Arab and foreign investors usually face problems in purchasing real estate in Türkiye for the first time. The investor was not sufficiently familiar with the real estate market in Turkey. It is possible that he deals with unreliable real estate marketing companies and this results in owning a property that contains many problems. This is in addition to the laws of foreign ownership of real estate, which have changed a lot recently. In addition to many problems related to the condition of the property, We at Encomgalaxy help you avoid these problems by explaining them in the following report.
Problems of buying property in Türkiye
The problems that investors encounter when buying a property in Turkey are due to external and internal reasons. The internal reasons include Turkish construction companies and dealing with real estate fraudsters. As for the external reasons, this is what we will explain to you in detail in the following points:
1. Frequent change in the lira exchange rate
Changing the price of the lira is one of the external reasons that greatly affected the Turkish real estate market. This change leads to investors retreating from buying real estate in Türkiye. The lira has recently witnessed instability in the exchange rate against major currencies such as the dollar. Consequently, this affected investors’ desire to buy.
The Turkish government has appeared in a distinctive scene to improve the situation recently. It supported the currency and worked on economic reforms that once again encouraged investors to invest. This is in addition to the facilities provided by the government regarding foreigners owning real estate.
2. Dealing with unreliable real estate brokers
When a foreign investor begins to think about buying a property in Turkey, he is exposed to dealing with real estate brokerage companies with a bad reputation. This is due to his lack of sufficient experience and knowledge of the real estate market, and thus he is exposed to fraud that makes him lose credibility in the real estate companies, and it is possible that he will change his idea permanently about buying the property. In a general sense, investors are exposed to real estate fraud.
3. Investors do not have sufficient experience in the real estate market
Foreign investors face a major problem due to their lack of sufficient information about the real estate market in Turkey. Regarding the laws of ownership, when taking the step of purchasing a property in Turkey, it is necessary to collect the necessary information and become familiar with the laws regulating that.
4. Not understanding the terms of the purchase contract
The purchase contract usually consists of some clauses that preserve the rights of the seller and the buyer. Once agreed, both parties sign it, and this means their agreement to all the clauses contained in the contract. But there are some investors who are ignorant of these terms and do not read them before signing, and this is a big problem. It is not recommended to rush into signing before understanding the terms of the contract in detail.
5. Problems of purchasing a property in installments
There are some cases that resort to purchasing a property in installments because the full value of the property is not available. The contract is made to pay the value of the property in installments in installments ranging between 30% and 50% over an agreed-upon period, whether 12, 24, or 36 months, according to the agreement between the seller and the buyer.
Thus, the buyer is committed to paying the installments on the specified date and keeping the receipts. But the problem is that the seller is required to transfer ownership of the property to the buyer, which takes a long period and several procedures.
6. Problems of purchasing a property under construction
This is another trend that investors are heading towards, which is buying a property under construction due to its low prices. It is agreed to pay the value of the property in installments, and some consider this a unique and successful investment opportunity. But the problem is the delay in delivering the properties and the procrastination in completing the construction work. This exposes the buyer to many problems, including not receiving the amount paid in installments and being forced to go to court.
Important tips to avoid problems in buying property in Türkiye
After we explained to you the problems that foreign investors encounter when buying a property, We offer you some tips that may help you avoid this:
- It is necessary to deal with a reliable real estate consultant with great knowledge of the real estate market. This is what we provide at Encomgalaxy, as we have a large team of consultants who have deep experience in the Turkish real estate market.
- Review the Turkish laws regarding foreign ownership of real estate.
- Learn about the advantages and disadvantages of the Turkish real estate market.
- Familiarity with information about the project and the name of the startup company.
- Do not rush to buy any property before knowing the details of the project and the future of improvements in the area.
- Review the terms of the contract, read them well, and understand each clause.
About Encomgalaxy Real Estate Company
Real estate opportunities come in many shapes and sizes. But less is better, If you are looking for low or high prices, You want completed or under construction properties, You dream of a house to live in that fulfills your ambitions, improve your lifestyle or increase your income, We are keen to provide real estate opportunities that suit your needs.
At Encomgalaxy we know that every investment has its own character and that every businessman is looking for a unique investment opportunity. We have created a special section for luxury and distinctive real estate in many investment areas in Istanbul and other Turkish cities, designed specifically for businessmen.
Encomgalaxy is considered one of the leading companies in the field of real estate investment. We offer you a number of different real estate options. We offer you an opportunity to invest in unique and distinguished properties that keep pace with your ambitions and aspirations. Join us and discover real estate investments in new dimensions.
Why should you work with Encomgalaxy?
We are pioneers in discovering unique and attractive real estate opportunities, We have a large team with deep experience in the real estate market. Among the most prominent advantages that our company possesses, which made us the first and ideal choice for the VIP business elite and foreign investors:
- Strategic partnerships: We deal with a large group of global and Turkish real estate market giants to ensure that we provide the best service to our customers.
- We have great experience in the real estate sector. We know when, where and how to invest in the right places.
- Real estate diversity We provide you with a choice from a wide range of real estate projects, whether existing or under construction.
- VIP Experience We offer rare and unique opportunities to businessmen and ensure that their needs are met in the best and easiest ways.
- Flexible installments We provide you with flexible installment services, allowing payments to be distributed according to the agreed upon period, ranging from 12 to 60 months.
- We offer you a group of real estate projects equipped with the latest technologies.
Buying a property in Turkey requires a businessman who has great knowledge of the Turkish real estate market and Turkish laws so as not to fall under real estate fraud. Through Encomgalaxy, you will find the real value of purchasing a property for housing or investment. With us you will find safety and credibility, as we put all our experience and resources into providing the home of your dreams. Do not worry, rely on us and experience a unique real estate experience.