Which Real Estate Developer Would I Prefer to Buy in Turkey?
This article is for those interested in buying real estate in Turkey. There are three types of construction companies in Turkey:
1- Governmental Construction companies
2- Private Construction companies
3- Public Private Partnership companies
Each of these companies has different features and characteristics.
Governmental construction companies are distinguished for the signed purchase contract in which the Turkish government ensures you to be always in the safe phase with clarity and accuracy.
But there are some points to consider
1- Additional Procedures: Their contracts must be fixed at government departments, and the notary is always required and always paid by the buyer.
2- Compulsory payment plans, since the time you buy from a governmental construction company, you will always pay through them, and you must wait for the most appropriate payment plan and transfer the available payment plan which suits you.
3- The quality of completion is always good quality, not high and luxurious compared to private companies.
4- The Turkish government owns entire regions and pre-approves the projects of the construction companies
The biggest example is in Bahcesehir region, which has government land and government projects; and Basaksehir region, which has government land, but the projects built there belong to private companies.
5- Real estate appraisal is less than the purchase price by 10 to 15%
Speaking of the private companies, it should be mentioned that they are distinguished by having two distinct types:
They have the support of the Turkish banks and offer the best ratings for construction companies; hence they have the following advantages:
1- The construction company and you, obtain a bank guarantee sponsoring the project.
2- Your purchase contract is proven and documented by the bank guarantee and at the Turkish notary
3- The commitment of the construction companies to the quality of finishing when handing over the project to the same type of finishing used in the typical apartment.
4- In case of delay in delivering, a sum of money will be paid as a monthly return until the date of handing over the project
5- Real estate appraisal is often at the same purchase price due to the availability of complete conditions and their follow-up by the government.
We recommend these companies especially for people interested in real estate investment
Public Private Partnership Companies
The real estate developer choosing is characterized by the fact that the land of the project belongs to the government or not. If the company is private, the finishing quality is the same as what was promised.
Most of these purchase contracts are approved by a Turkish notary.
Finally, do not forget to consult a real estate expert to guide you to the right project and the best company.