Real estate investment in Turkey: risks that are important to consider
Unfortunately, in April 2023, real estate sales in Turkey fell by as much as 35.6%. A total of 85652 properties were bought. This result is expected, as after the big earthquake, all forces were directed to rescue residents and remove the rubble. The pace of real estate sales was also affected by the inspections of developers after the earthquake. The most popular cities for foreigners are Mersin, Istanbul and Antalya.
Risks to consider
There are several risks that you should consider before buying property in Turkey.
Dishonest realtors and suspiciously low cost of housing. When buying such a home, you may encounter many pitfalls' 'stones. These include hidden owners, high debt, encumbrances on the property and more. In addition, there is a high risk of meeting with brokers who will sell you non-existent housing. To prevent the appearance of negative consequences, the best option will be to contact a reliable and trusted real estateagency.
Power of Attorney. If you will not be able to stay in Turkey, it is necessary to make a power of attorney for another person and be sure to sign the agreement at a notary. It is very important to find a trusted person. The best option will be to execute a power of attorney for a licensed real estateagency, as this will prevent the risks of investing in real estate.
Buying real estate during the construction phase can carry risks. If you are buying a home on an installment plan, the price won't seem that great.
To buy an object in Turkey, you will need the following documents: a copy of your passport, 4 photos, and a tax number. What is a tax number? It is a number that is assigned to a particular person by the Turkish Tax Authority. As a rule, such a number is quick and easy to obtain and regardless of whether there is an official residence in the state.
The tax on the transfer of ownership is 4 percent of the cadastral value of the property. If you have purchased a property worth $400,000 or more, you can obtain citizenship in Turkey. In addition, the owner'
In case you buy a property on the primary market, your data will be written in the certificate of ownership. In case you buy a home on the secondary market, you need to check the seller's TAPU and get a new one, where your data will be specified.
How to buyreal estate in Turkey: 7 important steps
There are several important steps that must be adhered to in order to buyreal estate in Turkey profitably.
The first step is to research the real estate market in order to find a safe, profitable and' 'suitable option. You need to know the following factors: the legal basics of investing and buying and selling real estate, market performance during space periods, factors that affect the real estate market, and future projects that will affect the real estate market.
Define a strategy. You need to develop a customized budgeting strategy as well as the length of time to lock in profits.
The third step involves choosing a real estate consultant. The choice of the consultant determines how profitable the real estate purchase will be. A reliable company should have legal authorization to operate, positive feedback and recommendations from their clients, experience, a' 'also projects and high quality real estate investment opportunities.
Select a city. If you are looking to buy a tourist property, consider cities such as Bursa, Istanbul, Antalya and Kocaeli.
Determine the most suitable neighborhood in your chosen city.
The last step consists of deciding on the timing of the purchase of the property.
The last stage is to make the final decision on the purchase.
Following these guidelines, you will be able to choose and buy the right property profitably.
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