The real estate sector in Turkey, especially in the last decade, witnessed something similar to real estate competition, due to Turkey's renaissance in various fields that led to the attention of investors and greed for it, and there is no doubt that with all this demand, some serious mistakes will be made, whether in the procedures of ownership or what is alike, we will highlight in this article some of the problems that you may encounter when making the process of buying real estate in Turkey.
Problems of buying real estate in Turkey:
Through the following paragraph, we will learn about some important points that you should take a look at to ensure a successful purchase completely free of errors:
First: Falling into the Real Estate Fraud Trap:
One of the most dangerous warnings that you should avoid and guard against, especially with the development of social media, which has given us the opportunity to buy real estate in Turkey remotely or through the Internet, the trap can be impersonating the property owner by taking advantage of his absence or travel or forging the required papers and official documents as well and convince the buyer that this property will bring the buyer high profits and high financial returns, in addition to telling him that the property is suitable for obtaining Turkish citizenship, and also unreliable real estate marketers may provide the property to be sold without explaining to the buyer that the cost of investment and formulation of the property may be large compared to the expected return, and it may not be legally listed in the real estate registry, which means that the buyer will have to pay fines and financial expenses to solve the condition of his apartment legally, you should always pay attention because fraud methods are many and even new methods always appear.
Second: The fluctuation of the exchange rate of the lira against the dollar:
The instability of the exchange rates of the Turkish lira raises the concerns of many investors coming to buy real estate in Turkey. In 2018, the Turkish lira witnessed a fluctuation in its exchange value and the movement of its circulation against major currencies such as the euro and the dollar. It was also noted that the Turkish economy remained steadfast despite the decline in the price of the lira and the decline that occurs in it from time to time, especially in the year of the pandemic, and with regard to the point of depreciation of the Turkish lira against the dollar and the euro, it is often in the interest of the foreign investor, as most of them accept to buy real estate in Turkey while they have the dollar or the euro, and as we know that buying these properties exclusively in Turkish lira will make foreigners benefit from the currency difference.
Third: Choosing the wrong property:
Before searching for the property, you must determine the purpose of your purchase, for example, you want it for housing, real estate investment, or in order to obtain Turkish citizenship when you own a property whose price exceeds or equal to 400,000 US dollars and not sell it before the passing of 3 years, if you want it For the sake of housing and residing in it, the property must be fully compatible with the specifications you desire and your goals that you also dream of without being restricted within certain laws or rules. As for real estate investment, you must definitely draw your attention to some important laws that will help you get high profits and financial returns during investment, to mention but not limited to (view, proximity to vital places, strategic location, internal specifications of the property).
Fourth: Ignorance of the stages and steps of owning a property:
Some of the people who want to buy real estate in Turkey are unaware of certain steps they must take, and sometimes they are ignorant of all the steps such as (how to register the property, how to follow legal procedures within official departments, how to search for a property) and many more, here are the steps you should know in order to not get into trouble:
-You must first deal with a real estate company with high confidence and integrity that always strives to provide a lot of services for your benefit because it saves you time and effort by offering many options of apartments and real estate that you aspire to, and then you can get real estate advice from experts and specialists in the field of real estate. This is one of the most important steps.
-As for the next step, which is to make tours on the ground to see the property to make sure that it meets all the specifications you want, then you have to open a bank account, after extracting the tax number and the evidence of its importance that the purchase process is only suitable for its presence, as it is granted only to those who do not have a Turkish nationality in order to facilitate all government procedures related to it, after that you have to sign the purchase contract between the buyer and the real estate company, where it is placed in the two languages of the Turkish language and the mother tongue of the buyer, and then a deposit is paid to the real estate company to book the property, after that you have to prepare the papers required to obtain the title deed, the property tax is then paid by both the seller and the buyer.
Fifth: Finding it difficult to pay the property value:
There is a large group of investors who prefer to buy real estate in Turkey under construction or in installments because they are unable to pay the full amount of it or because they want to use their capital in more than one investment field, and you should pay attention to a very important point when you go into buying a property in installments, you have to agree with the construction company or the seller on what suits you, and all of this must be documented in the sales contract, and be careful if you do not have enough money to pay your payments on time so that you do not face paying fines.
Sixth: Ownership within remote and far areas:
As we all know that buying real estate in Turkey, especially within the city center, is very expensive, so some investors and foreigners who do not have enough funds resort to heading towards distant places or the suburbs as well. These places will cause you some problems in the future, for example: If you want to live and reside there, over time, you will lose some of the basic services that provide the entire needs of the population, such as schools, universities, hospitals, transportation and many more. On the other hand, their prices may be an opportunity for who does not have a lot of money, but it will cause some obstacles in the future.
Seventh: Avoid buying large real estate:
In the case that you own apartments in Turkey in order to invest, you should take into account an important point, which is the area of the property. You should stay away from large areas and prefer to choose small or medium ones because the demand for them is great and if you think of selling them one day, that will be easy.
Why to choose zoom real estate company for a real estate investment trip in Turkey ?
– helping you finding suitable properties for real estate investment and obtaining Turkish citizenship.
– We offer extensive real estate services in Antalya, where we have Apartments for sale in Antalya with the most beautiful views in addition to all types of residential, commercial and hotel properties .
– Our services extend to various areas of Istanbul where you can find luxury properties for sale that meet your wishes.
– We have properties for sale in Turkey in installments .
– Investing in earthquake-resistant buildings in Turkey and ensuring the best service standards
Although there are negative aspects of buying real estate in Turkey that we have highlighted above, there are many advantages and smoothness in facilitating the procedures, and what we have provided is only in order to be more careful and mindful.
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