Mistakes in real estate investment in Turkey

Amid the growth of the real estate sector in Turkey and its being considered one of the best investment fields,
especially for foreign investors seeking to benefit from the advantages of buying property in Turkey
with the aim of obtaining Turkish citizenship or achieving financial profit within the real estate market,
there are inevitably major mistakes that investors fall into.

These mistakes centre on 4 main points, which are:

First: The property's location

One of the most important factors determining a property and its quality is the area it belongs to.
A relatively small property, such as a studio (0+1), in a vibrant area may give the investor a profit return many times higher than a large property in an inactive suburban area.
It is therefore very important to focus on the project's distance from vital centres, its connection to highways and shopping centres, and the area it belongs to

Second: Beware of agents and fraudulent real estate companies

 

We mention this point in most of our articles:
Not every agent or real estate office owner has a licence to operate in this field,
and not every licence holder operates honestly.
Given the legal differences between Arab countries and Turkey, you must be cautious in choosing your investment or real estate advisor, and fully verify their licences before starting to search for a property with them,
and check with their previous clients.
And do not forget the well-known saying: prevention is better than cure.

Third: The value of the service charges

When choosing a property, you must review all points, and one of the most important is tracking the amount of service charges levied by the residential complex you will live in
In some cases, the fees are nominal in exchange for basic services,
and sometimes they are for more services and greater comfort,
but sometimes the fees are exorbitant in exchange for services that are non-existent or extremely basic.
Therefore, the agreement regarding the service charges and how they are divided among the flats should be reviewed

Fourth: Old buildings

Some believe that old buildings offer an opportunity to seize a low price,
but they do not know the costs of renovation and restoration.
You must verify the property's structural soundness, its earthquake resistance, and its technical condition,
especially if the property is more than 10 years old