furnish the apartment or villa with certain brands and did not comply, you have the right to hold them accountable if they are not available.
If you file a complaint against the contractor or construction company due to its deliberate failure, you are entitled to each of the following options:
- Get your money back by canceling the sales contract and returning the property to its owner.
- Preserving the property provided that the price of the property is reduced according to the defect found.
- Ask the construction company to pay for all the repairing expenses discovered during a real estate purchase in Turkey.
- Change the property and replace it with another according to the ads' specifications and the sales contract.
- Claim financial compensation from the construction company to repair the defect discovered in the property.
Steps you should take before buying real estate in Turkey
Before buying a property in Turkey, you have to check the following:
- Ensure that all documents are correct for the property that you are about to buy in Istanbul.
- Check all the title deeds and certificates necessary in the purchase process, such as the earthquake insurance policy, the energy identity document, and others.
- Be realistic during the search for buying real estate in Istanbul, and have a good inquiry about apartment prices in Istanbul.
- Avoid buying old Istanbul real estate, as it often does not contain the necessary and required documents.
- Try to buy an apartment close to transportation, as it is one of the most critical positive points that increase the property's demands if it is purchased for investment.
- Pay attention to the property's space.
- Ensure that the apartment you buy is subject to all the specifications of a modern and attractive building available on the standards of security, luxury, and quality, as it makes you live in comfort.
- Make the décor of your apartment, furniture, and kitchen of high quality, as interior features significantly increase your profit rate.
Suppose you intend to achieve high financial profits and returns through real estate investment in Turkey. In that case, we recommend that you follow these steps and consider the points mentioned above as they are an easy and fast way to a promising and guaranteed investment.