Make a smart real estate investment in Turkey and avoid scammers and bad real estate deals. I explain common mistakes and what can go wrong when a foreigners buys a property in Turkey.
Your shouldn’t pay a deposit nor buy a property before making good market research. Market research is required both for new property and resale property purchase. By making market research, you can avoid paying much more for a similar type of property that can be bought at much cheaper price.
You should understand the location of the property before buying it. Go to the location, walk around, discover the neighborhood before investing your money. Especially, avoid properties that are in very remote areas without clear signs for development. It is a risky bet to buy property in an underdeveloped area and you might lose big money if that area doesn’t develop in the future. Better to invest in city center or developing area with clear signs of development in the future.
Work with honest advisors to avoid being scammed. It is very common in Turkey to sell properties for more expensive price to foreigners. You might end up buying that property 10%-20% more expensive just for being a foreigner and not having trusted advisors around you. It is advisable to get a second opinion from other real estate brokers.
Finally, be extra cautious if the property has a tenant inside. Check the rent contract and understand how much the tenant pays and when the tenant will evict the flat. You might lose a great potential income if there is a tenant who pays less rent than the market rate, because it is hard to evict tenants in Turkey.
