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Sometimes people ask, "Is real estate in Turkey cheap?" At least in comparison to Western countries, the answer is "yes." For investors who are thinking of buying property abroad, it thus ranks top amongst locations with real estate investment prospects. Assuming you have learned how to get fantastic deals, there is much more you should consider when deciding on a property purchase in Turkey.
When a buyer discovers their dream house at a discount, it may end up being the worst financial decision they have ever made.
While certain places are more affordable than others, there is little indication of long-term capital growth. This is the result of not doing a thorough investigation into the real estate market. Let's review the information a buyer seeking cheaper real estate should learn.
Cheap Turkish Property Buying
1. Is Investing in Real Estate Safe?
Compared to price ranges, several would-be homebuyers start thinking if it's worth spending because it seems too good to be true compared to other foreign markets for real estate, such as those of Spain or Portugal.
Yes, provided buyers comply with all the established procedures and regulations. Be certain that you will always work with an attorney or a licensed real estate agent, and have contracts prepared. Only in this case does it guarantee a paper trail-it's always better to directly transfer money online to the bank account of your legitimate seller. In this article about buying property in Turkey, we further discuss investment protection.
2: Off-Plan Properties
Off-plan properties are one of the best values. Istanbul, as well as most cities, would be a superb investment for local investors because they are booming on both the European and Asian fronts. Some developers are also offering interest-free payment plans for up to five years. The disadvantage of buying off-plan is that the first-time purchaser may have to wait until they sign on the dotted line to see their high street investment. Therefore, detailed contracts are required and only use developers who have insurance in case they are unable to complete the job.
3. Turkish Renovated Houses
Now and then a buyer desires a remodeling project to become their ideal house. They want to update and modernize an inexpensive, old Turkish village house. Regretfully, any value gain will be far outweighed by the costs of renovations. Renovation projects also prove costly because, in the past 20 years, Turkish construction laws have changed. To make sure the house receives all the necessary documentation and certifications, this calls for a significant refurbishment. If you are purchasing a property, pick a traditionally designed house that has already undergone renovations. Alacati in the Izmir region and Kayakoy in the Fethiye region are good sites to look for these kinds of properties.
4: Resources for Low-Cost Real Estate
Certain locations rank higher than others when it comes to affordable real estate. Kalkan, for instance, on the Mediterranean shore is not the place to search. Because there is a dearth of suitable building sites and this market specializing in luxury residences, supply, and demand have already driven up prices. Altinkum on the Aegean coast is a great area to start looking for affordable real estate. Due to the low cost of living and the preservation of the rustic atmosphere, properties in this area are less expensive than in Kalkan. Bursa was a latecomer to reviving its once-stagnant market, therefore investors from the Middle East are drawn to its low property prices.
5: Negotiating Prices and Legal Fees
Remember the closing charges in addition to the house price. These will consist of the land registry fee, notary and translation fees, and title deed tax. View a detailed breakdown of the amount you should budget for these expenses. Furthermore, investors in real estate occasionally enquire with us about the acceptability of price haggling in Turkey. It is, and in these situations, we act as intermediaries between buyers and sellers as real estate brokers. It should be noted that real estate transactions in Turkey move swiftly, thus there is little possibility of other bidders outbidding you.
