What are risks when Buying a property in Turkey

With the complexity of real estate sector affairs in Turkey and the multiplicity of financial, official and governmental transactions that can be attached to it, the real estate investor may be exposed to a number of violations, or it may occur in a number of risks, without calculating any of them, and for that, the Turkish Ministry of Finance has Recently, a newsletter was issued warning you of the most important violations in which a real estate investor falls when purchasing a property for sale in Turkey .

The Ministry of Finance talked about real estate ownership in Turkey, especially with regard to the price of the property being purchased, where the Ministry confirmed, for example, that it is necessary to indicate the real price of the property, and it is not possible to record a price lower than the agreed price in order to evade high real estate taxes , Because this matter may cause higher financial penalties for the investor in the future, and the ministry also asked real estate investors to obtain bills to buy and sell the property in order to present it as official proof when necessary.



What are risks when Buying a property in turkey

The most important points that the Turkish Ministry of Finance warned from

  • Real estate fees that are calculated during the sale process must be paid in full according to the actual sale price.

  • The real price of the property must be recorded and no lower price indicated.

  • Those who perform illegal procedures during sales and purchases must be notified.

  • Those who register a price lower than the real price of the property will be fined.

  • A sales invoice must be received from the real estate broker, the contractor, or the construction company.

  • Unauthorized persons should not be used during sales and purchases.

  • Buying and selling procedures can be implemented in a region other than the location of the property, because the real estate registry system is linked to a central system, and there is no need to go to the location of the property.

  • It is now possible to register buying and selling procedures outside Turkey as well, within some Turkish embassies and consulates around the world.

  • It is necessary to register the investor’s phone number on the e-government website, in order to obtain notifications regarding the property he owns.

  • An increase in the profit percentage tax is required if the property was sold within 5 years from the date of its purchase.

Avoiding the risks when purchasing a property in Turkey

There are many risks that a newly-arrived real estate investor may fall into the vast real estate market in Turkey, some of which are the result of ignorance of Turkish laws, some of which are the result of deception by some fraudsters or some deceptive promises, and some of them are the result of bad communication or understanding, and we have talked On the ways to avoid the most important risks when buying a property in Istanbul in detail in a previous blog.

In general, so that the newly-arrived investor does not fall into the Turkish real estate market in any fraud, deception, fraud or circumvention of laws or rights, here is a set of quick advice that everyone who wants to buy a property in Turkey must adhere to, whether for the purpose of housing or Investment:

  • You must search for the best real estate companies on the Internet, and communicate with them to find out the quality and seriousness of customer service with that company.

  • The need to find a trustworthy real estate agent to avoid falling prey to scammers and scammers.

  • It is necessary to know full details and information about the real estate company or the person you are dealing with as a real estate agent and to know how you got to the information it is now.

  • Beware of people who pride themselves on deceptive appearances such as offices and luxury cars, as some try to delude customers that they are strong in the market, keeping them away from its past that is free from good and successful business.

  • Avoid buying apartments from solids or blueprints, as the property may be mortgaged or withheld, so you must be sure of that before purchasing.

  • Pay attention to service fees within the building or complex in which you will buy.

  • Any foreigner who buys a property in Turkey must obtain permission from the Turkish army stating that the property is not close to a military base or not located within a military zone.

  • Clarification of all matters related to property documents and other official papers.

Is buying property in turkey a good investment? If you want to know how to buying property in turkey 2020 , or if you need someone to help you with the steps of buying a property in Turkey, or even if you are looking for real estate for sale in Istanbul, we are ready to help you determine your most suitable choice, and to ensure that you get the best available options What makes you profitable and saves the value of your future real estate that you wish for housing or investment in Turkey, take advantage of our guidance and advice completely free of charge, which our experts will offer you with pleasure and welcome to contact us. Call now .