Safe Real Estate Investment In Turkey

Turkey, with its spectacular natural beauty, historical richness, and dynamic economy, has become an attractive property-buying destination for foreign investors. However, As a foreign investor, there are several important factors to consider before making a real estate investment in Turkey. . This article will cover the key issues that foreign investors should consider when buying property to help them make a safe investment.

Property Selection 

The first step in the property buying process is to determine which region or city you want to buy property in. Different regions of Turkey have different characteristics and potential. For example, coastal areas are ideal for summer vacations, but big cities are closer to business opportunities. You should choose the most suitable region according to your purpose of buying the property.

Choosing a Real Estate Agent 

A real estate agent is a critical part of your property-buying process. Finding a reliable real estate agent is vital to the success of your investment. Here are some factors to consider when choosing the right real estate agent:

Licenses and Credentials: Make sure your real estate agent has an official license and is operating legally in Turkey. Here are the documents you should request from your real estate agent to work with a reliable real estate agent (these are the documents that real estate agents must have to legally conduct real estate business in Turkey)

• MYK Level 5 Real Estate Certificate and Card (There are versions of the same document for different sectors such as car rental etc.) For this reason, pay attention that the document must be for real estate) 
• Real Estate Consultancy Training Certificate (120 Hours) 
• Registration Certificate to the Chamber of Realtors 
• Tax Certificate and Tax Number (Realtors must have a legal company or work under a real estate company to issue invoices. You can request the company’s tax certificate and search for the company’s title at https://www.ticaretsicil.gov.tr/view/hizlierisim/unvansorgulama.php).

Your real estate agent must be able to provide these documents, otherwise, it means that he/she is not doing legal business or is not a real estate agent. 

Office: A serious real estate agent should have an accessible office address, a fixed telephone number, a website, and company information. These factors can help you get an idea of the seriousness of the real estate agent’s business 

Referans and Reviews: If the real estate agent has a website, social media channels, or search engine, you can access comments and references about previous purchases. Thus, you can evaluate the reliability of the real estate company

Area of Specialization: Pay attention to your real estate agent’s expertise in the area or type of property they work in. They should specialize in the type of property you want to buy (house, business, land).

Check the Documents 

Before buying a property, you should carefully check the documents that both the property and the contractor must have. These documents may include the following:

Land Registry: The title deed of the property is the most important document that confirms ownership. You should carefully examine the title deed and check for any problems or mortgages.

Certificate of Occupancy: A certificate of occupancy confirms that the property is legally habitable. If a property is unoccupied, this could indicate potential problems.

Tax Debt: Check if there are any tax debts on the property. Tax arrears can prevent the property from changing hands.

Hypothec: Check if there is a lien or hypothec on the property due to the owner’s / company’s debts.

You can obtain the above-mentioned documents and information from the local municipality and land registry offices where the property is located. Your real estate agent can also find out this information for you and inform you.