After real estate investment in Turkey has reached this remarkable and remarkable global level, the desire of investors around the world is increasing to enter the Turkish real estate market and benefit from its reliability, strength, and brilliant future and content, but they may collide with a set of new concepts and terms related to the Turkish real estate market, however, It is not impossible to know these concepts and terms and understand them well before entering the world of Turkish real estate.
In general, Turkey real estate investment – and in Istanbul in particular – is one of the distinguished economic activities in the world and one of the most important branches of invest in turkey property , which attracted many of the leading energies in recent years, and when you make the decision to buy a property in Turkey, you must first see the value Purchasing real estate in the city that you chose to start your real estate investment in, and therefore, before defining your goals and options, you must see the common real estate terms in Turkey in order to make the buying process easier, and in order to guarantee you the future of Istanbul property investment , what are the most important of these Terms and concepts? This is what we will try to see in this blog.
The property and its value
Real estate is everything that represents a stable and stable asset in its location, which leads to its inability to move from one place to another without being damaged, and examples include lands, buildings, fences, houses, and factors affecting the value of real estate are as follows:
Balance of supply and demand.
Location and total area of the property.
Rental property returns.
Natural factors such as the surrounding environment and weather.
Economic factors which is related to the economic climate of the country.
Laws and legislation related to building, demolishing and rentals.
Social patterns and general taste.
The expected benefits from the property in the future.
Reasons for the high real estate value:
The effect of inflation.
The effect of demand and supply on the real estate market.
Transitions and economic growth.
High rate of real estate cash flows.
Improvements to the property, such as decors.
Reasons for low real estate value:
Demand and supply conditions in the real estate market.
Change of government laws.
Forced sale of the property.
The absence of continuous maintenance of the property.
The adverse impact of a deteriorating infrastructure.
The relationship of the real estate market to Turkish citizenship
Annually millions of tourists come to Turkey, and it is noticed that many of them – especially the Arabs – visit Turkey on a semi-annual basis, and with a simple calculation of the expenses paid annually, the economic feasibility of ownership and istanbul real estate investment will appear in the medium and long term, in addition to what preceded the new law of Turkish citizenship, which It included important amendments to obtain Turkish citizenship, including granting Turkish citizenship in exchange for buying a property in Turkey worth 250 thousand dollars, after it was worth one million dollars previously.
Real estate evaluation
It is determining the market value of the property, and the evaluation process is carried out by real estate experts who have a government license that qualifies them to work on real estate evaluation in Turkey, and the Turkish government recently issued a decision requiring the presence of a real estate expert recognized by the ownership department, whose task is to determine the purchasing value of the property, and a report is approved The evaluation committee on the real estate site, where the prices of apartments in Istanbul vary according to each region, for example, the central regions are higher than those farthest from the center, and the type of property (residential or commercial), building age and area of the apartment are taken into account.
When you buy an apartment in a complex that is ready for delivery and housing, you are given a full property documents for your apartment, proving that you own the apartment and preserving your legal right, and you must note the need to disclose the real estate registry of the apartment before purchasing in order to know whether the property is subject to restrictions such as attachment or mortgage, The Real Estate Registry Department must also be reviewed for disclosure and inquiries because the restrictions are not mentioned if they exist in the title deed. In the event that the purchase was made in a project under construction, the property is registered with an useful title deed, and this deed preserves the legal right of the buyer, and upon completion of the construction works the title deed is granted Full.
The first payment and the reservation amount
If you want to buy an apartment in Istanbul by installment system, you must pay a down payment, which is an amount of money calculated as a percentage of the total purchase price, and in the usual Istanbul projects, the initial payment is 35% of the property price, and the installments are paid monthly for a period of three years One or more, and this is due according to the plan determined by the construction companies. As for the amount of the reservation, it is the deposit that is paid to confirm the serious purchase intent and book the apartment, before the first payment is paid, and the buyer has the right to recover the reservation amount within a maximum period of a month if he decides to cancel the purchase.
It is a set of amounts that the buyer pays after signing the purchase contract to start the procedures for transferring the property. These expenses include the fees for contract documentation at the notary (noter) and their translation, and the registration fees for the property in the name of the buyer in the tapu. These fees are 4% of the value of the property and are usually paid in half Between the buyer and the seller. There are also fees for insurance fees and fees for opening subscription meters for gas, water, electricity and internet services, which are simple fees that are paid as insurance for the institutions concerned.
It is a design for the model apartments within the housing complex and in the Istanbul complexes that are under construction, the model apartments are built separately from the project construction to be displayed to customers who want to buy apartments in Istanbul within the housing complex and is in the process of construction, as the real estate marketing companies display pictures and videos of the typical apartments for foreign investors Prior to their arrival in Istanbul, they would acquaint themselves with the basic design of the apartments to be purchased.
Finishing the property
What is meant by finishing, completing the requirements of the property after completing the construction work and providing it with everything necessary to be ready for housing, and in Istanbul residential complexes, the construction companies work on the complete finishing of the property to be delivered ready for housing and it remains the responsibility of the buyer to acquire the furnishings according to his taste.
If you are looking for real estate for sale in Istanbul Turkey or just want to ask about real estate prices in Istanbul, we are ready to assist you in determining your most suitable choice, and in order to ensure that you get the best options available in terms of profit and preserve the value of your future real estate that you wish for housing or investment in Turkey, Take advantage of our advice and advice completely free of charge, which our experts will gladly and welcome you. Call now .