Does anyone have experience with buying property in Turkey?

[Dalit]

I will soon be flying to Turkey with some friends to view an apartment in Turkey. One friend actually buys houses/apartments and renovates them to rent and has years of experience. The apartment is located in the beautiful city of Izmir (Torbali). The apartment is located in a 8 story building and is approx. 150 m2. It has a pre-built kitchen, 2 sleeping rooms, 2 bathrooms and a living room. Underneath the apartment there are shops. The apartment is still being built and will be delivered in August of this year. The apartment costs 55000 euros, but the actual price after August will be around 80 to 90000 euros. Does anyone have any experience with buying property in Turkey? I have heard a lot of dodgy stories. What should I take into account before buying property in Turkey? Are there any reliable people on the ground that speak English and can help with the purchase?

 

[Trango Towers]

A good thing for Morocco and Algeria. They are taking steps against capital flight. Obviously these are not countries where a foreigner is going to invest easily. I hope Turkey is a different case.

Personally I think u shouldn't invest abroad. I would never do that again. There are people making huge amounts of money in Pakistan. You know your market. You know the law the system etc. Remember these other countries are just as corrupt as Pakistan

 

[Dalit]

Personally I think u shouldn't invest abroad. I would never do that again. There are people making huge amounts of money in Pakistan. You know your market. You know the law the system etc. Remember these other countries are just as corrupt as Pakistan

Pakistan is always on the table. My parents already have a house there.

If I am going to buy a house in Pakistan, it will be in Islamabad.

 

[TNT]

I have never bought property in Turkey but i would never buy property in a foreign country where i dnt speak the language and i dont know the rules fully. Always invest in a place under ur fist. Means invest where u live and where u can keep an eye and have relations and links.

 

[Dalit]

I have never bought property in Turkey but i would never buy property in a foreign country where i dnt speak the language and i dont know the rules fully. Always invest in a place under ur fist. Means invest where u live and where u can keep an eye and have relations and links.

This has always been on my mind. Turkey is attractive because it is a 3 hour flight. Izmir is a good place to invest i.e. trade links.

I agree that language is a huge barrier. Unfortunately, the Turks don't speak English well.

I will visit the place in a week's time, but very cautiously. From what I gather now is that you require a lot of help from reliable locals to find your way. I don't like that. I want to be independent and be able to deal confidently without worrying about scams on every step. I want to buy a house with a peace of mind and that seems to be tricky for an outsider. Let's see how my experience goes.

 

[313ghazi]

I have a friend who has an an apartment in Antalya. He did a lot of research. It might be worth investigating on the Internet on forums specific for this. Then maybe contact some Turkish members for advice.

My friend certainly made money from his apartment.

 

[baqai]

rule of thumb: the only person you can trust is the one you look at everyday in the mirror

P.S if you don't see anyone in the mirror than holy shit you do need to tell us about that as well

 

[touela]

Yes . 100%. I have Tunisian and Moroccan friends who have money in their countries but cannot being it out to make their lives easier

They don’t need to take the money out of the country. When some of their relatives or friends or someone they know travel to these countries, they can pay you in euros here and they take small amount of pocket money with them. When they arrive they get the money from your banKK.

this way ur money in Morroco/Tunesia can be spend by your relatives and u get the money in cash here.

 

[HttpError]

I will soon be flying to Turkey with some friends to view an apartment in Turkey. One friend actually buys houses/apartments and renovates them to rent and has years of experience. The apartment is located in the beautiful city of Izmir (Torbali). The apartment is located in a 8 story building and is approx. 150 m2. It has a pre-built kitchen, 2 sleeping rooms, 2 bathrooms and a living room. Underneath the apartment there are shops. The apartment is still being built and will be delivered in August of this year. The apartment costs 55000 euros, but the actual price after August will be around 80 to 90000 euros. Does anyone have any experience with buying property in Turkey? I have heard a lot of dodgy stories. What should I take into account before buying property in Turkey? Are there any reliable people on the ground that speak English and can help with the purchase?

When someone says it will hit from 55,000 Euro to 90,000 Euro in a matter of 4 months then this certainly should raise red flags. I mean on completion you can expect 5-15% appreciation but almost 100% ? That doesn't right to my ears.

 

[Dalit]

Alhamdulillah. I am in Turkey Izmir. Good news is that I have bought the house without any hassle. Turkish brothers are amazing.

PS. Greetings from the old city of Izmir.

 

[Ali_Baba]

Alhamdulillah. I am in Turkey Izmir. Good news is that I have bought the house without any hassle. Turkish brothers are amazing.

View attachment 817075
PS. Greetings from the old city of Izmir.

So - how did it all work out - especially on the money side?

 

[Dalit]

So - how did it all work out - especially on the money side?

Alhamdulillah. Perfect. The thing is that you must deal with a trusted party. I had the luck that I found out about the appartment through a colleague at work. The colleague has a Turkish neighbor from Izmir renting his house in The Netherlands. The neighbor is a highly trusted source. He has direct reliable connections because he has worked with the contractors for decades. The people in Izmir are amazing. That is all I can say. Highly educated and civilised. You notice that as soon as you land in Izmir.

Money part easy. I transferred up to 50000 euros directly through my bank account in The Netherlands without any fee charges. Additional money I paid was in cash to avoid transaction fee charges. Paperwork 100% verified and authentic. Erdogan government has made sure that outsiders must go through rigorous check procedure. Every litle minute detail of the deal and appartment is checked by an appraiser. Only if he provides a stamp the purchase goes through. If anything goes wrong afterwards, the concerned authorities are responsible. That rarily happens. You can also approach other independent contractors to check actual value of property. The Turkish housing projects are enjoying a massive boom. When a project is announced almost every appartment/house is bought in a matter of hours and days. The property is bought cheaply, but doubles in value almost instantly after it has been delivered. Booming business.

 

[Ali_Baba]

Nice - congrats - enjoy the new place !!!!

 

[Dalit]

This has always been on my mind. Turkey is attractive because it is a 3 hour flight. Izmir is a good place to invest i.e. trade links.

I agree that language is a huge barrier. Unfortunately, the Turks don't speak English well.

I will visit the place in a week's time, but very cautiously. From what I gather now is that you require a lot of help from reliable locals to find your way. I don't like that. I want to be independent and be able to deal confidently without worrying about scams on every step. I want to buy a house with a peace of mind and that seems to be tricky for an outsider. Let's see how my experience goes.

In hindsight time to review previous remarks.

1. Young Turkish people speak English generally well. Obviously a social media/Netflix generation.
2. Many expats from various countries are living in Turkish cities. This also greatly helps in communication.
3. You need help from reliable locals and generally speaking you can find such people all over Turkey.
4. The government and municipalities are making great efforts to facilitate foreign investment and purchase of house.

@Hakikat ve Hikmet Brother, how are you? I bought a house in Izmir.

 

[Hakikat ve Hikmet]

In hindsight time to review previous remarks.

1. Young Turkish people speak English generally well. Obviously a social media/Netflix generation.
2. Many expats from various countries are living in Turkish cities. This also greatly helps in communication.
3. You need help from reliable locals and generally speaking you can find such people all over Turkey.
4. The government and municipalities are making great efforts to facilitate foreign investment and purchase of house.

@Hakikat ve Hikmet Brother, how are you? I bought a house in Izmir.

Congratulations.