07 Apr 2020
05 Feb 2021
Real estate project guaranteed by the Turkish government: definition and features
Many times, the phrase " guaranteed by the Turkish government " attracts our attention in the advertisement of real estate companies. What does this phrase mean, and what does it refer to?
The Governmental projects are the projects created on a participatory basis between the “government sector” represented by its construction institutions and the “private sector” represented by private construction companies. The Ownership of the land belongs to the government, it allocates the land to the construction company, which in turn builds and executes the project. As for government companies, it bears the responsibility of marketing and selling the projects executed under its guarantee.
What are the advantages of buying a project with government guarantee?
These advantages will not be found in the private sector!
The government guarantee is done according to a contract that is signed upon purchase with a company directly affiliated with the state and registered with a notary. The government guarantee also includes guaranteeing the progress of the project and ending it with all its requirements, as well as handing over the title deed. The monthly installments of government accounts are paid directly by bank transfers. About the regions established by the government: it includes all social and recreational services; From schools, transportation, restaurants, hospitals, and places for hiking.
How can we buy these governmental projects?
We offer in Akarkom company a distinguished list of real estate projects with the guarantee of the Turkish government, and these projects are in different areas.
When the client visits Turkey, we pick him up from the airport if he prefers, and then we do the following:
A professional presentation about Istanbul and its suitable projects. A visit to the projects to check the property, the site, and the plans before making the purchase decision. Booking the apartment and then going to the main office of the government company, there are more than one company. We will mention them at the end of the article. Signing the contract by the client and the Turkish government in addition to paying the first payment and then receiving the apartment and following up the installments recorded in the contract. Taking advantage of discounts held annually at a rate of up to 35% of the total amount of the property.
Is it available just for the Turkish people or to everyone, including Iranians and Pakistanis?
It is available to everyone but under conditions laid down by the Turkish government. You can deal with the government directly or with Turkish citizens by contracts
Contracts in government projects are of two types:
These contracts are between the foreign investor and the government sector directly and he is the first owner of the property, but it is not always possible to obtain a long-term installment in this type of contract because the buyer is a foreign citizen.
Contract of assignment:
The contract is used when buying from a Turkish citizen, as he assigns the purchase contract to the investor, and thus the installment plan is completely transferred to the investor.
Turkish government construction companies:
Meaning in the Turkish language, “the General Administration of Collective Housing”, established in 1984, which is basically affiliated with the government sector in Turkey, and is based on the idea of a partnership contract with the private sector, and its goal is generally to solve the housing problem in Turkey, which is characterized by a high population. It also seeks to establish large residential cities with attractive and global features in terms of services provided. The company provides all necessary social housing with strong, distinctive, and world-class infrastructure. These advantages are exclusively for Turkish citizens only. However, a non-Turkish citizen or a foreign investor can buy it from a Turkish citizen to benefit from it as well.
Advantages of buying from Toki company:
The company encourages profitable investment in the long run as the price of a sum of properties together is cheap.
One of the largest real estate developers in Turkey was established in 1987. It belongs to the Turkish urban administration, where it constructed 130,000 housing units distributed over 132 projects from 2003 to 2017. It has contributed to creating excellent investments in residential and commercial projects and has built entire cities Like Başakşehir region and Ata Shahir, which are two of the most important and sought areas in Istanbul.
In addition, dealing with that company has strict conditions. It is necessary to comply with laws and regulations, complete licenses, signing all contracts and verifying all data and information.