Many people wonder if it is safe to invest in real estate in Turkey. The answer is yes, indeed. Furthermore, it can be a very profitable investment. Yet, one must follow through with some steps to ensure their purchase is reliable.
However, many people also have heard of some notorious stories about the real estate market in Turkey which people lost all their life savings. The majority of the stories date back to when the Turkish house-buying process for foreigners was haphazard and time-consuming. However, after around ten years, Turkey realized that the country was gaining a terrible reputation. After those years, Turkey took some steps for foreigners to get their title deeds as soon as possible (as short as two days), and not many countries give you that opportunity.
How to Buy a Property in a Secure Way in Turkey?
Use a Lawyer in Turkey
Turkey's laws don't require you to use a lawyer, yet, it would be better if you hire a lawyer. They will be in charge of drafting contracts, and your lawyer is responsible for acting on your behalf and carrying out their checks, such as looking for a mortgage on the property. It is debt, and if there is any, the transaction will be unable to proceed.
Notarize Contracts in Turkey
No court in Turkey will accept an unnotarized contract. As a result, if there is a disagreement with your home acquisition, the contract is null and void.
Certificates of Habitation for Properties in Turkey
We, as Trem Global never list properties that do not have a habitation certificate. The reason for this is that a property's value plummets without one. So, if you see a good deal on a house, don't rush to buy it because it could be one of the reasons.
Only Work with a Licensed Real Estate Agent
One of the reasons Turkey gained a terrible name many years ago was that anybody and everyone could sell houses. We heard of people purchasing from jewelers and restaurant proprietors. They made the mistake because some said they are trustworthy and their friends. So, we recommend you use a licensed real estate agent.
Do Your Research on the Turkish Property Market?
Rather than looking at Turkey as a whole, search regional markets. The prices change from one location to another. One apartment can be highly-priced due to its neighborhood while the other one can be rather cheap compared to the other.