A guide to safe real estate investment in Turkey

The real estate sector represents one of the most important fast-growing economic sectors in Turkey, which is attracting investors from outside the country, to take advantage of the legal advantages and opportunities provided by the real estate ownership regulations for foreigners.

However, there are many questions that arise regarding the precise details of these investments and the most successful ways to deal with them and avoid falling into problems that may result from a misunderstanding of the laws or a poor knowledge of the language, and even misinformation by promoters and intruders in the real estate market.

How can the investor distinguish between the many real estate companies in terms of safety and quality of service?

The investor must verify that he is dealing with a reliable real estate company that has the title deeds for the real estate that it offers for sale, however let us note that

There are 3 types of title deeds which are:

• The title deed of the land on which the property is located,
• Title deed of unfinished real estate,
• The apartment number is written in the full title deed, meaning that the municipal procedures and the deed were completed without any defects.

How does the investor choose the specifications of the property he intends to own in order to avoid misleading information and exaggerated promotion?

There are several procedures that a person wishing to buy a property must take, the most important of which is to see the property he wishes to buy and inspect it on the site, and if it is possible to verify the validity of the images used in advertising and promotion, the investor can add the requests that he deems important and guarantee his rights to the sale contract that is concluded with the real estate company .

Real estate investment expert, Engineer Abdullah Adak advises the investor to verify that he is dealing with a reliable real estate company (Al-Jazeera)

What explains the large differences in real estate prices?

These price differences are completely related to the real estate location, for example the city center and the areas near the Bosphorus are always very expensive in Istanbul, and proximity to public transportation facilities in the area in which the property is located is another factor that raises its price, as well as proximity to vital facilities, such as hospitals, schools and centers. Business and shopping.

Add to that the special privileges of the property location, such as the distance from the airport and proximity to it, the sea view, the modernity of buildings in the area, the readiness of the title deed, the legal conditions for housing in the area, and the state of earthquakes in it, and for these reasons we can find out the reason for the price differences between regions in the same city.

How can an investor verify the quality and specifications of the building materials that were used in the construction of a building he wants to buy before purchasing?

This clearly shows from the quality of the building, which reflects the quality of the raw materials used in it, which must comply with the earthquake regulation published in the Official Gazette No. 26511 on May 3, 2007 and the building permit obtained after this date, to ensure that the buildings are free from security problems related to In terms of safety from earthquakes, the important thing here is not the date of completion of construction, but the date of obtaining its license, in this case we certainly do not recommend the purchase of buildings that are not constructed according to earthquake regulations.

However, in order to know a good construction, those who want to buy can ask about the quality of all materials and brands used in construction and finishing, such as ceramics used in wet floors, sound insulation, moisture and heat insulation, wallpaper, bathroom and kitchen furniture, and sanitary ware. If the specifications of these materials are included in the sales contract, we can verify Its quality in the market, and if it is not included in the contract, we can add it and then check its quality before signing.

Many ads talk about the rental guarantee for the property after selling it. What is the guarantee for this lease? How true is it?

Such ads exist in hotel apartments, commercial real estate and office complexes, where the real estate company announces the price of the apartment at a higher than its real value and promotes that by announcing that it guarantees the rent for this property for a period of time ranging between two and five years, often.

In this case, it is necessary for the investor to carefully and carefully calculate the purchase price and tax expenditures from the rent, and he must pay attention to the eviction of the tenant who fails to pay the rent may take many years, and this tenant may not be available at a value that is equivalent to the high price of the property, and thus he may buy The investor is a real estate that is more expensive than its real price and the real estate company fails to rent it at the appropriate value, so the real estate to be purchased in this form must be carefully and carefully studied.

What is real estate residence? Can it be developed into a naturalization file?

According to the current law, a two-year residence permit is granted to a foreigner who owns a property and to all family members if they wish to do so, and then proceeds with the nationality procedures according to known conditions about the price of the property, proof of ownership, etc. Then, when he obtains the nationality, he makes sure that he obtained it through this property.

What are the installment systems in place to buy the property? How is it related to the rate of inflation?

In cash sales, prices are cheaper than selling by installments, but the possibility of installments exists and the difference in inflation is added to it, so that the installments are applied by the real estate company or the bank that has been contracted with on real estate or the bank and the financial institution that will agree with the buyer directly.

What are the payments accompanying the property ownership process? How big is it?

The largest of these fees is the title deed fee, where the two parties pay equal property sales tax, which is a 2% tax of the sale price from both sides, equal to 4% in total, and based on the deal or agreement between the seller and the buyer, it is possible to agree that one of them will bear the tax in full, and the other fees are Small sums such as fees for the sworn translator, notary, and title deed registration office.

What are the accepted rates for real estate brokers and real estate dealers? And does he pay it?