Buying Real Estate in Turkey: Many individuals ask if investing in real estate in Turkey is risky. The answer is yes but It can also be a highly rewarding investment. However, several precautions must be followed to ensure that the purchase is reliable.
Many individuals, however, have heard of some infamous stories concerning the Turkish real estate market, in which people lost all of their life savings. The majority of the anecdotes are from a time when foreigners’ house-buying in Turkey was haphazard and time-consuming. Turkey, on the other hand, realized after around ten years that the country was getting a bad reputation. After those years, Turkey took steps to allow foreigners to obtain title documents as quickly as possible (in as little as two days), which is something that few countries offer.
How to Buy a Property in Turkey with Confidence?
Hire a lawyer
Although Turkey’s laws do not oblige you to hire a lawyer, it is recommended that you do so. They’ll be in charge of preparing documents, while your lawyer will act on your behalf and conduct due diligence, such as seeking for a mortgage on the home. It’s debt, and if there’s any, the sale won’t go through.
Contracts must be notarized in Turkey.
In Turkey, no court will accept a contract that has not been notarized. As a result, if you have a disagreement over the purchase of your home, the contract is null and void.
Certificates of Habitation for Turkish Properties
Global Turkey Property will never list a property without a habitation certificate. The reason for this is that without one, a property’s value plummets. So, if you spot a nice price on a house, don’t rush to buy it because one of the reasons could be one of these.
Working with a Licensed Real Estate Agent is the only way to go.
One of the reasons Turkey earned a bad reputation many years ago was the fact that anyone could sell a house. People were buying from jewelers and restaurant owners, according to what we heard. They made the error because some of them claimed to be trustworthy and buddies. As a result, we advise you to work with a licensed real estate agent.
Do you want to learn more about the Turkish real estate market?
Instead than focusing on Turkey as a whole, seek for localized markets. Prices differ depending on where you are. Because of its location, one apartment may be quite expensive, while the other is relatively inexpensive.
Off-the-plan, resale, and new construction properties are all available in Turkey.
The aforementioned criteria apply regardless of the type of home you purchase, and off-plan properties in Istanbul occasionally provide a six- to five-year interest-free payment plan. The majority of buyers in Turkey’s current housing market prefer new construction or resale residences developed after 2002. The reason for this is that building laws changed at the time, making houses and apartment residences more earthquake resistant. Properties that are older than that frequently require costly redecorating and décor design.
Buy Earthquake Coverage
So, how safe are your bricks and mortar in the event of a large earthquake? As previously said, building laws in the United States are presently among the best in the world. To keep these regulations up to current with the latest innovations in construction, the government consults with architects and seismologists on a regular basis. The government uses a program called DASK. All property owners are required by law to purchase yearly DASK insurance, which is pooled so that your investment is protected in the event of an earthquake.
Only use wire transfer to send money.
It’s fine to pay cash for additional purchase prices. This could include expenses for interpreters, utility registration, and so on. When it comes to giving money for the property itself, though, be sure there is a paper trail. It may be easier to contribute cash because most sales have a fixed payment plan that includes a deposit, final sum, and possibly staged payments in between, but transferring money online to a registered bank account is the legal method to do it.
Wills and Inheritance Laws
Many people purchase real estate with the intention of passing it down to future generations. Turkey’s inheritance rules are unique. If the father dies, for example, the children will share a portion of the estate with his widow. Buyers, on the other hand, can circumvent these rules by executing a private will. We propose doing so in Turkey rather than a foreign country because Turkish courts favor their processes, making ownership transfer easier.
For more information on purchasing safely, click here
See our range of flats and villas for sale to begin your property search right now. Each ad includes all you need to know, including the price, location, and why it stands out, as well as contact information for further information or to schedule a viewing. You might also be interested in learning more about the Turkish home-buying process. This page provides a general overview; however, as your real estate agent, we will accompany you through each process until you sign your deeds, insert your key, and settle in.
We hope we’ve answered all of your questions about whether it’s safe to buy property in Turkey, but if you have any more, please contact us today by phone or email, and one of our local agents would be pleased to speak with you. Our combined team has over 20 years of expertise as a successful real estate agent in the property industry. We keep up with local trends and news because we have offices all across Turkey, including Istanbul, Bodrum, Fethiye, and Antalya.