Advantages of buying under-construction property in Turkiye

Among the investment options offered to those wishing to own real estate in Turkey is to buy Turkish real estate on the plan, what is meant by this term, what does it mean, what are the advantages and disadvantages, and how to buy under-construction property in Turkiye.

Engineering scheme for the sale of real estate in Turkey

The engineering plan means the map prepared by the construction company wishing to establish a project in one of the Turkish regions, which works to explain the shape of the final project in addition to its location, area, number of buildings, number of apartments, patterns, Distribution, Services and others.

The engineering plan initially consists of 3D-designed images and maps that are reviewed for real estate clients and companies, then it is moved to what is known as the project layout, which is a geometric figure designed in a miniature form that is usually displayed in the sales office and embodies the shape of the project within a rectangle with a certain area on the ground so that real estate clients and companies can understand the shape of the project and its image upon completion of construction work, which usually takes between 3 to 5 years.

The construction company's goals of selling real estate on the scheme

Once the announcement of the launch of a real estate project by the construction company and the start of contracting work with the landowner and the extraction of building permits in Turkey from the municipality of the area where the property is located, the company puts up a specific number of properties to be built for sale to those wishing to buy in order to prepare the necessary budget for the establishment of the project.

Advantages of owning a under-construction property

• The prices of properties put up for sale on the scheme are characterized by a significant decrease compared to the prices of ready-made real estate or real estate whose construction has already begun.
• The prices of Turkish real estate are rising in several stages, starting from the announcement of the project and then gradually increasing at each stage of the project until it is completed completely.
• The percentage of increase in real estate prices between the planned and completed properties ranges from 100% to 300%.
• This vast difference between the real estate prices on the plan and the prices of ready-made real estate comes from the fact that the client buys a property on paper in every sense of the word and then waits for several years before receiving his ready property, and this period means a difference in the exchange rate and a high level of inflation, and therefore an increase in the price of the property.
• The construction company puts up its first properties for sale at below cost prices in order to finance the project and then gradually raises real estate prices as the construction stages increase to completion.
• Buying a property on the plan is an investment opportunity that cannot be missed as it brings a large profit return within a time period that is simple compared to the price difference.

Disadvantages of owning a under-construction property

• Delivery work is delayed, construction is disrupted, or the construction company is bankrupt.
• Waiting for a period of time that some may consider rather long.
• The possibility of a difference between the specifications of the property on the land of the property and the property on the plan.
• Photos of 3D project diagrams are sometimes deceptive, which fascinates the client.
• The high inflation index and the large exchange rate decline during the waiting period may lead to the failure to achieve the desired investment profits, noting that the lowest profit, regardless of what may happen to the economic sector in Turkey, cannot be less than 100%.

How to own a under-construction property

1. Communication with the Golden Group Investment Company in Turkey.
2. Talk with our customer service representative and request offers on real estate projects under construction.
3. Informing the employee about the desire to acquire a property within the scheme.
4. The employee explains to the client the reality of the real estate market, including laws, costs, taxes, advantages and disadvantages.
5. The employee sends a range of options including photos, videos and a price flyer.
6. The agreement is made and the initial property is quarantined.
7. On the day of the real estate tour, the client goes to the project site to see it on the ground accompanied by the sales employee of the Golden group for investment in Turkey.
8. The real estate valuation report is requested to match the price of the property with its desired price.
9. An initial purchase contract is concluded for a virtual property, the construction of which will begin later.
10. The sales employee explains to the client the terms of the contract before signing it.
11. The customer and the representative of the construction company sign the purchase contract and it is certified by the Turkish notary.
12. Once you move from the stage of selling the property on the plan to lay the foundations of the property, what is known as the "easement queue"can be extracted.
13. After the construction work is completed and the property is handed over, the title deed document is replaced from an easement to a full title deed.

5 tips before thinking about buying a under-construction property in Turkey:

The experts of the Property Superiors offer 5 golden tips before buying a property on the plan in Turkey:

1. Cooperation with a reliable real estate company in Turkey that is familiar with the reality of the Turkish real estate market.
2. Identify the name of the construction company and review its previous business record to ensure its strength and the likelihood of bankruptcy or delayed delivery of the project, exposing the investor to losses.
3. The contract Shari'a protects both parties from any leniency by the other, which means the protection of Turkish law and the judiciary for the investor in case the construction company delays the delivery of the property or bankruptcy.
4. Visit the project website and inquire about each defect and get to know more closely the details of the project.
5. The request of the real estate consultant to ensure the legal integrity of the property in terms of obtaining licenses and the suitability of the soil for construction through the review of the municipality of the region and the Directorate of the title deed.