The most important forms of real estate fraud in Turkey to beware of

 

In this article, we explain the most important forms of real estate fraud in Turkey to beware of it. Real estate fraud is defined as the exploitation of a company or person for the buyer by making illogical offers and prices, taking advantage of the buyer’s ignorance of real estate prices and the laws of real estate ownership in Turkey and other things, and given the development of real estate investment that Turkey has succeeded In achieving this, this helped in the direction of a large number of Arab and foreign investors to Turkey with the intention of investing in real estate, as well as real estate purchases in Turkey, which include many procedures that require attention or the presence of a lawyer familiar with these procedures to prevent falling into real estate fraud, if some companies and individuals appear trying Scamming investors by various means because they do not know the real estate market in Turkey, so today we will discuss the most important forms of real estate fraud in Turkey to beware of them and all the details that interest you in this regard, so follow us.

 

The most important forms of real estate fraud in Turkey to beware of

 

First, fraud by impersonating the owner

 

This process is done by the fraudster impersonating the real owner of the apartment or property, by falsifying contracts proving his ownership of the property, taking advantage of the property owner’s travel or absence for some reason, or submitting all papers that prove that he is the owner such as personal identity and property ownership papers or impersonate The identity of the official agent of the owner of the property and he has the full right to act, and all of this is forged professionally, so it is one of the most dangerous and even the most prevalent real estate fraud methods.

 

Second, fraud by property price

 

This fraud is part of the topic of the most important forms of real estate fraud in Turkey to beware of, and this fraud is carried out by providing illegal and illogical prices according to the Turkish real estate market, which are attractive and attractive to the buyer. And you find out sooner or later. The second way is to exploit the buyer’s ignorance of real estate prices in Turkey, and the company or the fraudulent person offers the property to the buyer at a much higher price than it is in the market, despite not enjoying the specifications due for this price, but this is done by temptation and delusion of the buyer that it is a lifetime deal and that it is an unparalleled property For him to fall victim to this form of fraud, so he must be careful and pay close attention to all these things and not rush to complete the purchase process until after you search and communicate with more than one reliable real estate company to verify the prices offered for the value of the same property in the Turkish market.

 

Third, fraud through informal real estate marketing

 

This fraud is among the most important forms of real estate fraud in Turkey to beware of, and this form of fraud spread with the increasing expansion and spread of real estate marketing websites. And the buyer's fans quickly got the scammer asking to pay a down payment, mediator fees and other of these incorrect things.

 

Fourth, fraud through cheap real estate offers to take Turkish citizenship

It is known that Turkish law requires that the value of the property necessary to obtain Turkish citizenship be 250 thousand US dollars, with the condition that the property is not sold for a period of 3 years. Including fraud and swindling, so if your goal is to buy a property to obtain Turkish citizenship, check the conditions of the property to obtain citizenship and be aware of Turkish real estate laws to not fall into these frauds.

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How to avoid real estate fraud in Turkey

 

• Searching for real estate offered for sale by reliable and licensed real estate companies.

• The buyer must be aware of the real estate investment laws in Turkey, including some matters, such as insisting on examining and inspecting the property in all its details.

• Not accepting the demands of paying the deposit before making sure that everything is legal.

• Not to sign any contract between the buyer and seller before inspecting the property.

• Verify the identity of the person with whom the transaction is being conducted, and ensure that the real estate agent is officially authorized to work.

• Preserving personal information and not giving it to anyone, especially personal documents, bank information, and financial capabilities

What is the real estate appraisal in Turkey

 

It is a real estate evaluation that is carried out by companies or experts who have a license to prepare these reports in accordance with international laws and standards. It is an assessment that reaches the real market value of the property by determining the value of all types of real estate such as land, farms, stores, factories and housing. It is one of the official papers necessary when registering title deeds. During the process of real estate sales to foreigners, the importance of the real estate appraisal law is as follows:

 

• Protection of investors' rights

• Get real property price information

• Preventing foreigners from being deceived by those who try to take advantage of their lack of knowledge of the laws and the true value of real estate.

• The adoption of this law prevents tax evasion in the field of construction and real estate.

• Raising the level of real estate investment security, especially that the law on granting citizenship in accordance with real estate investment

 

How to deal with real estate fraud if exposed to it

 

• Recourse to a specialized lawyer, who will look into the case

Show all papers and documents with the buyer to the lawyer

• Presentation of procurement methods and contracts.

• Knowing if there are financial payments and how to pay them, or if the entire amount has been paid, in order for the process of dealing with real estate fraud within Turkish law.

Real estate investment in Turkey

 

Turkey is one of the most beautiful countries in the world that has witnessed remarkable development in recent years in all fields, most notably real estate investment, which has witnessed great development during the past two decades, which made it the most important pillars of the Turkish economy, all thanks to its strategic location that connects the European and Asian continents, and one of the most prominent reasons that helped in The boom in real estate investment in Turkey is as follows

 

• The facilities provided by the Turkish government to foreigners that allow them to own property in Turkey and to reside for life, which are renewed annually when owning a property in Turkey.

• The social stability enjoyed by the Turkish Republic

• Turkey's picturesque nature, which is represented in the presence of museums, temples, monuments, mountain peaks, commercial markets and blue phosphorous water, as well as the most beautiful waterfalls and a moderate climate in summer and winter in Turkey.

• The qualitative leap that occurred in the Turkish economy during the past years, which rose from 231 billion US dollars in 2002 to 800 billion US dollars in 2014.

• Reduced taxes in Turkey. If you are an investor, you will enjoy many advantages, including that Turkey reduced the tax to 20% from 33% in order to encourage foreigners and Turks to invest.

• Turkey creates a large local market for people and this is a great opportunity for the process of real estate investment in Turkey and promoting your project.

• The work environment in Turkey is conducive to trade and the ease of real estate investment and the provision of all facilities to them if foreign and Turkish investors are dealt with by the Turkish government with the same rules and laws where there is no difference in the treatment.

Real estate investment options in Turkey

 

1- Buying a property in a project under construction, in a vital, distinctive and strategic area, and then selling it after the end of the project at a higher price will make you start the real estate investment process in Turkey with ease.

 

2- Lands

 

The investor tends to buy lands for sale in Turkey in strategic locations that may be included in the organizational plans of cities, or there is the possibility of building residential complexes on them later, and selling them at double prices.

 

3- Restoration of an old property

 

You buy an old property at a low price, then renovate it, develop it, change its decor, and show it in an aesthetic way that reflects the beauty of its decoration and design, with the aim of selling it at a higher price. It can also be made restaurants or cafes if the area is tourist. Here, it is important to pay attention to the absence of structural defects, drainage or electricity resulting from use or time obsolescence, because this costs high costs that exceed and overcome profits.

 

4- Apartment

 

The option of buying apartments in Turkey is an option that is popular with investors because of its advantages in terms of rent and obtaining a fixed monthly return in addition to selling them after the high price, and the profit opportunities vary through investing according to the location of the apartment, whether it is in a tourist area or not. Or close to restaurants, shopping malls, tourist attractions or not, and the most important thing is the transportation lines and their proximity to them, which increases the opportunity for investment and profit.