Why is it profitable to buy a resale in Turkey?
Secondary real estate is called properties which is owned by a private or legal entity. These are apartments, villas, townhouses and cottages that previously had one or more owners.
Secondary housing has a number of other advantages:
- Well-developed external infrastructure. When buying a home from a developer, there may be temporary inconvenience associated with the construction of the second, third and subsequent blocks of the residential complex nearby. In addition, new buildings are often built in new areas where infrastructure is just beginning to develop. Buying a resale, you already see what is in the immediate vicinity.
- Possibility to enter the apartments immediately after the execution of the contract of sale. When buying apartments in a complex under construction, it will take time to complete the construction and put it into operation.
- Favorable prices. The cost of an apartment in Turkey from the owner can often be significantly lower than the market. This may be due to the fact that the owner needs to sell it urgently.
- Wide range of offers. In the secondary real estate market, there are significantly more offers compared to the primary one: from inexpensive studio apartments to luxury penthouses and villas with panoramic views of the coast.
Factors affecting the value of resale property in Turkey
Several factors influence the pricing of residential real estate to varying degrees. Among the main ones:
- Location. The area and city for Turkey is of paramount importance in real estate pricing. So, in large cities, the cost per square meter is much more expensive than, for example, in resorts. For comparison, the cost of apartments with 1 + 1 rooms in Istanbul and Alanya will be 400,000 TRY and 240,000 TRY, respectively.
- Distance from the sea. Housing on the first and second lines will cost an order of magnitude more expensive.
- General condition of the apartment. In the secondary market, real estate is sold with different levels of repair, decoration, equipment.
- Number of rooms and total area. Everything is simple here. The larger the area of housing and the more rooms, the higher the cost of apartments.
- Floor height and window view. In resort towns, the higher the apartments are located, the higher their cost will be.
- What should be considered before buying a resale in Turkey?
Pay attention to the following points:
- Check property documents: proof of ownership. When buying an apartment in Turkey, the Iskan is as important a document as the Tapu.
- The TAPU does not indicate the actual address of the property, but the cadastral number of the plot. Therefore, in order to understand the location of the apartments, you should check the documents in the Cadastral Office.
- Make sure that there are no encumbrances, whether the apartment is under arrest or pledged.
- Check that there are no outstanding utility bills.
If the apartments are located in a residential complex with infrastructure, it is worth clarifying the size of the aidat and whether there are any debts on it.
Turkish legislation has simplified the procedure for making a purchase and sale transaction for foreign citizens. But ignorance of the language and some features of the transaction can cause some difficulties. To avoid mistakes in the implementation of such a responsible matter, it is better to take the help of professionals.
Specialists of the licensed real estate agency in Turkey BEST INVEST will help you choose the best object in the secondary market of Turkish real estate. We will help you not only during the execution of the sales contract, but also ready to provide a wide range of after-sales services.