Given the density of real estate projects, both residential and commercial, buying properties in Turkey in general and Istanbul in particular, experts at First Istanbul, who have been closely monitoring the real estate market for years, believe it is essential to pause here and provide several tips for those interested in buying properties in the coming period.
Thoroughly research reputable real estate companies in Turkey:
The idea of buying a property requires extensive research and studying the best real estate companies that can facilitate the buying process, whether for residential or investment purposes. It is essential to deal with a reliable real estate agent who can manage and simplify the purchasing process, help choose the most suitable property at the best price and provide clients with information about all the current real estate laws, especially those related to foreigners owning properties.
Consider the geographic location:
Buyers should have a comprehensive understanding of the best geographic locations that align with their purchasing goals in Turkey. Due to Turkey’s vast territory and its location between two continents with multiple seas, it is necessary to focus on this aspect and answer the important question, “Where will I buy the property?” This question requires determining the choice, whether the property is for residential purposes or investment. Investors always aim to achieve the highest profit margin and minimize potential losses.
Ensure legal compliance and safety of the property: It is important to carefully review the terms of the purchase contract and have a clear understanding of them. Also, it is necessary to verify the property’s legal status in official entities such as the Land Registry and Cadaster Directorate. This ensures that the property has obtained all the necessary approvals from relevant authorities, including building permits and complete ownership documentation. By doing so, it guarantees that the property is free from any current or potential legal risks.
Research the construction company before choosing the property:
Numerous construction companies in Turkey compete to present their projects, but only a few operate with credibility, especially when it comes to the status of the property’s title deed (Tapu), whether it is “unavailable, pending, or full ownership.” Some companies may not strictly adhere to the terms of the contracts, which can lead to problems between the client and the company, potentially escalating to Turkish courts. Issues may arise regarding the actual area of the apartment as stated in the contract compared to the area at delivery, as well as delays in completing the construction, resulting in delayed delivery of the purchased property if it is still under construction. It is crucial to ensure that the chosen company is among the most reputable real estate companies operating in the country.
Determine the purpose of the purchase:
It is crucial to specify and inform the real estate company about the purpose of buying the property, whether it is for residential purposes, investment, or obtaining Turkish citizenship. Purchasing a property for residence, especially for Arab families, requires meticulous research and the involvement of the real estate company in selecting the appropriate property for this option. When it comes to investment properties, properties with fewer rooms tend to generate higher potential profits. For example, studio apartments (1+0) or one-bedroom apartments have the potential to generate higher returns for investors when rented out compared to apartments with more rooms. Similarly, those interested in purchasing property to obtain Turkish citizenship should choose properties that match their actual value with the declared price, as property valuation can determine whether the property meets the conditions for obtaining Turkish citizenship. Also, the title deed status is another requirement for granting citizenship to foreign investors.
In conclusion, “First Istanbul” experts emphasize that “one does not buy a property every day.” Therefore, it is important to consider multiple factors and take advice into account before deciding to purchase an apartment to avoid future complications.
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