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The purchase of real estate in Turkey requires a lot of effort, and there are a lot of rumors about property ownership in Turkey.
Article Published On: 24.07.2021 / Article Last Review Date: 24.07.2021
Rumors About Property Ownership in Turkey
The acquisition of real estate in Turkey necessitates a significant amount of work, particularly for first-time buyers or large investors. The Turkish real estate market is quickly evolving, and all market participants must be well informed on the market and its future trends.
Given the abundance of information about investment and real estate in Turkey available on the Internet, firms that post this information on platforms and accounts on social media face questions about their authenticity.
We also feel that real estate businesses in Turkey play an important role in giving accurate information to individuals interested in investing in Turkish real estate and in raising investor knowledge about Turkish real estate. In this post, we’ll look at some of the most common misconceptions regarding real estate in Turkey.
Related Article: Top Locations to Buy Property in Turkey.
Rumor 1: To get into the Turkish real estate market, you’ll need a lot of cash.
One of the most common myths in the market is that Turkish real estate is costly, and many individuals interested in real estate investments in Turkey believe that the cost of entry is prohibitively high. This is not the case; the most essential factor is market awareness and comprehension.
You may begin investing in the Turkish real estate market with as little as $50,000 by investing in housing developments or university dorms, which give a decent return on investment (ROI).
Many big real estate investors fail to invest in Turkey owing to a lack of market awareness and comprehension of the Turkish real estate industry’s future tendencies, as well as a concentration on quantity rather than kind of investment.
Related Article: Incentives Drive Growth into The Real Estate Sector of Turkey.
Rumor 2: Real estate companies earn a lot of money in Turkey.
We can’t dispute that real estate businesses in Turkey strive to make money, but the notion that they earn a lot of profits in Turkey is incorrect, and because commissions in the real estate industry fluctuate from one company to the next, there is no set commission and no average commission earned by companies.
In Turkey, the fee is three percent of the property price, and it’s paid by the project’s building firm, not by the customer. The Turkish market has a lot of costs for real estate firms, which reduces the profit margin. These costs include hefty Turkish government taxes and other expenditures linked to the sale of the property in Turkey.
Related Article: The Facts about Property Ownership in Turkey.
Rumor 3: Real estate companies in Turkey make a fast profit.
Many first-time real estate investors in Turkey are hoping for a rapid profit, which causes them to hurry their choices and frequently results in losses. The real estate market in Turkey is one of the fastest expanding markets, offering high investment returns to all investors; nevertheless, patience is the key to accomplishment in this sector.
Investors must first learn about the Turkish real estate market before deciding on the finest property in Turkey in terms of location and quality. Then, as one real estate investing guru puts it like this; “wait, the only people who make money while they sleep are real estate investors.”
Rumor 4: All real estate companies in Turkey are similar.
When purchasing a property in Turkey, it’s critical to select the best real estate company to work with. Many individuals who have had a poor experience with real estate firms believe that all real estate businesses are the same and that the quality of their services is the same, which is not the case.
As a result, many people who want to buy a property in Turkey select the wrong property consultancy agency. A high amount of advertising on social media attracts customers interested in Turkish real estate, but also a considerable amount of inaccurate information is out there about real estate in Turkey.
There are many real estate companies working to provide quality in all of their services for those looking to buy property in Turkey, and they are working to improve the sources of information on the internet. You can inquire about these companies at your embassy’s investment section in Turkey to ensure that the company is legitimate.
Rumor 5: There are cheap properties in luxurious places in Istanbul.
Unfortunately, many individuals assume that Istanbul has inexpensive real estate. This isn’t correct. In Istanbul, there are no low-cost properties. These are what we refer to as; “lower-quality” features.
Many real estate businesses in Turkey who simply want to sell properties are in charge of promoting this illusion to their consumers to enhance sales. Some real estate businesses promote themselves with phrases like; “affordable flats in Istanbul,” but what most people don’t realize about inexpensive flats is:
● The majority of these properties are not in residential areas and are located far from Istanbul’s central districts, with no public transit available.
● The infrastructure in these places is in poor condition.
● The flats are of poor quality, and the majority are in old structures.
We think that reliable information is critical in influencing an investors’ decisions. Although many unprofessional firms are functioning in the Turkish real estate market that offers incorrect information regarding property ownership in Turkey, there are also reputable companies that work hard to provide accurate information to all of their consumers.
Remember to seek aid from an experienced law firm in Turkey to handle all your legal affairs.
References
- Jadid, M. (2017, December 14). 5 Hidden Facts about Real Estate Investing in Turkey | Extra Property. Extra Property. <https://extraproperty.com/5-rumors-turkey-property-ownership/>
- CARA, A. (2017, September 19). 15 crazy real estate myths your clients probably believe. Inman. <https://www.inman.com/2017/09/12/15-crazy-real-estate-myths-your-clients-probably-believe/>
- Panel, E. (2017, May 4). 10 Myths About The Real Estate Industry, Debunked. Forbes. <https://www.forbes.com/sites/forbesrealestatecouncil/2017/05/01/10-myths-about-the-real-estate-industry-debunked/>
Images used in this article have been taken from free image-sharing services on the internet. Also, in this article, which is called; “Top Locations to Buy Property in Turkey,” information freely shared on the internet was used, and necessary references were given in the article. We do our best to provide up-to-date information, but if you see an error in the article, feel free to contact us.
