Does Turkey offer the best prices for real estate investment? Investors are often enticed by the dirt cheap properties here in Turkey. But is price the only factor to consider before making an investment? Making real estate investment overseas is about a lot of things associated along with the prices. Real estate Turkey is different from some of the other well known foreign locales for real estate investment.
There are other countries that offer properties for very cheap prices but can you really think and settle there? So, here is an endeavor to find answers to know what is hot in the real estate scenario of Turkey and the Middle East region.
Real estate investment in Turkey- Factors to consider
Purchasing costs: In addition to the real property prices and the base cost for the property, there are other associated costs with property purchases. Turkey being one of the cheapest property markets of the world also has some additional costs like fees of the attorney, stamp duty to the government, taxes etc. When budgeting for a property, add up all these costs to compare the property prices. Turkey promises good prospects even after adding all such costs.
Purchasing process: Mostly overseas property deals are concluded with assistance of property dealers. Yet, buying process can be complicated in some countries and takes some time to register any property by foreign nationals. For Turkey, the purchasing process is really simple and you take less than three weeks to get any property registered. Isn’t that a big plus point for foreign investors interested in real estate Turkey investment?
Running cost- Once you own a property, how much do you actually need to maintain the property on yearly basis? Count all the bills, taxes and maintenance costs for wear and tear. For Turkey, all this adds up to nominal costs per year. When compared to property price appreciation, these should not affect the profitability much.
Under construction or second hand property which type of property to choose?
One of the major chunks of real estate Turkey, consists of second hand properties. Sometimes the prices of these properties are too cheap to be true. What is the catch here? These are the properties which may need extensive renovation and repairing job. If you can really gauge the cost of renovation, and find the actual investment, you may aim for such properties for prices to be envied.
Do cheap properties in Turkey have investment potential?
Turkey woos real investors from across the Gulf region, Europe and USA. But is all the
hullaballoo worthwhile? Is it a really a real estate investment gold field? If your primary aim is
earning profits overseas market is not for small time gains. The local infrastructure
development plans, tourism potential and the local governance are some of the factors that influence the foreign investors. A mid-term to long term investment would suit the real estate portfolio for foreign investors for real estate Turkey.
Knowledge is the king
Realtors cannot do well for real estate in Turkey unless they are really plugged in to find the latest news and information. But knowledge here does not only mean the information you gather from behind the screen of your computer. Once you gather enough industry news, market and the trends; think of the other side of the coin. Visit the place personally.
It is also about roaming in the streets, feeling the neighborhood hood vibes, looking at properties personally, talking with local people. It is then you get the first hand experience of what it means to invest in real estate Turkey and the future prospects of the market here.