Before embarking on any real estate transaction in Turkey, investors must take important steps to study the real estate situation in depth, and these careful steps and thorough verification can reduce risks and ensure optimal investment and whether you are aiming to live, rent or invest in real estate in Turkey, understanding the condition of the property before purchasing is essential to ensure the success of the deal and protect your investment.
How do I study the state of real estate in Turkey before buying?
The following are the most important tips for how to study the real estate situation in Turkey before buying:
Ensure the existence of a real estate appraisal:
It should be ensured that there is a real estate appraisal report when considering buying a property in Turkey, and on February 15, 2019, the General Directorate of Land Registry and Real Estate Records, affiliated to the Ministry of Environment and Cities of the Republic of Turkey, issued Circular No. 1/2019, and reiterated the importance of having a real estate appraisal report for every foreigner as of the date of the decision and the Land Registry Directorate was not only limited to investors wishing to obtain Turkish citizenship, but also made the real estate appraisal one of the most important documents for foreign dealers when buying and selling real estate in Turkey.
Real estate experts in Turkey provide valuable advice when buying a property, focusing largely on the importance of real estate appraisal, and they show the right way to get this report before you start the buying and selling process.
The real estate appraisal report includes important aspects, such as the basic information of the report and information related to the land registry and it also includes accurate information about the location, means of transportation and the general surroundings of the property, and the report also includes all legal notes related to the property, technical specifications, and factors affecting the evaluation and it gives details of the approach used in evaluating the specific information and the procedures taken in finding all the important details.
Check with the property owner:
Ensure that the entity selling the property is the real owner of it. It is advised to provide a copy of the property title deed and review it at the Real Estate Department (Tapu Department) and verify that the information mentioned in the bond matches the real estate records and this procedure must be done through the confirmation of the Real Estate Department staff (Tapu) only and this golden advice is considered one of the most important guidelines to consider when starting real estate purchases in Turkey.
Verify that there are no restrictions on the property:
It is necessary to verify that there are no restrictions on the property, such as foreclosure or foreclosure signs that impede the buying and selling operations, and these restrictions may negatively affect the value of the property or directly affect its price, depending on the type of sign or violation and the Real Estate Directorate in Turkey must be reviewed to verify the restrictions, as the restrictions are not usually recorded in the property title deeds, and the real estate appraisal report of the property must also be checked, and the management plan must be checked by the Land Registry Directorate, as it contains the rights and restrictions of the primary property owner and these rights and restrictions are transferred to the new owner upon purchase of the property and therefore, it is always recommended to have an expert in real estate restrictions during transfers and this expert will provide advice when buying a property to ensure the protection of your investment from the legal and commercial aspects.
Verify the type of real estate allocation:
The types of real estate title deeds in Turkey used in the buying and selling of real estate can be similar in some cases, as for example, if the property title is a temporary title deed; As it happens in real estate under construction or with which construction has not yet begun, it must be ensured that there are no obstacles impeding the conversion of the right of temporary ownership of the real estate into a permanent right of ownership after the completion of construction and all building and renovation permits related to the real estate project must be completed, in addition to any other relevant permits.
Tips before buying real estate in Turkey:
- Ensure that there is no tenant in the property in question, and if there is a tenant, confirm the date of eviction.
- Verify that there are no taxes incurred by the property owner and this advice is especially important for people who are interested in buying ownership apartments.
- Checking the eligibility of the seller or the person responsible for selling the property, to ensure that he has the right to carry out the sale process.
- Ensure that there is no other previous owner of the property.
- Verify that there are no rights attached to the property, such as mortgage, rent or any other rights.
- Visit the real estate site and ensure that it is suitable for the intended use, whether it is for housing, work or any other purpose.
- Try to obtain a copy of the property ownership contract, to verify that there is no previous transfer of ownership of the property and that there are no rights due on it.
- Verify that the area, specifications and information mentioned in the title deed (Tapu) match the reality of the property.
Benefits of owning real estate in Turkey:
- Turkey enjoys relative economic stability and an active real estate market, which makes it a suitable environment for real estate investment and the diversified economy and the orientation towards development and growth support the continuity of the real estate sector.
- Turkey has passed laws aimed at attracting foreign investors, such as the real estate property law and in addition, Turkey provides multiple financing options for foreign buyers, including financing from local and international banks.
- A rewarding investment return can be achieved from renting real estate in Turkey, especially in tourist, commercial and desirable areas.
- Some programs in Turkey provide an opportunity to obtain Turkish citizenship and a Turkish passport by purchasing a property of a certain value. Turkey also offers easy and flexible programs for obtaining a real estate residence permit for investors and their families.
- Turkey has a wide variety of properties of different sizes, styles and locations, allowing investors to choose from a wide range of options.
- Thanks to the trend towards urban development and economic development, the value of real estate in Turkey can increase in the long term.
- The Turkish government pays great attention to attracting investments and providing an appropriate investment environment, which prompts more investments in the real estate sector.
When studying the real estate situation in Turkey, investors can enjoy promising opportunities, rewarding returns, and obtain Turkish citizenship and a Turkish passport and while ensuring a safe and successful investment, with a thorough understanding of the Turkish real estate market and legal and financial procedures, investors can avoid risks and achieve success in their real estate journey in this exciting investment destination.
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