Problems of buying a property in Turkey

2021/12/19
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Problems of buying a property in Turkey

Learn about the most important problems when buying a property in Turkey


Based on the renaissance that Turkey is witnessing in various sectors and fields, which has emerged clearly in recent years, the foreign influx has become as large as we see it today, and the idea of ​​buying real estate in Turkey at the present time is considered one of the most common and centralized ideas in the minds of investors and businessmen, as it is for them a fertile environment for the growth of real estate investment and achieving outstanding results. 

Although real estate investment is one of the safest investments in the world, there must be some problems related to it and some guidelines and precautions that must be followed. Through the following article, we will provide you with the most important details related to buying real estate in Turkey, we will talk about the most important problems, we will highlight the issue of real estate inheritance, and we will provide you with the most important tips. 

 

Problems of buying a property in Turkey: 

1 - The problem of real estate fraud:

Real estate fraud is one of the most important problems facing the real estate market in Turkey. It is worth noting that it was not as common in the past as it is today. It has developed with the development of social media and with the increase in foreign influx, there is wide scope for scammers and fraudsters to play the right chord for the foreigner, taking advantage of his lack of knowledge of Turkish laws and their lack of knowledge of the real estate market in Turkey. In order to be away from the problem of real estate fraud in Turkey, you must know the forms of real estate fraud in detail, and here are the most prominent of them: 

- One of the most dangerous forms of real estate fraud is identity theft, where a fraudster impersonates the property owner and then forges papers and documents. The problem with this is that only a specialist can reveal this matter, so it is important in the first place to identify the real property owner. 

- Another form of real estate fraud is the failure to inform the buyer about the property's problems if it needs maintenance or if it results in a legal problem. 

- Based on the fact that the foreigner is not well acquainted with the real estate market, it is easy to offer the property to him at a high price, contrary to what it is in reality. Therefore, it is necessary to conduct rounds in the real estate market before making a decision. 

- Since most of those who buy real estate in Turkey today aim at real estate investment, it is likely that some will resort to presenting the property with high returns, which is otherwise.

 

2 - The problem of changing the value of the Turkish lira:

One of the problems of buying a property in Turkey that usually terrifies the investor is the change in the value of the Turkish lira against foreign currencies and its instability. Is this really a serious problem? The seriousness of this problem differs from one country to another. When you look at the nature of the Turkish economy, you will immediately discover that it is not a problem, but quite the opposite. Many experts and specialists found it an opportunity to seize, and they said that the current period is one of the best periods for real estate investment, so we see that many investors around the world come to Turkey with their foreign exchange money. 

you can also read :

Pros of buying an apartment in residential complexes in Istanbul

 

3 - The problem of not knowing the stages and steps of buying a property:

Certainly, many people do not have enough knowledge about real estate in Turkey and about the steps that need to be taken such as how to search for a property / property registration mechanism / how to follow legal procedures within official departments. 

- After you have chosen the appropriate property, the tax number must be extracted, which is an official identity that is used in all official transactions in Turkey. 

- The buyer's passport must be translated and then it should be attested with the notary public. 

- If the property is under construction, there are many arrangements that must be made, the most prominent of which is that there should be a sales contract between the construction company and the buyer and the inclusion of all agreed information in a contract. It is also advisable to hire an architect to match what has been agreed upon and what is being implemented. 

- When transferring ownership of real estate in Turkey from the seller to the buyer, there is a tax that must be paid of four percent of the property price. According to the Turkish constitution, its payment must be equal for both the seller and the buyer, but it is common knowledge that the buyer bears the payment alone.

you can also read :

Everything related to buying a property in Istanbul

 

4 - The problem of choosing the wrong property:

One of the problems of buying a property in Turkey is the wrong choice of property. Therefore, before searching, the desired purpose must be determined. Is it for real estate investment, for housing and residence, or for obtaining Turkish citizenship? 

- If you aim for housing and residence, you must choose a property according to your desires and goals, without being bound by certain laws or rules. 

- If you are aiming for real estate investment, you must adhere to a number of laws and rules such as strategic location / view / interior specifications / proximity to vital places. 

- If you want to obtain Turkish citizenship, you must search for the property that matches the stipulated conditions (the price is not less than $ 250 thousand + not sell it until after 3 years).

check this article :

Turkish citizenship by buying a property in Turkey

 

Is the property inherited in Turkey? 

Perhaps this is one of the problems that preoccupy foreign real estate owners in Turkey. Can the children inherit the real estate? Yes, real estate in Turkey is inherited. Both the children and the wife receive a specific share. The grandchildren are considered heirs. But if he does not have any relatives, all his money and property go to the Turkish government. In this regard, it must be noted that there is an inheritance tax that must be paid, and this must be within a maximum period of three years. 

 

The most important tips for owning real estate in Turkey: 

1 - You must know the laws related to foreign ownership of real estate in Turkey: 

A foreigner is not entitled to buy a property within the security or military areas. 

A foreigner cannot own more than thirty hectares in different parts of Turkey. 

A foreigner cannot buy more than ten percent of the area administratively. 

Before searching for a property for sale in Turkey, you must make sure that it is of the nationalities that are allowed to buy real estate in Turkey. 

 

2 - It is advisable to use a real estate company:

In order to get rid of the lack of knowledge of the details and dimensions of the real estate market in Turkey, it is necessary to seek the assistance of an experienced and knowledgeable real estate company in order to provide you with the best options available in the real estate market, especially that you have distinguished relations with most construction companies, so you can secure high discounts for him. 

 

3 - It must be checked if there are problems arising from the property:

It is possible that there may be a problem related to the real estate such as mortgage or real estate seizure, any of which contribute to the decrease in the price of the property and make it difficult to sell in the future. 

When you are about to buy a property in Turkey, you should search for all the details related to this field in order to avoid falling victim to one of the real estate problems. 

Skyline Real Estate offers you the most important advice when buying real estate in Turkey, as it supervises all the details and verifies all the information.

 

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