What is the Real estate Investment in Turkey? Real estate Concepts, Terminology, Advice and Cautions
The real advantage of the real estate sector from other sectors is that this sector is profitable in the long-term ...
Real estate investment in Turkey in general and in Istanbul, especially the economic activities characteristic of the world, which attracted many of the leading powers in recent years.
Turkey's top ten real estate companies, "in the sun" the British journal ranked Turkey among the top 10 countries in the purchase of properties in 2017, while data from the Turkish Statistical Institute indicate that foreigners prefer to buy property in Istanbul.
What is the property? What factors affect its value? How does real estate investment work in Turkey?
Is everything that is originally stable and fixed in its location, leading to its inability to move from place to place without being damaged, for example, land, buildings, fences, and houses.
Factors affecting the value of the property:
- Supply and demand balance.
- Location and the total area of the property.
- Rental real estate returns.
- Natural factors such as environment and weather.
- Economic factors where the value of real estate is related to the general economic climate of the country.
- Laws, regulations, and legislation relating to construction, demolition, rent, licensing, privatization and other factors.
- Social patterns and general taste.
- Expected benefits of the property in the future.
Reasons for high real estate value:
- Impact of inflation.
- The impact of demand and supply on the real estate market.
- Infrastructure improvement.
- Transformations and economic growth.
- High cash flow rate of the property.
- Property improvements such as decorations.
Reasons for low real estate value:
- Demand and supply conditions in the real estate market.
- Economic limitation.
- Change of government laws.
- Urgent sale of real estate.
- Lack of continuous maintenance of the property.
- The adverse impact of poor infrastructure.
Tips for those who want to start a real estate investment in Turkey:
- Verifying the eligibility of the seller or the person responsible for the sale of the property; in terms of having the right to execute the sale.
- Making sure there is no other owner or buyer of the property.
- Ensuring that the property is free from the rights arising from the mortgage, lease or any other rights.
- Visiting the site of the property and make sure its validity and suitability for use in housing or work or the special purpose of the purchase.
- Obtaining a copy of the property ownership contract to ensure that the previous owner has not done any form of transfer of ownership, and to ensure that there are no rights to it.
- Ensuring that the area, specifications, and information contained in the title deed are in line with the actual form of the property.
Types of real estate investment in Turkey:
1 - Investment in commercial real estate:
Is to invest in non-residential property types, such as commercial offices, and shops.
2 - Investment in residential real estate:
Is to invest in real estate used for residential purposes only such as villas for sale, houses for sale.
How do I succeed in real estate investing in Turkey?
- Collect the full data about the property to be invested.
- Investment in areas expected to witness intensive investment activity in the future such as urban transformation areas in Istanbul.
- Taking the advice of specialists and expertise in the real estate field.
- Do not risk investing in a property with major problems.
Real estate + tourism = economic feasibility + Turkish nationality
Annually, millions of tourists come to Turkey, and it is noted that many of them - especially Arabs - visit Turkey on a regular basis semi-annually, and a simple calculation of the expenses paid annually will show the economic feasibility of real estate ownership and investment in Turkey in the medium and long term!
In addition to the above, the new law of Turkish nationality, which included important amendments to obtain Turkish citizenship, including the granting of Turkish citizenship for the purchase of a property in Turkey worth 250 thousand US dollars, after it was one million US dollars in the previous decision!
Edited by: Imtilak Real Estate ©
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