Are you looking for the cheapest property in Istanbul within the specifications you want?
Do you believe that extensive research will result in obtaining the cheapest property?
Do you want a property that is cheaper than the market price and suitable for Turkish citizenship at the same time?
You are reading the appropriate article and I advise you to complete it to the end to be able to know the truth about prices in the Turkish real estate market
There are two types of real estate in the Turkish real estate market in general and in Istanbul (the focus of most foreigners and investors):
1- New real estate: These are real estate that are sold for the first time by the real estate developer to the buyer directly. These real estate may be ready or under construction, whether in the early stages of construction or in the last stages.
As for the prices of these properties, they are in the form of fixed lists issued by the developer that are updated periodically (monthly or bi-monthly) based on the development of the project’s construction if it is under construction, the exchange rates of the Turkish lira against the dollar and the rate of demand for the project.
The role of real estate marketing companies is limited to mediation between the buyer and the seller to provide the best possible deal within the most appropriate payment plan for the customer and at the price of the real estate developer that is already in the monthly price lists, and therefore no real estate brokerage company can obtain better prices than the prices of the developer who owns the project itself.
So what is the role of the real estate brokerage company?
The main role of the real estate brokerage company is to guide you, as a foreign investor, to the best project that suits your requests accurately and professionally, because Istanbul includes more than 1,000 new projects that have been recently delivered or under construction, and therefore finding a suitable property is very different from finding the most appropriate property.
And to make sure that you got the most suitable property, the real estate broker you are dealing with must be familiar with most of these projects (by spending real years in this wide market) and in fact this is the opportunity that the investor is really looking for, but the idea of buying a property is cheaper than the market (For new properties) it is an illusion in which the beginners try to deceive the customer, who is naturally unfamiliar with these details.
So, is the role of the real estate brokerage company only indicative of the most suitable project for the client?
Certainly not, this is only the beginning, as the services of real estate brokerage companies include these basic points as well:
Introducing the client to the areas of Istanbul, the advantages of each area, and the appropriate budget to purchase a property in it accurately and proven by studies and real offers
Finding the right property for the client’s request in terms of budget, area, cladding and general specifications of the project in terms of view and location close to transportation and services, and most importantly if the client’s budget is insufficient to obtain the property with the specifications he wants to be the real estate consultant by clarifying this idea with sufficient evidence and proof.
When the client arrives, he makes real estate tours on the projects that were agreed upon during the telephone consultation period, and the more congruence there is between the offers that were reaching the client and the offers on the ground from the same projects, the more it indicates that the real estate brokerage company is really professional.
The price lists in new projects, as we discussed above, are fixed and renewed periodically, but as with any sale or purchase in any field, there is a margin for negotiation and a professional real estate brokerage company must be very skilled in negotiating, this negotiation can be on the payment plan or even on The price of the property itself and obtaining a higher discount rate than any other brokerage company and therefore higher than the discount rate that the customer who makes the purchase himself may get.
The brokerage company acts on behalf of the client after the sale by following up on his property and managing it, as well as everything related to obtaining the title deed, opening electricity, water and internet meters, opening a bank account and anything related to the property that the client purchased from the real estate brokerage company, including resale later after several years.
Ensuring the right of the client to obtain the title deed correctly and that the real estate evaluation matches the price of the property paid by the client, and this qualifies the property to be suitable for Turkish citizenship, which in itself represents a very high percentage of the client’s intention to buy a property in Istanbul.
It is not really possible to count the services of the professional real estate brokerage company, as they are renewable and varied according to the needs of each client and according to his specific case. As for the services of the beginner brokerage company, they are easy and can be counted easily:
Send offers (real or fake) to the customer immediately without talking about the areas and the importance of each area (this is due to the lack of information of the novice real estate advisor)
Upon his arrival, he is taken to the projects preferred by the brokerage company, regardless of how well these properties fit with the client’s request
An attempt is made to convince him to buy a property that does not meet his needs and to make future promises to him that this property is an investment and the area will improve without relying on any real evidence.
If they can deceive the customer that they have obtained a special discount for him, fictitious (through word manipulation and representation) or real (by reducing the commission due to the brokerage company, which is paid by the construction company and not by the customer). Even the acquisition of Turkish citizenship, which, as we mentioned earlier, is the primary goal for many investors when buying a property in Turkey.
There will be no after-sales services and no concern for the client’s affairs in order to save costs and interest for a new client to make the purchase, neglecting the client who has just purchased through this company.
In conclusion, the difference between a professional and a novice company is like the difference between a one-star hotel and a five-star hotel, bearing in mind that hotels are mostly used for entertainment, and therefore the lack of services in a one-star hotel does not cause significant damage, while dealing with a non-professional real estate brokerage company can at best provide You have a little money, but you will lose a lot because the property is not suitable for your request and also, most importantly, you will lose Turkish citizenship, which is often your first goal in buying a property in Turkey.
Therefore, we always say that the issue of buying a property in a foreign country whose residents only speak Turkish is risky and you should really rely on a reliable broker to ensure the safety of this process.
And now we return to the second section of the real estate in the Turkish real estate market, which are:
2- Resold real estate:
They are real estate that is purchased directly from its owner, whether these real estate are relatively new or old, and we will detail the difference between the two cases, but all resold real estate includes the following specifications:
Its real estate evaluation is not suitable for Turkish citizenship, and therefore you can buy a property worth 250 thousand dollars in order to apply for Turkish citizenship, and when the evaluation report is issued, you find that it is 150 thousand dollars, for example.
Even if you choose a property with a value of 400 thousand dollars to ensure that the valuation is above 250 thousand, it is not guaranteed, because the property can sometimes be evaluated at a quarter of its original price (this does not mean that the value of the property in this case is a quarter of the value that was agreed upon upon sale, but the purpose of that reduce seller tax
There is no installment option, but the entire agreed amount is paid once to the property owner
There are not many options, so if you get a resale offer and you like it and you book a plane ticket specifically in order to buy this property, it can be sold at any moment and there is no alternative to it.
Pricing is done according to the opinion of the property owner, regardless of the value of the property itself. The property owner can change his opinion and raise the price at any moment or cancel the idea of selling at all, and you cannot take any action against that.
Old resale real estate:
They constitute very promising investment opportunities for the new investor, who just realized that the real estate brokerage company offered him a room and a hall worth 200 thousand dollars in the Sisli area, while he was able to find a 15-year-old property in Sisli also in a popular neighborhood for 90 thousand dollars.
The question here is why did we describe the investor as a new and not a genius investor for finding a property for less than half the value in the same area?
Because the genius investor understands the following:
The higher demand for modern real estate, especially in a central area such as Sisli, and therefore his new property with a value of 200 thousand dollars will be easier to rent and higher return
The rental yield of a modern property can be 4 times the rental yield of the old property in Sisli itself, and thus saving half the amount upon purchase resulted in a 4 times less return upon rental.
If the investor has a long-term plan, then he can buy a property for rent, but if his plan is shorter than 5 years, he realizes that the property under construction will return an annual profit of at least 20%, while the annual rental return is at best 6%, and therefore he will not prefer buying an old property over buying a property Under recent construction for a higher feasibility investment.
Old buildings are often not resistant to earthquakes of medium and high degrees, and the tenant is aware of this point as well, so the weighting of the old properties is not
Also, when reselling the same points the new buyer will look at when evaluating your old property.
Do we understand from this that old real estate is useless to invest in it?
We believe that there are only two possibilities for obtaining a successful investment in old real estate:
Either it is strategically located and has a high annual rental return, and the property owner himself manages it, and this plan is for a long-term investment.
Either the purchase is for the purpose of reselling to clients that the first client guarantees their desire to purchase old properties within a budget that includes a profit margin for him
In fact, both things are not easy, based on our long experience in the Turkish real estate market.
Recent resale real estate:
They are real estate less than 5 years old, and the owner often offers them for sale at prices that are sometimes lower than the prices of neighboring properties with the same specifications, and here it seems good, so what is the problem?
Remember when you find a relatively new property at a price lower than the market that there is a defect in it, otherwise the owner would not want to sell it at this price, whether your goal is residential or investment, the topic is one and it is best for you to consult a capable real estate advisor to discover the defects of the property and then the decision is up to you to buy this property or leave it.
Remember that our consulting services are provided free of charge, and you only need to contact us to obtain them.