Investor Rights

Arab investors' interest in Turkey's real estate is an old phenomenon. It is considered one of the main reasons for obtaining Turkish citizenship through real estate investment.

It was noted that one of the most preferred real estate investments by the Arab investor is to buy apartments within a complex due to several factors such as:

Purchasing a new housing instead of second-hand.
Compared to the numbers of large houses/apartments and the intense competition in a city like Istanbul, real estate prices in the new complexes are quite reasonable.
The process and procedures of new property purchase are easy.
New complexes provide better social services and facilities than old buildings and old complexes.

On the other hand, it is hard to say that investing in new complexes cannot be tricky; therefore it is important for foreign investors' to be aware of their rights. In this article, we will outline some basic rights for investors:

Construction companies are legally responsible for defects or negligence in the house for five years. In case of any problems i.e. in the elevator or the piping network not resulting from the investor use, the investor may hold the construction company accountable.
In case of deception and/or concealed defects or negligence, there will be no time limit of five years to hold the construction company liable; once the defect is discovered, the investor can claim his rights.
The construction company is also obliged to fulfill all the promises it made in commercials, advertisements, brochures, etc. For example, if the advertisement includes a certain kind of kitchenware or flooring material, but the construction company did not provide it, then the investor is entitled to hold the construction company accountable.

The ability to hold the construction company liable for defects in the property gives the investor many rights “Under the new rules and regulations enacted on February 15, 2019; the investor has the right to either:

Return the property to the construction company and terminate the sales contract.
Keep the property but may claim to reduce the sale price in proportion to the amount of defect or negligence.
Requesting the construction company to repair the damages free of charge.
Replace the property with a new similar one if possible.
Claim financial compensation in addition to the options mentioned above, if the defect or negligence caused additional losses.

These rights may be claimed individually, and the consent of the contractor is not required.

Investor Rights

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