The real estate sector is one of the most important fast-growing economic sectors in Turkey, which is attracting investors from outside the country, to take advantage of the legal advantages and opportunities provided by the real estate ownership regulations for foreigners.
However, there are many questions that arise regarding the precise details of these investments and the most successful ways to deal with them and avoid falling into problems that may result from a misunderstanding of the laws or a lack of knowledge of the language, and even misinformation by promoters and intruders in the real estate market.
In the framework of providing a service to readers and those interested in investment, Al-Jazeera hosted Net Abdullah Adak, a real estate investment expert and consultant at Imtilak Real Estate in Turkey, to talk about advice for safe investment in the real estate sector in Turkey.
How can the investor distinguish between the many real estate companies in terms of safety and quality of service?
The investor must verify that he is dealing with a reliable real estate company that has title deeds for the real estate it offers for sale, however let us note that there are 3 types of title deeds, namely:
The first is the title deed of the land on which the property is located, the second is the title deed of unfinished real estate, and the third is the apartment number written in the full title deed, meaning that the municipal procedures and the deed have been completed without any defects.
We always advise investors to buy real estate with full title deeds if possible, and we can verify the quality of the real estate company's service through full transactions and the time required to issue or transfer the title deed without delay.
How does the investor choose the specifications of the property he intends to own in order to avoid misleading information and exaggerated promotion?
There are several procedures that a person wishing to buy a property must take, the most important of which is to see the property he wishes to buy and inspect it on the site, and if it is possible to verify the validity of the images used in advertising and promotion, the investor can add the requests that he deems important and guarantee his rights to the sale contract that is concluded with the real estate company .
Real estate investment expert, Engineer Abdullah Adak advises the investor to verify that he is dealing with a reliable real estate company (Al-Jazeera)
What explains the large discrepancies in real estate prices, which often exceed 10 times between one house and another in the same city?
These price differences are completely related to the real estate location, for example the city center and the areas near the Bosphorus are always very expensive in Istanbul, and proximity to public transportation facilities in the area in which the property is located is another factor that raises its price, as well as proximity to vital facilities, such as hospitals, schools and centers. Business and shopping.
Add to that the special privileges of the property location, such as the distance from the airport and proximity to it, the sea view, the modernity of buildings in the area, the readiness of the title deed, the legal conditions for housing in the area, and the state of earthquakes in it, and for these reasons we can find out the reason for the price differences between regions in the same city.
How can an investor verify the quality and specifications of the building materials that were used in the construction of a building he wants to purchase before purchasing?
This clearly shows from the quality of the building, which reflects the quality of the raw materials used in it, which must comply with the earthquake regulation published in the Official Gazette No. 26511 on May 3, 2007 and the building permit obtained after this date, to ensure that the buildings are free from security problems related to In terms of safety from earthquakes, the important thing here is not the date of completion of construction, but the date of obtaining its license, in this case we certainly do not recommend the purchase of buildings that are not constructed according to earthquake regulations.
However, in order to know a good construction, those who want to buy can ask about the quality of all materials and brands used in construction and finishing, such as ceramics used in wet floors, sound insulation, moisture and heat insulation, wallpaper, bathroom and kitchen furniture, and sanitary ware. If the specifications of these materials are included in the sales contract, we can verify Its quality in the market, and if it is not included in the contract, we can add it and then check its quality before signing.
Many ads talk about the rental guarantee for the property after it has been sold. What is the guarantee for this lease?
How reliable is it?
Such ads exist in hotel apartments, commercial real estate and office complexes, where the real estate company announces the price of the apartment at a higher than its real value and promotes that by announcing that it guarantees the rent for this property for a period of time ranging between two and five years, often.
In this case, it is necessary for the investor to carefully and carefully calculate the purchase price and tax expenses from the rent, and he must pay attention to the eviction of the tenant who is faltering in paying the rent may take many years, and this tenant may not be available at a value that is equivalent to the high price of the property, and thus he may buy The investor is a real estate that is more expensive than its real price and the real estate company fails to rent it at the appropriate value, so the real estate to be purchased in this form must be carefully and carefully studied.
To know a good construction, one must ask about the quality of all materials and brands used in construction and finishing (Al-Jazeera)
What is real estate residence?
Can it be developed into a naturalization file?
According to the current law, a residence permit is granted for a maximum period of one year to a foreigner who owns a property and for all family members if they wish to do so, and then proceeds with the nationality procedures according to known conditions about the price of the property, proof of ownership, etc. When he buys the property, then he makes sure when he obtains the citizenship that he obtained it through this property.
What are the forms of real estate and land titles?
How does the investor differentiate between them?
We explained in detail the types of title deeds for residential apartments in your first question, but let us explain the types of land title deeds, which are two types: The first is agricultural land and it is mentioned in the title deed, and these are suitable for agricultural activities only and no building is permitted in them.
As for the second bond, it is the residential land that bears the title deed, and it is allowed to build on it according to specific specifications in urban planning in terms of area of occupancy, distance from the street, number of floors, height, etc.
What are the installment systems in place to buy the property?
How is it related to inflation?
In cash sales, prices are cheaper than selling by installments, but the possibility of installments exists and the difference in inflation is added to it, so that the installments are applied by the real estate company or the bank that has been contracted with on real estate or the bank and the financial institution that will agree with the buyer directly.
A residence permit is granted for a maximum period of one year to a foreigner who owns a property and to all family members if they so desire (Al-Jazeera)
What are the payments accompanying the property ownership process?
How big is it?
The largest of these fees is the title deed fee, where the two parties pay equal property sales tax, which is a 2% tax of the sale price from both sides, equal to 4% in total, and based on the deal or agreement between the seller and the buyer, one of them can agree to bear the tax in full, and the other fees are Small sums such as fees for the sworn translator, notary, and title deed registration office.
What are the accepted rates for real estate brokers and real estate dealers?
Is it paid by the seller or the buyer?
Currently in the market, the client does not pay a commission to the brokers, and the brokerage commission is paid by the real estate company at a rate of 4%, but if the real estate companies request to advertise and promote their projects, they may pay additional brokerage fees for these services.
How to own a property in Turkey?
After the investor decides to buy, he will choose the city in which he will buy and the region in that city according to his purpose in the purchase, whether it is residence or investment, then he examines the possibility of buying in it, because some cities and regions allow specific proportions of the structure to foreigners, then he must search for prospects for development The region and the price increase in it in the future, if it is approved, he must examine the year of construction and the status of the title deed of the property to be purchased before he signs the contract which, once signed, becomes the owner of the property.