Considerations When Buying a House in Turkey

After the Turkish government decided to allow foreigners to apply for citizenship through real estate investment, a considerable number of foreign investors began to consider buying real estate in Turkey. While many safety nets protect the rights of investors, there are also many success stories. Therefore, it is advisable to consider the process in detail to avoid difficulties in the future.

What Problems Arise When Buying Property in Turkey?

The Internet has made access to information much easier than it used to be, but it has also brought with it a wealth of half-truths and misinformation. Unlike some other parts of the world, the government actively encourages foreign investors into Turkey, so you are less likely to be abused by the system itself. However, if you do not have the necessary information, you may encounter various difficulties in the process.

Lack of Understanding of the Stages

As with most formal procedures, there are steps you must follow to make a successful purchase in Turkey's real estate industry. Although the process is simple, there are multiple stages, such as: B. Obtaining a tax file number, opening a bank account, preparing and signing a contract, and closing the transaction.

If you are also considering applying for Turkish citizenship, the amount of things you need to do right away can sometimes seem overwhelming. It is recommended to seek expert advice before and during the purchase process to ensure that nothing goes wrong and you can rest assured that you can make a profit.

Value of Turkish Lira

Due to its economic nature, the value of the Turkish Lira has fluctuated recently. While you can make huge profits based on exchange rates alone, there's no guarantee you won't lose money. Following the current trend and taking trades at the right time can be a key factor in your profit margins, so it is recommended that you seek expert advice on this as well.

Lack of sufficient information about the Turkish real estate market

Apart from the various stages of the process, knowledge of the market itself is crucial before purchasing Turkish real estate for foreigners. Most investors have the opportunity to understand the market after buying, and sometimes have to lose money before making a profit. Making an informed decision is more than half the battle, and this information can be obtained by doing initial research on the internet and contacting professionals in the field.

Real Estate Fraud

While a large portion of losses are due to missing or incorrect information, there is also the sad fact that some scammers target foreign investors looking to buy property in Turkey.

There are severe sanctions in place to prevent such incidents, but some still happen. To protect your investment and yourself, you must work with reputable companies and individuals with a history in the industry.

The Sheer Number of the Options

Let us assume for a moment that you decide to buy a property in Istanbul. A simple search on the Internet may give you thousands of options to choose from. Depending on your investment intentions, you may find that you need to avoid making bad decisions.

Filtering a large number of listed properties is neither practical nor realistic for an individual or company. We have summarized for you what you should consider before you decide to proceed with our article. However, we recommend that you do not work with a real estate company until you have an outline of what you might want to buy.

Is It Safe to Buy Property in Turkey?

The average value of homes in many parts of Turkey has more than doubled in the last year alone. Considering that you didn't make extreme choices, we can say that you are safe investing.

As far as the law is concerned, current regulations apply everywhere in Turkey, so no matter what property you choose, your rights as an investor and as an individual are protected by the government.

Like most countries and cities in the world, different counties have different identities and demographics in terms of environment. Therefore, it is important that you choose accordingly.

What Should You Consider When Buying a Property in Turkey?

From the distance to the subway to the background of nearby schools, there are many variables that affect a home's value. It's a common belief that there is no such thing as a perfect home, but we believe that with enough research, you can find your perfect home. Four key points to consider are as follows:

Location

As we have already mentioned, there is a huge amount of homes for sale in Istanbul. The ideal home location is usually the one that best matches your interests. In terms of education, a house close to a famous university may be preferable, while a large shopping mall under the apartment can save you a lot of time and energy. Maybe you want to experience city life from your window, or prefer a natural view, etc.

 

Environment

There is a Turkish proverb that roughly means that in order to have a good house, one must have good neighbors. Living with someone who is ideologically similar or moderate is essential to a peaceful and comfortable life.

 

Building Age

When people see apartments for sale in Istanbul, the age of the building is usually not the first thing that comes to mind. Some people even joked that it is impolite to ask the age of the building. Considering that old buildings often pose expensive problems, and Istanbul is in an earthquake zone, it is highly recommended to choose a sturdy building.

 

Investment Value

When looking for apartments for sale in Turkey, even if you intend to live in a certain house for the rest of your life, 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 Real Estate?

Apart from luxury and exclusive apartments, there are also cheap apartments for sale in Istanbul. You should start by setting a budget before deciding what kind of investment you want to make and where you want to have your new home.

After that, it comes down to reviewing your options and choosing the right one with professional support. The digital real estate company that also manages this blog offers a fairly wide selection here and also offers advice on investment and Turkish citizenship.