Turkish real estate is bought annually by thousands of foreign citizens. The constant reason for the growth in popularity is not only the opportunity to acquire your own house or apartment on the Mediterranean coast, the beauty of nature and a decent standard of living, but also an excellent investment climate.
Property in Turkey
The cost of property in Antalya, Oba, and Istanbul also makes foreigners want to invest in the country. By purchasing housing in Turkey, you are guaranteed to save, and in most cases, increase your capital. What are the features of buying property in Turkey and interesting facts that you did not know – this is what will be discussed in our article.
The sale and purchase transaction is quick and easy
The Republic of Turkey has been actively working during the last decade to simplify the execution of purchase and sale transactions with investors from abroad, to make the procedure as transparent and safe as possible.
Today, the acquisition algorithm will be clear even to beginners – those who are going to become the owners of Turkish apartments for the first time. After the mutual settlement between the parties to the transaction, the preparation and re-registration of papers for a new owner takes just a few days.
Qualified assistants represented by a real estate agency pre-check the documents and the property for legal cleanliness. The transaction is carried out in the presence of a sworn translator, which is the key to accurate and truthful reporting of information to the investor. The whole procedure for buying property in Turkey is thought out so much that any fraud or risks are simply excluded.
Foreigners can buy real estate on a mortgage or installment
Turkish banks easily lend to foreign citizens who want to buy a home. Mortgage for foreigners in Turkey is issued on almost the same terms as for the Turks. It is not difficult to fulfill them, therefore, according to statistics, almost every third apartment in the country is purchased on credit or in installments.
Interest-free installments from the developer in Turkey are issued for houses under construction, as a rule, for the entire period of construction work or longer. If you have not paid the entire amount, and the house has already been built and put into operation, you will be able to move into your apartment and even get the right of ownership with an encumbrance.
This practice demonstrates a high credibility, a loyal policy of the government and financial organizations towards investors from abroad. Therefore, we recommend not to focus on the negative experience gained at home, but to consult with professional realtors and take advantage of the banks and developers of the resort.
Transfer of ownership in Turkey is not retroactive
In the resort power, the legislation works in such a way that after the conclusion of a sale and purchase transaction and the transfer of ownership of an apartment in Turkey, the procedure for returning the transaction is impossible and cannot be challenged even through the courts. Thus, you become the full owner of the acquired property, and no one has the right to dispute this fact or claim your housing, whether it is suddenly the seller’s relatives, heirs or officially divorced husband/wife.
Buying property under construction is in demand
It is important to understand that Turkish developers build houses very quickly (it takes 1.5 – 2 years to build an average multi-storey residential complex) and guarantee high quality standards to buyers from abroad. On the part of state authorities, there is a strict and constant control over each stage of construction. Failure to comply with the deadlines for the official completion of work is fraught with large fines for unscrupulous construction organizations.
- If technological violations are detected and they are not eliminated in a timely manner, the developer may be deprived of a construction license.
- If the developer, despite the reason, does not complete the work, the state withdraws all of its assets for the construction.
Therefore, literally all Turkish construction companies hand over properties on time, and often even earlier than the officially scheduled dates.
In addition, an apartment in Turkey at the construction stage is much cheaper than housing in an already commissioned house, since the rise in price per square meter occurs in stages. The cost of apartments purchased at the excavation stage will increase at least three times upon completion of construction work. The resale of finished housing in this case is a profitable and popular financial scheme to increase your capital.
Real estate in Turkey
As you can see, the Turkish real estate market has something to surprise you with. Cooperation with a real estate website Turk.Estate guarantees that in the shortest possible time you will become the owner of quality housing in Turkey at the best cost without risks and overpayments. Order a callback service and in the near future they will contact you to make your dream of a house by the sea come true!