Many people ask Google if it is safe to buy a house in Turkey, and we think, as real estate agents, we are qualified to answer this question. Yes, it is safe and, in most cases, a healthy real estate investment; however, property buyers must follow the guidelines.
You might have heard of horror stories where people lost their life savings because properties were sold to more than one person or there were legal issues regarding boundaries. Most stories date back to when the Turkish house buying process for foreigners was haphazard and long drawn out. However, roughly ten years, Turkey realised the country was getting a bad reputation.
So, they tightened up the laws and regulations and made some changes to ensure foreigners get their title deeds quickly as a Turkish person would. These days, home buyers receive title deeds in as little as two days if everything is in place. There are few other countries where that happens. So, let us look at what to do to safeguard your investment.
Turkish law does not require home buyers to use a solicitor, but we strongly recommend you do. They will be responsible for drawing up contracts. We already do our due diligence on all properties advertised within our portfolio. Still, your solicitor is accountable for acting on your behalf and doing their checks, like checking for an ipotek on the property. This is debt, and if there is, the transaction won’t be able to take place.
Under Turkish law, no court will accept an unnotarised contract. Therefore, if there is any dispute with your property purchase, the contract is worthless. For this reason, we assist all our clients in getting the contract formerly notarised and recognised by law. Where the contract is in Turkish, only a recognised and legally qualified translator can carry out this process. It is an additional cost to consider when looking at purchasing costs, but that works in your favour.
We assist all our clients in opening a Turkish bank account. The reason being is the purchase must have a paper trail. Therefore, always pay for the property via bank deposit. Do not hand over any cash. Suitable banks where foreigners open accounts include HSBC, Halk Bank, Garanti and Akbank. At this point, our handy tip to save money is also to use a foreign exchange company like Wise. They give better exchange rates and lower transfer fees than banks.
One reason Turkey got a bad reputation many years ago was because everyone and anyone could sell houses. We heard stories of people buying from jewellers and restaurants owners. Or they made the mistake of thinking that their cash would be well cared for because someone was their friend. You would not go to the sanitation worker in your home country to buy a house, so don’t do it here. Instead, use an estate agent with a proven record of accomplishment. You can see this by asking for testimonials. We can put forward our services as a professional agent.
We never advertise properties without a habitation certificate. The reason is a property without one drastically reduces in value. So if you see a bargain home, do not be quick to jump in and purchase it because that might be one reason.
Under Turkish law, buyers can nominate someone to sign for the deeds on their behalf. This often works out well with foreigners who are unable to be in the country. However, if you decide to go down this route, only nominate a lawyer. Additionally, check the power of attorney small print to ensure it does not give any third person more rights than just signing for the deeds.
Rather than looking at Turkey as a whole, start to get to know regional markets. For example, one villa might be highly-priced in one district, but in another community with masses of land and low demand from buyers, the house would not be worth the same. Places like Kalkan and Yalikavak are known as prestigious markets, while Didim and Mahmutlar in Alanya are known as budget markets.
Get a good idea of what is selling for how much and where by browsing our portfolio of apartments and villas for sale in many areas of Turkey. Each listing contains the price, location, home features, and what makes that property special. Also listed are contact details to find out more via email or telephone or arrange a property viewing.
How to Buy Property in Turkey: As mentioned before, the property buying process in Turkey is quick and easy, and we guide property buyers through every step. However, you might be interested in this brief outline about the process and what needs to be paid and when.
Blog About Turkey: We have taken our teams collective knowledge and years of experience to form our blog about Turkey that will be of use to anyone thinking of buying property or moving and living here. We also answer any questions asked by property buyers in Turkey with an in-depth focus on regional housing markets and destination guides.
About Us: We are Spot Blue International property experts. We have helped hundreds of home buyers invest in Turkish property. We hope we answered whether it is safe to buy a house in Turkey and given helpful tips on how to protect your investment. If you still have any more property related questions, call and chat with us today, or follow us on Facebook to stay updated with international property news.