Previous experiences of buying a property in Turkey are not free from mistakes that caused their owners some distress and embarrassment and were lessons from which newcomers learned the right way for purchasing a property in Istanbul or any other Turkish city.
In this regard, some foreign investors, especially Arabs, who have committed mistakes during the process of owning property in Turkey, tell their experiences to Alhuda for any foreigner who is considering real estate investment in Turkey to avoid them.
The most serious mistakes that you need to avoid while buying a property in Turkey
Among the most mistakes in which Mazen, an investor from Iraq, and Bushra, an investor from Algeria, and Hatim, an investor from Libya, made and urgently warned any foreign investor in Turkey, from falling into their trap, we find:
- Focusing on one of the advantages of the apartment and neglecting the rest of its negatives. It is a fatal mistake that must be avoided by the foreign investor, where the options and financial capabilities must be balanced, such as buying an apartment with less space. Still, the number of rooms in it or its distribution is appropriate with its proximity to social facilities that would provide services that facilitate the life of the buyer and members of his family.
- That a foreigner who wants to invest in real estate in Turkey buy a property in the heart of the city at a hefty price, since Turkey knows an exponential growth in the prices of apartments annually in Istanbul. The rest of the cities, i.e., the value of the investment returns, are high. Therefore, it is right for the investor to buy property in Istanbul within promising urban regions like Basin Express instead of ownership in the Fatih region. For example, the first is witnessing a significant rise in the numbers of substantial projects, vital roads, and other services that would provide the complete comfort of the investor with guaranteed profit.
- Avoid impatience. It is one of the most important things that may frustrate the process of buying a property in Turkey. As property ownership deals require great patience to seize the best opportunities, as the real estate market in Turkey is one of the most reliable and most competitive markets in the world. Therefore the investor must realize that buying a property in Turkey, and needs time and carefulness, and asking many questions, to reach the goal.
- One of the common missteps among foreigners who want to buy property in Turkey is to put their full focus on the price and the extent of the region’s popularity. But the better is to think about the future of the region, as the ownership in an area that may seem far and empty today will be useful tomorrow, especially with the urban revolution that Turkey is witnessing so the foreigner better thinks in investing in Esenyurt for example. After years he reaps double profits instead of buying a property in Sisli at exorbitant prices without increasing in the future.
- Permanent updating of information regarding the real estate market that does not know stability. Whether in terms of projects that grow significantly or prices or real estate, legislation, or regions. For example, in the past, ownership in Beylikduzu was considered a popular option. At the same time, in the last three years, it turned into the most prestigious areas of living In Istanbul with high prices, and today it contains substantial real estate projects. The same applies to laws, for example, obtaining Turkish citizenship before 2018 was impossible if the value of the property is less than a million dollars. With the updating of the legislative text, foreigners can obtain Turkish citizenship by owning property worth 250,000 dollars only.
The investor should also be aware that the ownership procedures may differ in Turkey from one state to another; for example, obtaining military approval during the purchase of apartments in Istanbul may take only three days. In contrast, in the case of choosing Malatya state, it may take a month, and like the length of time, other procedures differ from one country to another.