When reading about and researching property investment options in Turkey the majority of emphasis is always on off plan or new build property - but resale property in Turkey can offer a good alternative for buyers with a smaller budget, purchasers looking for a renovation project or those seeking unusual properties often in superior locations.
This is a comprehensive introduction to resale property in Turkey, what a buyer can get for their budget and the potential hurdles and pitfalls to watch out for and avoid.
Anyone interested in a resale apartment or villa in Turkey must first be aware of a few very important facts…Turkey is an earthquake prone nation and since 1999 when the Marmara region was devastated by one particularly bad quake building regulations have been severely tightened meaning that older properties do not necessarily meet modern day standards. The consequences of this are that resale properties can have critical safety issues that are not apparent to the naked eye and for this reason anyone contemplating a purchase of an older property should have a full structural survey done before committing to purchase. If the survey results are satisfactory then the buyer can proceed to purchase.
As stated earlier, resale property can often be far cheaper than new or off plan real estate – this is partly because demand for such property is less intense but it can also be because the property in question requires significant renovation. Old homes usually need to be rewired and have the plumbing updated, often they require re-roofing, new doors and windows and that’s even before the buyer gets down to the aesthetic remodelling! But don’t let that put you off necessarily. Older properties often have far more character and once renovated can knock the socks of fairly faceless new properties on large housing estates!
Anyone thinking of taking on a major renovation project in Turkey will be pleased to know that labour and materials are far cheaper than in Europe, the UK or North America, specialist skills such as stone masonry, carpentry and wrought iron making are easy to come by and with the right level of attention paid by the purchaser or their hired project manager to the renovation project, it need not cost the earth.
One of the great advantages of buying resale property in Turkey is that such property is often in superior settings within the given town of interest…after all the best views and locations were snapped up many years before the building boom got underway! This means that it is possible to buy right into an expensive resort such as Antalya or the historic and beautiful parts of Istanbul for example at an affordable price.
Depending on the character, location and practical aspect of a resale property a buyer needs to be aware that the market for such properties is quite slow therefore these types of property don’t necessarily make the best investment choice if looking for short term capital gain – the exception being buying into the historic heart of Istanbul for example and doing up a run down property and reselling as these types of home are hotly in demand. Elsewhere in Turkey properties such as these can make good rental alternatives for those seeking long term accommodation but they are not ideal for the tourism market as they don’t come with a pool or access to communal facilities.
Resales are therefore best for those looking to make their home in Turkey.
Things to watch out for during the purchase process include the fact that sometimes multiple family members can have claim to the title deeds and all need to be present or grant power of attorney to someone when it comes to signing the contract to purchase. Furthermore the buyer’s solicitor has to check the validity of the title deed, that the property is legally being offered for sale and that there are no mortgages, debts or claims against the property.
Finally, do not assume that a resale property in Turkey can be renovated – certain properties have building and alteration restrictions against them especially if they are in an area designated as of architectural or environmental interest and therefore deemed a conservation area. Employ local expertise in the form of a surveyor and builder, discuss your plans with them and ensure the property is sound, available to be renovated and that the related costs will not be over the assigned budget and with all these boxes ticked only then proceed to purchase.
