Buy an apartment in a new building. Risks and pitfalls.

Having your own property in Turkey is the dream of many foreign citizens. The Republic of Turkey has everything for a beautiful life: beautiful nature and climate, clear sea, wide well-maintained beaches, relatively low prices for accommodation and the hospitality of local residents.

However, is everything really so rosy? Are there any risks for investors associated with the acquisition of property abroad and, in particular, when buying housing under construction in Turkey.

We have compiled a list of useful recommendations for you on how to buy an apartment in a new building from a developer and what to look for.

Buying an inexpensive apartment from a developer - luck or risk

You should figure out in advance what budget can be considered acceptable for buying Turkish real estate at the construction stage. The cost per square meter in Turkey depends on the location of the property, area, layout, panoramic views from the windows and other characteristics. As a rule, investment-attractive housing cannot be too cheap - keep this in mind.

It is equally important not to miscalculate with the developer. After all, “budget” is not always “quality”, which means it is important to pay attention to the materials used and construction technologies, and other nuances. Look visually at the previously built houses of the developer you like, the condition of the facades of the buildings, chat with the residents, find out if they have any difficulties in living, complaints about the quality of finishing materials, construction work, engineering, and so on.

One of the easiest ways to save money is to purchase apartments at an early stage of construction. In Turkey, among the developers introduced the practice of a phased rise in price per square meter. That is, when buying an object at the excavation stage, you will get the maximum savings of your own funds, which will pay off immediately after the house is put into operation. This is a great way to make money on the resale of housing and an objective reason why you should buy an apartment in a new building.

Reputation of a construction company

How to buy an apartment in a new building so as not to be deceived? The decisive factor is the right choice of the construction company. There are many developers in the real estate market in Turkey and most of them are experienced, proven companies.

Before you make a final choice in favor of a particular developer, study his portfolio, the number of built objects (it is better to have at least two), customer reviews, and talk with company managers. The list of services of trusted developers, in addition to construction and sales, includes expert advice, a free study tour, full transaction support, assistance with obtaining a residence permit and citizenship, and after-sales services. As a rule, based on the information received, it becomes clear who is in front of you - a bona fide company or a company that should not be trusted.

In the Republic of Turkey, the activities of construction companies are carefully controlled by the state and this is good news for all investors from abroad. For the government, injections into the economy from outside are very important, so they require developers to strictly fulfill their obligations to buyers. In particular, there are huge fines for non-compliance with the designated deadlines for each stage of construction work, administrative liability and deprivation of a construction license. In addition, it is beneficial for the developers themselves to complete the work as quickly as possible: they mainly invest their own money, so they strive to return it and earn money as soon as possible in order to proceed with the next object.

Long-term and unfinished houses in the popular resort regions of Turkey are a completely atypical situation, which means that the risks of acquiring an apartment in a new building are minimal.

Checking documents for real estate

To figure out how to buy an apartment in a new building, we recommend that you show curiosity and, in general terms, study the procedure for processing a transaction. It is equally important to check in advance whether the documents for the property you like are in order. First of all, find out if the object is pledged to the bank, whether it has any other aggravating circumstances.

For example, in Turkey there is a risk of buying someone else's apartment. In this case, the owner of the land plot enters into an agreement with the developer, according to which part of the apartments in the house will belong to him. An unscrupulous construction company can sell you a home, although by law it already belongs to the owner of the land.

To avoid such situations, ask the developer for official documents confirming ownership, in particular, TAPU and Iskan. TAPU is the only document confirming ownership of the property, but the Iskan technical passport shows that the building was erected in accordance with all government regulations and rules. As a rule, an iskyan is issued after completion or at the final stage of construction work.

If they don’t want to show you papers or they don’t exist, then it’s better not to take risks, but to look for another company.

Expenses after buying an apartment from a developer

When studying the information about what you need to buy an apartment in a new building profitably and without risks, pay attention not only to the purchase amount, the costs associated with the transaction, but and for post-possession expenses. In Turkey, all owners of apartments in new residential complexes are required to pay a monthly amount for the maintenance of infrastructure facilities and public areas: landscaping, swimming pools, children's and sports grounds, hamams, parking, security, and so on. The larger the infrastructure, the larger the Aidat amount.

All owners are required to pay, regardless of whether they live in the apartment or not. Late payments are subject to penalties. The service company can sue persistent non-payers.

Before making the final choice, we recommend that you clarify with the developer the planned scale of the infrastructure and the cost of aidat in order to choose an acceptable option for yourself.

So let's summarize. To buy an apartment in Turkey in a new building profitably and without risks, the most important thing is to choose an experienced developer with a good reputation.

Contact Nordic Property Construction. We know a lot about building quality real estate in Alanya and guarantee the best value for money construction!