5 steps to a successful real estate investment in Turkey
Successful real estate investment in Turkey or in other countries around the world can only be after you have followed many steps that lead to this result, but what are those steps? Does following it give you a guaranteed result? This is what you can learn about through this article, we wish you an enjoyable read.
Learn the steps for successful real estate investment:
If this is your first step in the Turkish real estate market or you do not have a lot of information about Turkish laws and regulations, you should definitely use and seek expert advice to get distinctive and important results. Here are the most important 5 of them:
1 - Choose the location very carefully:
The location of the property is one of the most important factors of real estate investment. In order to achieve great profits, you must choose the location of the property carefully. There are many things to consider when choosing a location for your investment property, such as:
- The current state of the real estate market in that region.
- The possibility of future economic growth in this field.
- Availability of rental properties in that area.
- The demographics of that area (ex: population density and average income).
2- Stay away from remote areas:
You should choose to stay away from remote areas and prefer locations that are easily accessible and have high potential for price increases over time. One of the best places to invest in real estate in Turkey is Istanbul, Ankara, Izmir and Bursa as these cities offer a variety of opportunities for investors, from luxury apartments to affordable homes. In addition to choosing the right location, you should also consider the type of property you want to invest in. For example, if you are looking for a short-term investment, an apartment may be a better option than a house. On the other hand, if you plan to hold the property for a longer period of time, a house will be a better option. .
3- Refer to a professional advisor:
There are many reasons to use a specialized real estate advisory company when investing in real estate in Turkey, the most important of which are:
- The consulting firm will have a good understanding of the Turkish real estate market and this is important because the real estate market in Turkey can be very different from other markets around the world.
- The consulting firm will be able to help you find the right property for your needs as they will also be able to negotiate the best property price.
- The consulting firm will be able to provide you with all the necessary papers and documents that you need to complete the purchase.
4 - Check the legal status:
The most important thing to do before buying a property in Turkey is to check its legal status. This step is crucial in order to avoid any legal problems that may arise in the future. There are two ways to check the legal status of the property in Turkey:
- The first way is to go to the Land Registry office and ask for a copy of the title deed. This document will show you if there is any mortgage on the property, such as mortgages or other debts.
- The second way is to hire a lawyer who specializes in real estate law where the lawyer will be able to tell you if there are any problems with the title deeds of the property or if there are any debts owed on it.
5 - Look for modern apartments:
Your best bet is to buy newly built apartments in Istanbul because new buildings are being constructed at a rapid pace to meet the ever-increasing demand for housing in the city and of course, you will need to do your due diligence before investing in any property but if you choose wisely, you can make a very impressive return from your investment by buying newly built apartments in Istanbul.
The most important types of real estate suitable for real estate investment:
The real estate market in Turkey is an open and completely unrestricted scope, but in order for your investment to be profitable, you should choose only some of them, such as:
* Hotel apartments:
Here are some of the main advantages of investing in hotel apartments in Turkey:
- There is no currency risk as all transactions are done in Turkish Lira.
- You can get guaranteed rental income for up to 10 years.
- You can obtain Turkish citizenship by investing in hotel apartments with a value of not less than 400 thousand dollars.
- The Turkish government offers various incentives to investors, such as lower taxes and faster citizenship.
- Turkey has a growing economy and is growing in popularity among tourists from all over the world.
* Studio apartments:
Here are some of the main advantages of investing in studio apartments in Turkey:
- Rental returns - One of the biggest advantages of studio apartments is the high rental returns they offer. In big cities like Istanbul and Ankara, you can easily get rental returns of around 7-8%.
- Low maintenance costs - Another big advantage is that studio apartments have low maintenance costs and this is due to the lack of common areas for maintenance as in large apartment buildings.
- Resale Value - Studio apartments also have a very good upside on this resale because there is always a huge demand for smaller apartments, especially from young professionals and students.
- Flexibility - Studio apartments offer a great deal of flexibility when it comes to design and layout and this means that you can easily change the layout of your apartment to suit your needs.
- Location - Studio apartments are usually located in central areas, which means that you will have easy access to all the amenities you need.
Always contact our real estate consultant and get a list of the most important offers available for sale in Turkey and see the most important advice that has been provided in this regard that you definitely need.
