07 Apr 2020
05 Feb 2021
How to benefit from the Turkish currency devaluation to buy a property and what is the best way to invest in real estate?
The Turkish real estate sector, like other sectors, has been witnessing a growth of purchasing and positive development, that makes use of its economic growth and the crises in the Arab and middle eastern countries. The huge quantum leap in real estate sales has prompted the Turkish government to improve its relations with the countries, mostly buying real estate in Turkey, in order to ensure continued sales, like Iraq, which had the largest percentage .The percentage of Iraqis purchase of the real estate in Turkey has been about 17% until the beginning of 2018, while the purchase percentage of the Saudis has been about 12%, and 9% for Kuwaitis, while the total purchase of citizens of other foreign countries has reached 32%.
Is the time suitable for purchase?
The property is one of the fixed investment assets that move every three years and jump every six years, so it is the best option for those looking for safety and medium or long-term investment. According to economists and long-term Investment professionals, the foreign investors benefit from the currency's decline in immediate crises. The person who used to have one dollar or 3.5 Turkish Lira some years ago, can get it at about 6 Turkish Liras at the moment.
Successful investment steps
After doing a serious research and choosing the right locations, it is important to be careful about the procedure;
Inquiring about the property at the Land Registry Directorate to make sure that there is no mortgage or debt.
Registering the property at its original value.
Attestation of the buying contract by the Notary.
Attention to Real Estate Valuation
Professional companies provide the person with important information such as the integrity of the legal aspects of the project such as the presence of a building permit and the absence of violations that hinder it later. Asking about the Bank financing for the project especially if it is under construction. if there is bank finance, then you can trust more.
Based on the foregoing, the investor decides if he wants to complete the purchase or withdraw it.
What is the best real estate investment?
Many people do not have experience with places suitable to buy, and some may choose an inappropriate location causing them to not be able to resell later. We advise you to ask about the reputation of the project owner or contractor and their history in the field of construction, as well as the region in which the project is located and its proximity to public transportation and main roads, and major services such as schools, hospitals and commercial centers, in addition to the interest and proportion of Turks in the region in comparison to the number of other projects available in the region. It is better to buy in the city or around the middle, because the demand is high in those areas, and the real estate located in vital places inside the city is not affected much by economic crises compared to the real estate located in the outskirts. It is also better to choose real estate inside residential complexes because the owner of the project pays millions to market the project in advertising campaigns and launch it on the media and external marketing.
Finally, the buyer or investor has the right to set fines for the delay; if it is not delivered within the specified time, the price of the unit can be reduced.