Turkey has recently witnessed a huge economic boom, which made it one of the most important countries in the field of real estate investment, especially after the law amendment to foreign ownership of real estate in Turkey and the new Turkish citizenship law. This has increased the demand of buying and investing in real estate in Turkey.
A list of the most important elements that you should consider when buying a property in Turkey:
First: seeking the assistance of a specialized consulting office to choose the right property.
Many people who try to get real estate themselves regret their decision after, because acquiring a property in Turkey seems easy yet can be tricky.
Therefore, finding a reliable real estate office is an important step, where the real estate office will assist in several things such as:
- Choosing the most suitable property for you by offering many suitable options.
- Ensure that the property is legal so it will not put you in trouble later.
- Negotiating the price, which guarantees that you will get the property at the best price and without being subject to fraud.
- Handling the legal procedures of the property ownership.
Second: Choosing the right location.
There are many purposes in purchasing a property in Turkey, such as: residence and housing, investment, tourism, obtaining Turkish citizenship and other purposes.
Therefore, before buying a property, it is necessary to choose the appropriate property based on the purpose of its purchase. This mainly affects the location of the property, including the city, view, location facilities, and infrastructure.
For example, when choosing a property for investment, it is preferable to be in an area with an economic growth, and preferably built in a modern style as this ensures the price increase over time.
- If you are looking for a property for the purpose of housing and residence, it is preferable to be nearby the necessary public facilities, such as hospitals, schools, and commercial complexes, in addition to main roads and highways.
- If the purchase is for tourism purpose, it definitely should be in a touristic area with scenic and calm nature, in order to enjoy the trip or vacation.
- While the location of the property does not matter I n case of obtaining Turkish citizenship, it remains an added advantage to the property, so that it can be chosen as a secondary objective based on the previous three items.
Third: Determine the property specifications.
Determining the specifications of the property depends mainly on the nature of its use, and these specifications includes: the location of the property, the interior design and the view.
Fourth: Determining the budget allocated for the purchase of the property.
In general, you can buy real estate either by paying cash (paying the full amount to the property owner), or by paying the price of the property in installments and on a monthly bases. In both cases, it is necessary to assign a certain budget for the purchase to ensure that you have a smooth experience without any financial stress.
It is worth saying that your budget mainly affects your decisions. Commonly you will be offered at least two options for purchase that meet the required specifications of the property. However, the price varies based on the location, for example, one at a high price in a vital area where all basic services are available, and the other at a convenient price but in a less lively area, and here comes the final decision of a the budget.
Fifth: A set of indispensable legal details
The previous four items are considered basic items that you must think through when buying a property, but there are other items that must be taken care of, usually taken care of by the real estate company that you hired when buying the property, which we have already talked about in the first point, including:
- Review the real estate registry to ensure that the property is legal and has no problems, which we have already talked about.
- Issuing a real estate evaluation report from the competent government agencies, in which it is important to protect you from fraud, and as it is a critical document in order to obtain the Turkish citizenship.
- If the real estate is for investment, you should ask about the expected monthly revenue if it is suitable for you.
- If the property is for another purpose, it is preferable to inquire about its monthly expenses, to be calculated within your monthly consumption, thus feeling financially secure.
- Obtaining permission from the Turkish army stating that the property is far from military bases, which is essential before paying the full price of the property, and it usually takes 2 to 4 weeks to issue it.
- In case of purchasing a property under construction. Make sure that the construction company is credible, the legal documents are official, and has a good reputation.
- The ownership contract contains many detailed articles, therefore, we advise you to translate the contract into your native language through an approved translator, and to certify the contract with a notary public or the so-called notar.
Finally, for more advice or tips in this field, contact us as a leading company specialized in the field of real estate investment and development.
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