Things You should Know before Buying Property in Turkey
Recently, Turkey has become the favorite spot for investors buying properties abroad. In the last few years, many cities in Turkey experienced massive developments, which made the real estate value of the country very high with lucrative opportunities. Construction companies are thriving, aiming to build luxurious properties in beautiful locations, available at cheaper prices than other European countries. If you are one to grab the opportunity, here are things you should know before buying property in Turkey.
What is your requirement?
While buying a property in Turkey you must specify your requirements first. You must understand what type of property you are looking for—are you want to live there or want it for investment purposes? What type of property you want to invest in should be on your priority list—is it a residential apartment, a luxurious apartment, sea-front villas, beachfront family house, or a city view penthouse? Now the most important question—which part of Turkey do you want to live in? These vital points will help you choose the right property in Turkey.
Which province is suitable for you?
Location plays a very important role while buying properties. Most of the buyers are inclined to buy property in a quaint place, close to significant areas, with ample amenities. Hence, prime locations in Istanbul are remunerative investments compared to overpriced properties in the outskirts. Prime locations in Istanbul aren’t cheap though; these are quite profitable if you are thinking of rental returns and capital growth.
Investment returns and initial capital growth
These two are critical factors that impact investors’ buying decisions on a greater level. Istanbul is one of Turkey’s viable regions for real estate; hence, a perfect city for investment. There are many properties in Turkey with opportunities for guaranteed returns. By investing in those projects, investors can resell their properties and get a higher return. But, it’s wise to invest in office spaces—you can lease out your space to multinational companies established in the city with the opportunity of higher returns.
Choosing the right agent
When you are dealing with properties abroad, you must need the right real estate agent who can understand your requirements well. Buying property in a foreign country means a change of cultures, change of lifestyles. Therefore, you need an agent who is knowledgeable about your lifestyle and communicates well to understand your preferences to provide you the best service possible.
Property purchasing fees and expenses
Before buying a property in Turkey, you must be aware of all the expenses and fees of the property buying process. There are many steps of buying property and the entire process takes 12 to 16 weeks. Buyers usually pay 7% to 10.5% of the property’s price as fees and a huge portion of it goes to the government as property tax. Apart from that, there are stamp duty and legal fees and real estate agent’s commission. You must keep in mind, though, buying a property in Turkey is cheaper than in other European countries, you can’t use foreign currency while making a property deal.
Get a residence permit
In 2013, the Turkish government passed a law that property investors can apply for residence permits and this is a great effort of the government to support foreign real estate buyers in Turkey. The best part is, it is renewable as long as the property is under the buyer’s name.
Give yourself multiple options
While buying a property you must have multiple options to choose from. You will find lucrative properties in Istanbul, the country’s financial and cultural hub, and also in Bodrum, Kusadasi, Alanya, and Burj Al Babas. Get the right real estate agent who can show you an array of properties and guide you to the best one to consider.
Negotiate your deal
You don’t have to settle for one price while buying a property in turkey. Your real estate agent will negotiate with local developers for the best deal possible. Some property developers offer a specific package that includes furniture and other utilities at one price, when, others might offer you a flexible payment method. Before negotiating keep these offers in mind and go for the one that suits you best.
Get an inspection tour
Before buying a property, take some time and conduct a thorough inspection. Know the location, the local environment, the lifestyle of that area, and other essential things before cracking the deal. Once you have chosen the project you want to invest in you should request an inspection tour and visit the location.
Reserve the property
Once you have made your buying decision, reserve the property as soon as possible. The Turkish property market is dynamic and the best deal should be taken when they are available. After the reservation is made, you can proceed with the buying process. The booking amount is deducted from the final price agreed upon. But it should be kept in mind, the reservation fee is non-refundable.