Learn about the types of real estate fraud in Turkey
- Definition of real estate fraud:
- Forms of real estate fraud: First: Impersonation of the real estate owner:
- Second: fictional real estate prices:
- Third: Announcing suitable properties for obtaining Turkish citizenship at a low price:
- Fourth: Making promises of unreasonable investment returns:
- Fifth: Displaying real estate on the plan that does not exist in reality:
A large number of Arab and foreign investors went to Turkey with the intention of real estate investment in it, especially after the great development and success that Turkey was able to achieve in all fields, which reflected positively on the image of the country and contributed to its prosperity.
And the process of buying a property in Turkey involves many steps and procedures and requires attention and vigilance as some companies and individuals who are trying to defraud investors and steal their money have appeared in various ways, especially for those who do not have a great knowledge of the real estate market in Turkey. This article will mention all forms of real estate fraud and how to deal with it.
Definition of real estate fraud:
Real estate fraud is an organized process in which a person or company takes advantage of the buyer's or investor’s lack of knowledge of real estate ownership laws in Turkey, steps to buy a property, or real estate prices in Turkey, and offers the buyer unreasonable attractive offers to fall into the trap.
As a result of the transfer of business in general to social media platforms and the Internet, this has contributed to the spread of real estate fraud significantly, and the cases of fraud and fraud have increased, so it is necessary to deal with reliable companies known for their credibility in order not to be a victim of ignorance.
Forms of real estate fraud:
First: Impersonation of the real estate owner:
This method is considered one of the most common forms of real estate fraud, and this is done through the fraudster claiming that he is the owner of the property or that he is the official representative to dispose of his real estate, and this is usually attached to a set of forged documents and documents that are difficult to detect by a normal person who does not know the assets of owning real estate In Turkey, and here, the importance of dealing with real estate companies in Turkey known for their credibility, as they contain specialists in all legal affairs and official papers, who work to verify all documents by the competent authorities and follow up the process of buying a property in Turkey step by step to ensure that things go smoothly. Smooth and free from fraud.
Second: fictional real estate prices:
And this type of real estate fraud has two options:
Either the owner of the property or the fraudster demands a very high price for a property that does not deserve it in terms of its location, view, quality of construction and finishes, and sells it to a foreign investor who has no knowledge of real estate prices in Turkey, taking advantage of his ignorance of the real estate market and his urgent desire to buy the property as soon as possible.
The second option is for the fraudster or the fictitious real estate company to offer unbelievable offers on real estate prices in it, which differ greatly from what other companies offer in terms of offers and discounts, and this should leave many question marks on the extent of the credibility of this company, for example when wanting to buy Real estate in Istanbul within one of the vital areas and with an area of more than 200 square meters, it is natural that the prices are in the range of150 thousand dollars. If you find offers on such apartments at unreasonable prices such as 10 thousand dollars, you should search more and not get carried away by these dreams or illusions. Rather, it is necessary to check with the real estate company and consult a real estate expert or consultant to ensure that you do not run into problems later.
Third: Announcing suitable properties for obtaining Turkish citizenship at a low price:
While searching on the Internet, you may encounter many sites belonging to fake companies that publish false information regarding the amount of money that must be paid to buy a property in Turkey in order to obtain citizenship.
Therefore, we will remind you that according to the naturalization law in Turkey, the foreign investor has the right to apply for Turkish citizenship through real estate investment for an amount of not less than 250 thousand dollars by buying one property or a group of real estate and he must keep this property without selling it For a period of not less than three years.
Fourth: Making promises of unreasonable investment returns:
Some fraudsters resort to deluding the buyer that he will achieve large and unreasonable profits within a short period of time if he buys the agreed-upon property, and here it must be reminded that there are many factors that play a role in the success of real estate investment and they must be viewed all, as it is necessary to pay attention to the location of the property. And the surrounding area and its proximity to the main transportation, while comparing it to the rest of the real estate in the area, and based on that, the profit that is expected to be achieved within a certain period of time is determined.
In general, according to statistics, real estate in Turkey achieves investment returns ranging from 10 to 20 percent during one year.
Fifth: Displaying real estate on the plan that does not exist in reality:
This method is considered one of the most dangerous forms of real estate fraud, as it is known that the price of real estate under construction is low compared to ready-made properties, and that is why many people prefer it, but it is necessary to be careful as many fictitious companies may exploit this to sell you properties that do not exist or real estate within projects that have problems with the government to let your money go.
Therefore, you must make sure that you deal with companies licensed by the Turkish government when you want to buy real estate under construction and that you make tours on the ground to the project site to ensure the agreed specifications.
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