Many foreign investors are asking the obvious question, is there a downside of buying a home in Turkey? Is buying a property under construction in Istanbul is better or buying a ready property? We are pleased to answer these questions and to clarify the advantages and disadvantages of apartments under construction through the following article on your site (Turkey for expats).
The Turkish real estate sales to foreigners recorded unprecedented fictional numbers this year, especially in the first quarter of 2019, and foreigners, especially the Iraqis, were at the forefront of Turkish real estate buyers and the cities where foreigners preferred to own real estate in is Istanbul, then Antalya, then Ankara.
As a result of this great demand from foreigners to buy real estate in Turkey, new real estate marketing companies that followed crooked methods in marketing appeared, and unfortunately, the number of respectable and reliable real estate marketing companies has become able to be counted on the fingers of one hand, for this it is necessary to be warned about several points a lot of controversies is going around it recently.
Is it better to buy an under-construction property in Istanbul or to buy a ready property?
Real estate marketing companies are the mediator between the seller (real estate construction companies) and the buyer (the customer),
Although most marketing companies tell the buyer that the commission on purchasing the property does not exceed 2-3%, this statement is incorrect.
The lowest selling commission collected is 10% and it is paid by the buyer, and sometimes the company collects it from both parties (10% from the buyer, 10% from the seller).
And for this, we find that the real apartment price will increase by the price of the commission that will be received from the buyer without realizing it, he is informed that he will not pay a commission for the service or that it does not exceed 2-3% of the property’s price.
And here we turn to the question that comes to the minds of many who want to buy real estate in Istanbul, whether for the purpose of residency, investment, or obtaining Turkish citizenship,
Is buying a property under construction in Istanbul is better or buying a ready property and what are the downside of buying a home in turkey?
And to clarify the answer to the question, we will mention:
Advantages of buying a property under construction in Istanbul:
The only advantage of buying a property under construction in Istanbul is that the price of the property can be paid over several years.
Disadvantages of buying a property under construction in Istanbul and Downside of buying a home in turkey
- The inability to preview the apartment, as it is just an apartment on paper (drawings), and it may completely differ from reality and this is what a good number of buyers have already found when they received the apartments and were surprised by their small size and their contrasting appearance with the drawings.
- The possibility of manipulation of the construction companies in the specifications by which the apartment will be built or the materials and finishes of the apartment.
- High interest rates charged on the apartment, which the buyer is supposed to pay as soon as he contracts it;
Usually, unreliable marketing companies lie in their dealings, when mentioning the price of real returns they mention very small amounts,
And the buyer is surprised that the amount of the imposed returns is very high, and his rental of the property will not achieve an appropriate amount.
Because he certainly will not find the tenant who pays these high sums of returns, so the landlord will have to bear the price of the returns.
Knowing that this is for all apartment sizes, even those with small sizes.
Conclusion: To briefly answer the previous question and the downside of buying a home in turkey:
First: You must stay away from buying real estate under construction because of its many disadvantages, and buying a ready apartment will save you all the trouble.
You can preview the apartment, its area and views and ask about the apartment returns in the management of the construction company.
Second: We recommend that you be careful when dealing with real estate marketing companies after the number of these untrusted companies increased and try to ask a friend or someone who dealt with one of these trusted companies before.
It became easy now to check the property for sale through various websites such as Sahibinden.