Whether the prices for properties under construction in Turkey are really lower than finished ones, how I choose the right developer and construction project?
How long the property construction in Turkey takes on average, which ways of payment can be applied, what the guarantees are that the project will be completed and the apartments in Turkey will be let?
If anyone controls the property construction in Turkey, if I can assign the right when the property is still under construction?
The investment in Turkish real estate is becoming more and more popular every year.
However, despite the apparently better prices for properties at the “excavation” stage, many people refrain from buying a property under construction in Turkey for fear of losing money.
Let's discuss this topic today. I will provide insight to all important points that you definitely need to know!
Thus, are prices for properties under construction really lower than finished ones? And if so, how much?
It all depends on the region and the developers themselves.
This is usually true and you can earn from 10 to 50% when buying a property in a new building.
However, I also often face up to the fact that the developer initially enters the market with high and unjustified prices. Therefore, when buying a property at the stage of its project development, you definitely need to monitor the market in the area and compare offers.
How do I choose the right developer and construction project?
Make sure to ask for a list of properties that this or that developer has already built, look at their quality, and, if possible, talk to the residents who live there.
Try to find out if they are satisfied not only with the purchase, but also with the traditional Turkish weak point – the organization of the complex maintenance and management.
Serious construction companies value their reputation and actively participate in the future management in order to maintain the brand of their company and ensure customer satisfaction.
It's great if a developer builds a property on their own land. It is an absolute plus. Although this is not a mandatory thing to do, many good spots of land in Turkey are not sold by their owners, but are given for shared construction.
How long does the property construction in Turkey take on average? Which ways of payment are there?
Depending on the size of the complex, the construction takes from 1 to 3 years. Standard ways of payment are an initial payment of 30% or 50%, followed by installment payments until the end of the construction.
Can I check the financial condition of the developer in the public domain? Unfortunately, you can’t, in Turkey it is not possible to do that officially!
That is why, you just have to listen to the advice of market professionals and rely on your intuition.
What are the guarantees that the construction project will be completed and the apartments will be let?
There are no such 100% guarantees in Turkey. A signed sale and purchase agreement will protect you in court if necessary, but will not force the developer to complete the construction. In case of disputes in court, you can get your money back, of course, if this developer has still got your money.
Do not forget that in Turkey the judicial system is really weak. I don't recommend anyone to deal with it. Such a trial in court can take at least 2-3 years of your life, not to mention, the cost of a lawyer.
Does anyone control the property construction in Turkey at all?
Of course, any developer is required to get the approval of the construction project in the local municipality and obtain a building permit.
After its completion, the developer is required to put the finished object into operation with the receipt of a technical passport – ISKAN.
During the property construction, its quality is checked by a construction inspection company. They are called Yapı Denetim Şirketi in Turkey.
Can I assign the right during the property construction?
As a rule, you can’t. In Turkey, very few developers allow doing that. In fact, there are almost none. That is, you will have to pay the full amount for the property, get Tapu and then put it on the sale market.
Should I invest in construction projects in Turkey at all?
Yes, but you need to know the real estate market well in order to choose the right region, area and project for investment or contact professionals who know this market well and do their job in an honest way!
If you can do it right, then, to tell the truth, putting money in a property under construction will be a good investment.
Feel free to ask any questions about what interests you, even when buying real estate under construction, and I will be more than happy to share my experience with you.
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