Many investors today are interested in the property rush in Turkey. This is steered by various incentives including the citizenship by investment program. With this, the availability of distinguished projects is on a high stake with the high influx of investors from across the globe. There is immense property development taking place across various cities like Istanbul. For anyone looking forward to getting a share of the lucrative Turkish the property, read on to discover why to opt for under-construction projects.
Real estate investment in the country is rapidly increasing by the day. Various people from across the world have realized the benefits of settling in Turkey. Additionally, the Turkish government offers incentives to encourage investment in the country’s real estate. These incentives include amending some laws to make them favorable to foreign investors and allowing property owners to anyone regardless of nationality.
Investing in Istanbul real estate
The properties here vary and distribution is across the city in locations between the new Istanbul and old neighborhoods. Investment potential in real estate here is numerous for the city being the economic capital of the country. This is driving investors of varying nationalities to make a dash for Istanbul property.
The decision to buy Istanbul real estate for sale requires various considerations. You have to make a choice between investing in ready-to-occupy property or property under construction. It is important to weigh your options to ensure that you get good value for your money. Each kind of property you choose to invest in has pros and cons.
Many investors find it safer to invest in this kind of property. It requires purchasing real estate with everything completed. When buying an apartment, you have a chance to see everything in full detail including checking the quality of construction materials and finishings. You also have a chance to check whether the property has a good view. With this kind of property, what you see is what you actually pay for. You have an opportunity to decide whether to purchase the property or leave it.
The most significant benefit of purchasing a ready-to-move-in property is the possibility of the immediate transfer of the property and housing. Getting a title deed for the property makes it easy to apply for residence. There is no need to wait for long periods and getting immediate transfer of property ownership makes getting real estate residence smooth.
Property under construction
This is the best way to invest in Istanbul real estate by benefiting from the future increases in price. Real estate in the city including residential apartments has the potential to reach about 30 percent increase in value from the beginning of the project to delivery. This makes investing in Istanbul property under construction a great ideal when planning to resell in the future. It is a great idea for long term investment with the potential for a high return on investment.
When planning to invest in Turkish real estate but don’t have a big budget, property understands construction is a good option. This allows payment in installments with a chance to make partial payments throughout the course of the project construction. This eliminates worry about not affording the property because you don’t have the full amount.
Keep this in mind
Buying property under construction requires due diligence. This requires confirming the history and reputation of the company handling the project. Equally important is evaluating the company’s ability to complete the project and to deliver accordingly to the promised date. Working with a reputable real estate company helps. This company will have knowledge of construction companies and their backgrounds. You will get handy advice to help you avoid making bad purchases when you opt to do it on yourself.
How to choose the best property to buy
With a host of options available, it is very important to assess the potential property before putting pen to paper. Working with a reputable real estate company is very important at this stage. Safe projects to buy under construction are those with a guarantee of the Turkish government. The government has offices near investment areas to ensure that investors get good value for their money. Equally important is investing in property near significant investment projects including:
· Tanab Project
· Istanbul Channel
· Canal Project
· Sinop Nuclear Plant
· Fikr Tibbeh Project
· Istanbul Canal City
· South-East Anatolia Project
· Istanbul International Airport
· Three-Level Istanbul Grand Tunnel
· Bridge of the Janaq Kale
Investing in Istanbul property is a great idea for anyone looking forward to investing in real estate. The market here is highly competitive and with great potential for good returns on investment. You can purchase ready-to-move-in property or property under construction. Each has pros and cons. However, Istanbul property under construction is a more viable ideal for being affordable. This allows paying installments to purchase the property and the potential to grow in value even before completion.