The Republic of Turkey is a popular country for investment in properties under construction. Thanks to increased demand from foreign buyers, the Turkish real estate market is growing rapidly. In just six months, the rise in real estate prices in Turkey for expats per square meter amounted to 40%. Buyers from abroad are concerned about how to purchase apartments in a new building, so as not to be deceived, what are the pros of buying real estate in Turkey at the construction stage. All the details are in our article.
Pros of buying real estate under construction
About a million new houses and apartments appear in Turkey every year. Many of them are bought up at the start of sales, that is, at the stage of excavation. This is a good indicator of trust in Turkish developers. In addition, the acquisition of property in an off-plan residential complex guarantees investors a number of advantages.
1. Opportunity to renovate and remodel
Over the past few years, construction companies in Turkey have been actively inviting investors for cooperation. Issues such as the design of apartments and the use of various finishing materials are discussed together. By purchasing apartments at an early stage of construction, the buyer has a real opportunity, in accordance with an individual design project, to choose:
- location of interior partitions;
- quality, colour, texture of finishing materials;
- floor covering;
- plumbing and engineering of a certain brand, etc.
In the future, the owner will not have to redo anything, since the repair will be fully completed according to his requests and wishes.
2. Quality materials in new buildings
Before investing in an off-plan housing, we recommend that you look at the already built properties of the developer you like. You will see the same high standards of construction in the new house.
Turkish authorities monitor the compliance of construction companies with European quality standards, all technical norms and rules. One of them is the use of high-quality and safe materials. When decorating houses, first-class ceramics and glass, metal alloys and wood are used.
After construction is completed, the developer puts the building into operation by issuing a technical passport. The document is issued only after a thorough check by specialists. All shortcomings are corrected by the developer in a timely manner. If the act of commissioning is not received, the building license is cancelled and the building is subject to demolition.
Many investors are interested in whether it is profitable to buy an apartment in Turkey under construction and whether it is safe in terms of seismic activity there. It is no secret that the Republic of Turkey is in a zone of high probability of earthquakes. Therefore, high requirements are put forward for the seismic safety of facilities under construction. Buildings are erected on pile foundations using monolithic reinforced concrete structures with lightweight walls made of hollow materials.
Special attention is also paid to the arrangement of high-quality waterproofing, which is very important in the operating conditions of a humid, hot, maritime climate.
New housing in Turkey is ultra-modern residential complexes with a fully landscaped area, gardening, security and a developed internal infrastructure.
3. Loyal pricing policy
Considering the pros of real estate from a developer in Turkey, investors especially note the loyal pricing policy.
Developers raise the cost per square meter in stages. The cheapest apartments are at the stage of excavation. The difference between a property at the start of sales and a finished apartment with a repair in a residential complex put into operation is about 30%. In addition, most construction companies offer investors to purchase housing in instalments without interest. When signing the contract, an initial payment of about 30% is made, and the rest of the amount is paid in instalments according to a convenient individual schedule (once a month, quarter, six months) until the end of construction work.
4. High return on investment
As we have already noted, the acquisition of property in a house under construction is an investment profitable deal.
High return on investment is guaranteed by:
- Rising cost. The average price per square meter during the construction period increases by 20-30%. This is an effective way for foreign investors to make money on the resale of a property.
- Good rental potential. An apartment that is properly selected according to its characteristics and location can be rented out. The average yield of Turkish housing is about 6-8% per annum.
Cons of buying real estate in Turkey
Obviously there are some cons of investing in real estate in the republic. We can name the following:
- the risk of suspension or freezing of construction,
- project inconsistency (that is when the project at the initial stage of the deal doesn’t match the finished result),
- waiting for check-in.
Though, you should remember that these cases are quite rare.
Real estate in Turkey
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