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A substantial number of foreign investors have been considering whether they should buy property in Turkey after the Turkish government decided to allow foreigners to apply for citizenship via real estate investment. While many safety nets are protecting the rights of investors, there are many success stories around. So, it is wise to consider the process in detail to avoid experiencing any difficulties in the future.
What Problems Can Be Experienced When Buying a Property in Turkey?
The internet makes it much easier to access information than it was in old times, but it also brings about an enormous number of half-truths and misinformation. Unlike some other areas of the world, the government actively encourages foreign investors in Turkey, so you are not likely to be abused by the system itself. Not having the necessary information, though, may cause you to experience a variety of difficulties during the process.
Lack of Knowledge of the Stages
Like most formal procedures, there are steps you need to follow to make a successful purchase in the real estate sector of Turkey. While the process is straightforward, there are a great number of stages, such as getting a tax number, setting up a bank account, preparing and signing the contract, and finishing the transaction.
If you are also considering an application for Turkish citizenship, the number of things you need to follow simultaneously may feel overwhelming at times. It is advisable to get counseling from an expert before and during the process of your purchase to make sure nothing goes wrong and to have peace of mind along with the profits.
Value of the Turkish Lira
Due to the nature of its economy, the Turkish Lira’s value has been fickle in recent times. While you can make a great profit solely by the virtue of exchange rates, it is not entirely guaranteed that you will not make a loss either. Following the current trends and making the exchange at the right time may be a deciding factor in the margin of your profit, so it is advisable to have the counseling of experts in this field also.
Lack of Sufficient Information About the Turkish Real Estate Market
Stages of the process aside, knowledge of the market itself is crucial before buying property in Turkey for foreigners. Most investors get the opportunity to know the market after the purchase, sometimes having to experience a loss before turning a profit. Making an informed decision plays more than half the role in success, and such information may be gained by conducting preliminary research on the internet and contacting professionals in the field.
Real Estate Fraud
While a considerable portion of the losses is experienced due to lack of information or erroneous information, there is also the sad truth that there are fraudsters around who target foreign investors who want to buy a house in Turkey.
There are harsh sanctions to prevent such incidents, but some occur regardless. To keep your investment and yourself safe, it is essential for you to collaborate with reputable firms and people with a past in the industry.
The Sheer Number of the Options
Let us assume for a moment that you have decided to buy house in Istanbul. Simple research on the internet is likely to leave you with thousands upon thousands of options to choose from. Depending on your investment intention, you are likely to notice that there are wrong choices you should avoid.
Filtering the vast number of listed properties is not practical or realistic for a single person - or even a firm. We have summarized the things you should consider before choosing the continuation of our article. But we would advise working with a real estate firm after deciding on the general outline of the purchase you are likely to make.
Is It Safe to Buy Property in Turkey?
The average value of houses has more than doubled in many areas in Turkey in the last year alone. Considering you do not make an extreme choice, we could assert that investment-wise, you are safe.
In terms of the law, the regulations in place are valid everywhere in Turkey, so, regardless of your choice of property, your rights as an investor and as a human being are protected by the government.
Environment-wise, like most countries and cities around the world, different districts have different identities and demographics, making it important for you to make your choice accordingly.
What to Consider When Buying a House in Turkey?
From the distance to the metro to the background of the schools nearby, there are a vast number of variables that affect the value of a house. It is generally agreed upon that there is no perfect house, but we believe you can find your ideal house with sufficient research. The four main points you should take into consideration are as follows:
Location
As we have mentioned before, there are a substantial number of houses for sale in Istanbul. The ideal location for a house is usually the one that serves your interests the best. Education-wise, a house near a prestigious college may be preferable while having a huge mall under your apartment could save you a great deal of time and effort. You might want to experience city life from your window or prefer a more naturalistic view, and so on.
Environment
There is a saying in Turkish that roughly means you need to have good neighbors to have a good house. Living amongst people with similar or moderate ideologies is essential for having a peaceful and enjoyable life.
Building Age
When people see an apartment for sale in Istanbul, the age of the building is usually not the first thing that comes to mind. Some may even jokingly say it is rude to ask about a building’s age. Considering old buildings usually come with pricey problems and that Istanbul is in a seismic zone, choosing a sturdy building is highly advisable.
Investment Value
While looking at apartments for sale in Turkey, even if you plan to spend the rest of your life living in a particular house, you should consider its investment value in case you change your mind or need to sell it in the future.
How to Choose the Right Property?
There are cheap apartments for sale in Istanbul besides the luxury and exclusive ones. You should start by deciding on a budget, then deciding on what kind of investment you want to make and where you want to have your new house.
After that, it all comes down to looking at your options and making the right one with professional assistance. The digital real estate firm that also manages this blog has a fairly wide selection of options here and also offers consultancy on investment and Turkish citizenship.
