Important advices to resolve the problems of buying a property in Turkey
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Many foreign investors face many problems when buying real estate in Turkey, especially if the investor is buying for the first time and has not sufficiently collected information about the real estate market in Turkey, in light of the boom in real estate sales in Turkey and the spread of real estate companies and agencies, and unfortunately some of scammers and crooks found a field for defrauding foreign investors, on the other hand, the large number of amendments that the Turkish government makes from time to time at the laws of foreign ownership of real estate, which resulted in confusing the investors, in addition to many problems related to the property itself, or some investors circumvent the existing laws while buying real estate, and other factors contributed in one way or another to some investors facing some problems and harmed the real estate sector in Turkey, which gives a false impression on the investors about the real estate market in Turkey.
The fact is all the problems that foreign investors hear about have two reasons, one of them internal caused by Turkish construction companies and some fraudsters working in the real estate field, and the one is external reasons caused by some problems that the Turkish economy is exposed to, such as the fluctuation of the exchange rate of the lira, or the quarantine which was imposed by the state during the Corona pandemic, which are factors that contributed to affecting on the Turkish real estate market, in this article we will discuss the most important problems that the investor faces when buying a property in Turkey, and we will give you the most important tips that you should follow to avoid the problems associated with buying a property.
The most prominent problems that investors face when buying real estate:
1- The fluctuation of the exchange rate of the lira:
It is one of the external factors that negatively affected the Turkish real estate market, as the fluctuation in the exchange rate of the lira is a reason for the negative impact on the real estate market, and one of the reasons for the retreat of some investors from buying real estate in Turkey, in light of the recent decline in the value of the Turkish lira against the dollar, The Turkish lira witnessed instability in the exchange rate against the major currencies, led by the US dollar and euro, this is why a number of investors to postpone the idea of buying and some other cancel the whole idea, but with the continuous intervention of the Turkish government to support its national currency and carry out economic reforms to restore the confidence of investors in the performance of the lira, which led to a significant improvement recently, and despite the concerns of investors, the economic analysts believe that "With every crisis there is always a good opportunity for those who see it and seize it.” This is what economic analysts see in that the depreciation of the Turkish lira gives an opportunity to buy more real estate, especially since the savings of investors are usually in foreign exchange, which constitutes a great opportunity for them to invest in Turkish real estate.
2- Dealing with unreliable real estate agents:
One of the worst things that happen to foreign investors when they use a real estate company and find out that they fall with a crook company here in Turkey, which lacks credibility, using the lack of information of the investors in the real estate market in Turkey, their lack of knowledge of the laws of foreign ownership of real estate in Turkey, and their ignorance of the Turkish language all these factors help these fraudsters manipulate prices, making investors easy to be exposed to real estate fraud in Turkey.
3- Lacking the investors’ information before buying the property:
There is a part of the problems that investors face when buying real estate in Turkey, which is their lack of sufficient information about the real estate market in Turkey, which is considered their own responsibility, as a result of that they may fall into problems or get involved in buying real estate that does not fit the goal they purchased it for , as a result of the lack of experience and knowledge and because of their laziness to search online to read enough about the laws regulating the purchase of real estate for foreigners and to know the most important steps to be taken in consideration during the search for a property in Turkey, as well as their lack of knowledge of the procedures that must be followed to complete the purchase process, or the laws related to registering a new property, also their lack of knowledge about the official departments responsible for doing the registration of contracts and other information that he must know before buying any property.
Tips for the investor when buying a property in Turkey:
1- Gathering information about everything related to real estate in Turkey:
Before buying, the investor must first determine the purpose of buying the property and the approximate budget allocated for this purchase, and the purpose of the purchase if it is for housing and stability, or for investment.
Also, the investor must determine the specifications of the property, and on the basis of the specifications of the property and its purpose, he begins to collect information himself about everything related to the real estate market in Turkey, whether in terms of the types of real estate and the difference between them and the function of each type in particular, he must also be familiar with all the laws regulating for foreigners to own real estate in Turkey, and what are the conditions that must be followed when owning real estate.
The investor should be familiar with the Turkish cities and their nature, whether by himself or through a real estate company, as these companies provide sufficient information to the investor about all the information he wants about the city and its regions and the prices of each region and other information, and if this information is available, the investor can compare between these cities, and in this case he can choose the most suitable city for him in terms of specifications that apply with what he is looking for.
2- Hiring a trusted real estate Agency:
The foreign investor should seek the assistance of a real estate company because of its great role in saving the investor’s time and giving him accurate information about the best offers they have, and advice on the best places to buy in, as well as the services provided by these companies from services before, during and after the purchase process, avoid exposure to any fraud, as well as their full knowledge of all legal matters and the necessary papers when making the purchase, and real estate companies play an important role in making the purchase process smoothly, because they are fully aware of the laws related to property contracts, especially since some deals that take place without attendance a real estate consultant may later lead to disputes or incurring losses, due to the omission of some important details.
It also arranges field visits with the client to show him the offered real estate that suit the client and make a full explanation of the areas in which the real estate is located and the services of this area as well as schools, universities and the advantages of the area, and other details that the investor may interest until make his mind up and choose the desired property.
How to choose a trusted real estate company:
The investor should search for more than one real estate company, and see the year of experience of these companies in the real estate market, and see the evaluations of these companies got from those who deal with them and have previously dealt with these companies, and make comparisons between these companies to see how much their credibility and strength in the Turkish real estate market, then choosing the best among the dozens of existing companies, and also the investor has the right to ask these companies to make many field visits for a number of projects, and asking them to ask all the questions that come to his mind.
3- Hiring a legal lawyer:
It is preferable for the investor to hire or sit with a legal advisor to clarify all the legal procedures before, during and after the purchase of the property, and to know the terms of the purchase contract, and the consequences in case one of the parties violates the terms of the contract, also, the legal advisor also provides advice on the legal status of the property to check the title deed of the property, and make sure that it does not have mortgages or legal problems, as well as whether the property is suitable for Turkish citizenship or real estate residence or not, and also to know everything related to the future of the property in case of the death of the investor, and many other legal aspects that may interest the investor.
At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice.
- Property Management.
- After-sales services.
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.
Editing by Ramzy Real Estate Team ©
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