The most important thing you should know about the returns of Istanbul apartments for sale
Foreign investors who think about buying property in Istanbul have been attracted lately towards buying property in Istanbul in residential complexes that are characterized with their sophisticated design and apartments and with integrated services that result in monthly returns that the foreign investor must pay periodically.
What are the returns and how are they paid?
Real estate returns are periodic fees that are collected from every owner or lessor of an apartment within a residential complex in exchange for the basic services such as security, cleaning, heating, electric elevator, maintenance, as well as entertainment and exercise halls. Swimming pools, sauna and various other facilities offered by modern complexes in Istanbul.
The majority of investors prefer buying property in Istanbul within the residential complexes, given the availability of luxury services that make the property owner or the renter benefit from all the facilities and complete luxury provided by the complexe without the need for leaving it.
How to pay the monthly returns in a residential complex in Istanbul?
The returns value in Istanbul properties is paid by a joint collection from the whole apartments in the complexe for the use and benefit of integrated services where the excess amounts are collected as monthly returns for each apartment in accordance with the floor property law, which we will detail later.
It should be noted that the monthly revenue amounts that are paid to the management of the residential complex in Istanbul, part of which is provided to pay the dues of companies specialized in the field of services that are used by all residential complexes in Istanbul to implement services related to security, cleaning, elevators and various other types of maintenance.
The residential complex management in Istanbul is responsible for rationalizing the use of the resources available to the complex for a more effective use, and continuing to provide services along the lines of permanent insurance for the maintenance of elevators, for example.
When buying property in Istanbul in a residential complex the task of managing the complexes does not stop at the service side only, but also works continuously to update these services with new services or the construction of additional social facilities and smart solutions that facilitate the lives of residents within the complex more and more.
The returns of some residential complexes may witness an increase in the amounts to be paid if the residents agree with the management to provide new services.
And like what we mentioned previously, the process of maintaining social services within the residential complexes requires employing workers, and also entering into contracts with specialized companies and here all property owners within the complex are entitled to participate in the management of all decisions where meetings are organized from time to time for all owners of the complex to exchange information regarding inclusion of any new service, and the owner of the apartment can attend or delegate anyone else in his place, given that the notification of the meeting is published on the notice board and sent by mail days before it takes place.
With regard to taking decisions regarding the residential complex, most of the complexes adopt voting as the main method for taking decisions on any matter, and in the event that half of the owners of apartments within the complex do not attend, the decision-making is postponed to a second meeting to be held later.
As for the method of covering the expenses of managing the residential complexes, the expenses of managing the complex are distributed among the residents according to what is stipulated in the provisions of the floor property law, which depends on the share in the ownership of the land and the area of the property, as well as the division equally or differently.
The provisions of the floor property law do not preclude the possibility of interference with the management of the complex, which also has the ability to define special provisions if necessary.
The law does not allow evading the payment of the monthly returns, but it is desirable to pay them in advance, otherwise a fine will be imposed on the evaders, as it applies to those who are late to pay the proceeds of the payments in time a fine of 5% for each month, while the value of the delay is calculated per day, and in the event of default the matter may leads to the filing of a lawsuit that results in a legal mortgage on the property and in some cases the ruling to transfer the property.
Many experts agree that the value of monthly returns in offers for buying property in Istanbul is the lowest in major capitals compared to the size and quality of services provided