Most buyers entering the Turkish real estate market for the first time are asking similar questions. The source – decided to simplify the task for novice investors and answered a number of the most popular questions related to the selection and purchase of investment property.
Turkish housing market
Over the past few years, large-scale changes have taken place in some cities of Turkey, so the value of Turkish real estate has reached such a level that it is noticed all over the world. Thriving Turkish construction companies strive to build such facilities that embody all the southern flavor and world-class amenities. If you are interested in buying a property in this unique place, we recommend reading the answers to the 10 most common questions on this topic.
How to choose a reliable developer in Turkey
Buying or selling a house is not easy, and it is one of the most important financial decisions in life. That is why it is important to choose an experienced real estate agent who will help you in this process. There is no shortage of real estate agents in Turkey competing for work through online advertising, advertisements and signage in courtyards, but choosing the right one from such a variety may seem difficult. To make sure that you have hired the right professional, listen to these following recommendations:
- visit a real estate agency, personally communicate with the consultants you have chosen;
- get to know the team better;
- ask about the availability of an appropriate license to conduct business;
Personal communication with a real estate company allows you to find out how reliable it is.
How to avoid misinformation in the process of choosing a property in Turkey?
To prevent any fraud, deception or circumvention of laws in the Turkish real estate market, use the following tips. Among the most important procedures that a buyer intending to buy Turkish housing should undertake are the following:
- a personal visit to the property you want to buy to view it in its actual location and thus actually verify the authenticity of the advertisement;
- a preliminary visit to the website will allow you to add some queries that you consider necessary and include them in the contract of sale with the real estate company.
What affects the cost
To better understand the pricing of real estate in Turkey, we suggest you familiarize yourself with the following important points:
- the cost of housing in Turkey is closely related to the location of the object. Real estate near the city center will cost more than remote real estate. For example, buying a property near the Bosphorus is more expensive than real estate in the Esenyurt area;
- prices also depend on proximity to public transport. For example, real estate located near metro or bus stops is more expensive compared to real estate located far from a developed transport network;
- the cost of housing increases if the object is located near vital infrastructure, for example, near hospitals, schools, kindergartens, shops, commercial centers, universities, etc.;
- proximity to major facilities and vital areas also plays a role in determining the price of real estate in Turkey;
- the design of housing, its modernity, the readiness of the ownership document, the payment of taxes, etc. – all these factors affect the price of property. Therefore, it is necessary to pay attention to all these aspects before calculating the budget for the purchase of housing;
The quality of the building is manifested in the quality of the raw materials used in its construction. It must comply with the earthquake regulations published in Article No. 26511, and the construction permit corresponding to this date.
Is it possible to get a guaranteed rental income in Turkey
The «guaranteed rental income» scheme is one of the most common formulas for investors who want to buy into real estate in Turkey. This formula is really the simplest options for investing in Turkish real estate. Thus, the average return on investment in real estate in Turkey in 2022 is 4-6%, depending on the type of property and the area in which it is located.
How to check ownership documents
TAPU (Certificate of ownership) is an important document when buying real estate in Turkey. There are several types of property rights in total:
- an agricultural title allows you to carry out various types of agricultural activities on the land you have acquired without building it up.
- construction documents: in such documents, key information about state ownership, without taking into account information about independent parts of the property, means that the property is registered as a whole and is not divided into separate parts, for example, as separate houses and sheds, outbuildings, warehouses, factories and similar structures.
The ownership document is also divided into:
- easement – a document that gives you ownership, but is not final, is provided to you when the property is under construction.
- TAPU is a full–fledged document of ownership of real estate, with which you can confirm full ownership of the property without any problems or concerns.
Is it possible to get a Turkish residence permit or citizenship for the purchase of real estate
As soon as you become the owner of a property in Turkey, this automatically gives you the right to obtain a residence permit. A residence permit is issued for a period of one year with the right to re-extend for a similar period. To obtain Turkish citizenship, one condition must be met – the cost of the object must be at least USD 400,000. At the same time, it must be owned for at least three years, otherwise the citizenship will be revoked.
You can also buy several objects. If their total cost is more than or equal to USD 400,000, you can apply for Turkish citizenship.
Does inflation affect installments in Turkey
Buying real estate for cash is considered the best option for investors and end buyers. So, the property is much cheaper than in installments, since the difference in inflation is added to the contributions later.
As a rule, installment purchase contracts depend on the difference in inflation, regardless of whether these contracts are concluded with a real estate company, a bank or any financial institution that negotiates directly with the investor/buyer. The real estate market in Turkey is the fastest growing in recent years, which has a positive effect on the growth in the value of real estate.
What is the amount of additional expenses when buying Turkish housing in 2022
Any purchase of real estate in Turkey is accompanied by additional costs. The property tax is 4% and is divided equally between the developer and the buyer.
Other expenses are related to the services of a lawyer, translator, property tax (Emlak Vergisi), earthquake insurance of the facility, connection of utilities, communications, Internet, as well as service fees (Aidat).
How much do real estate agent services cost
Contrary to expectations, the commission to the agent is paid by the developer, not the buyer. The construction company pays the cost of the advertising campaign made by real estate agencies.
How can the process of buying and owning property be facilitated
To save yourself from unnecessary hassle, you need to carefully choose the city in which you plan to buy a house, correlate its capabilities with your goals and understand whether this is a suitable place for investment or living.
Do you need professional support and advice? Contact specialists of Turk.Estate and they will help you choose a property that will match your preferences and goals. You can choose an apartment or a villa in Mahmutlar with the help of the website.