Turkey has attracted Arab and foreign investors who are interested in the real estate market and looking for a.

Real estate terms you should know

Date:

Thursday, January 12, 2023

Turkey has attracted Arab and foreign investors who are interested in the real estate market and looking for a.

Real estate terms you should look at:

Turkey has attracted Arab and foreign investors interested in the real estate market and looking for apartments for sale in Istanbul and other Turkish cities. Istanbul real estate has become the focus of attention for businessmen, due to the high and guaranteed profitability it provides.

If you intend to buy a property in Turkey, you must first see the real estate prices in the city that you have chosen to start your real estate investment in, and when determining your goals and options after obtaining real estate advice from a real estate company with a good reputation and extensive experience in the Turkish real estate market , you must see Some common real estate terms in Turkey, so that the buying process will be easier and more flexible for you.

Title deed:

It is the title deed that is granted to the owner of the apartment in Turkey. In this context, it should be noted the type of title deed . If you buy apartments in Turkey within a complex ready for housing and delivery, you will get a complete title deed "Tabu". If the purchase is made as part of a project under construction, you will receive an easement title, and upon completion of the construction work, you will be given the full title.

Down Payment and Reservation Amount:

The reservation amount is the deposit that is paid to confirm the serious intention to buy and reserve the apartment, before paying the full price of the apartment. The buyer has the right to recover the reservation amount within a month if he decides to cancel the purchase.

If you want to buy an apartment in Istanbul and prefer to pay in installments, you have to pay a down payment of the price of the property, and it is calculated on the principle of a percentage of the total price of the property. In Istanbul projects, the initial payment is between 35-50% of the price of the property. Paying installments monthly for a period of three years or more, according to the plan determined by the construction companies.

Purchase costs:

The amounts paid by the buyer after signing the contract to officially start the procedures for transferring the property to his name. These expenses include fees for documenting contracts with the Notary Public, and fees for registering the property in the name of the buyer in the Tapu. These fees amount to 4% of the value of the property and are paid equally between the buyer and the seller. .

There are also expenses for insurance fees, fees for opening subscription meters for gas, water, electricity and internet services. It is paid as insurance to the concerned institutions.

Seismic and natural disaster insurance fees:

An annual tax paid by the property owner in Turkey to insure his home against natural disasters, and it is equal to $ 2 for each square meter of the apartment area. The value of the natural disaster insurance tax varies according to the location of the property.

Municipal tax fees:

Turkish municipalities impose annual fees of 0.03% of the value of the property on real estate established within the area under the municipality's service, which is equivalent to $30 per year for a $100,000 property. This tax is paid for the services provided by the municipality to the area.

Typical apartment:

A design for the model apartments within the project and in the Istanbul complexes that are under construction. The model apartments are built separately from the construction of the project to be presented to customers wishing to buy apartments in Istanbul within the residential complex, which is under construction.

Real estate companies display pictures and videos of typical apartments to foreign investors before they come to Istanbul to get a general idea of the shape and design of the apartment to be purchased.

Finishing the property:

It is the process of completing the requirements of the property after the completion of the construction work, which is represented in all aspects that make it ready for housing, such as painting and installing kitchen shelves and cabinets, bathroom accessories, floors, doors, windows, etc. Electric kitchen appliances "oven, fan, gas" and it remains for the owner to buy furnishings and furniture according to his taste.

Real estate appraisal:

Determining the market value of the property through the use of real estate experts who have a government license that qualifies them to work on evaluating real estate in Turkey . The Turkish government had earlier issued a decision requiring the presence of a real estate expert recognized by the Ownership Department, whose task is to determine the purchase value of the property. The report of the evaluation committee depends on the location of the property in the first place, as the prices of apartments in Istanbul vary according to its location, and the type of property is taken into account, "residential or commercial", as commercial real estate prices are higher than residential ones.

If you are looking for apartments for sale in Istanbul for the purpose of housing or investment, we at FCC Real Estate Investment and Development Group offer you the best projects in Istanbul and accompany you with all procedures related to the purchase process, starting from the reception at the airport until you receive the title deed, and we are also pleased to provide you with services After the sale, which includes renting the property, following up on financial and legal affairs, in addition to resale services.

Real estate terms you should know

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