R eal estate scam: forms and means to deal with it
In all countries, frauds exist, tourist scams are no exception in Turkey. This unfortunate reality is all the more severe as scammers rely on tourists’ lack of knowledge of local customs. In this article we explain how to deal with real estate scam in Turkey.
No one is immune to being scammed, spotting who is honest or who is not is a real challenge because of the various schemes and manipulations used. But we firmly believe in trusting your instincts.
If something seems suspicious, too good to be true, or shows worrying signs and leaves you perplexed, these are warning signs. So avoid tricks to get rich quickly, run away to protect your person and your hard-earned money.
Do not forget that 99.9% of the inhabitants in Turkey are hardworking, friendly and wish the best to tourists because Turks are very hospitable and helping you really pleases them. So, don’t let 0.01% of malicious people ruin your life.
In addition, the best way to avoid an unfortunate incident is to arm yourself with knowledge before leaving because knowledge is a weapon. So let’s see what real estate buyers to one of the most beautiful countries in the world need to know.
Real estate scam, the most important forms and how to deal with them in Turkey
What is a real estate scam in Turkey?
This is an illogical offer given by the real estate fraudster to those who want to buy real estate in Turkey, exploiting the lack of experience and customs of buying and selling, minimum and upper limits of prices, offering exaggerated prices that do not correspond to the real value of the proposed property, that is, selling fish that are still in the sea.
Real estate fraud has recently become widespread thanks to social media, whereby the real estate cheater makes a trap by presenting real estate offers that match the specifications requested by the buyer at a reasonable price. In fact, it is one of the biggest frauds by introducing the victim into remote negotiation to avoid the trouble of looking and reducing the distance, but the buyer does not know the legal procedures due for the purchase of the property to become valid.
What are the most common methods of real estate scam in Turkey?
- Impersonate the owner of the building
This is one of the most dangerous and common methods of real estate scam by falsifying official documents, so someone pretends to be the actual owner or his agent to sell the property.
Therefore, we draw attention to the importance of real estate companies for the purchase or investment of real estate since they have specialised judicial teams in this area that can detect unofficial or falsified documents and carefully follow the official purchase procedures.
- Exaggerated prices
Offering inflated prices for real estate is one of the methods that indicates that there is fraud. It has nothing to do with the discount offers sometimes provided by real estate companies in Turkey to encourage purchases.
So, some real estate brokers resort to offering inflated prices that are not suitable for the actual value of the proposed real estate in terms of area, location, view, features and final finishes. At that time, it is necessary to stop the procedures for buying a property in Turkey to avoid the potential scam.
For example, if you see an offer for an apartment of 200 m2, priced at $ 12,000, located in a vital area of Istanbul and modern residence. This is obviously one of the types of real estate scam. Since the actual value of this apartment is at least $60,000, not counting taxes and other matters.
Real estate fraud
- Unauthorised real estate marketing
The development of the real estate market leaves the door open to the idea of real estate marketing due to the rush to discover this market electronically, thanks to the technical advantages for the purchasing processes.
So, today there are sites specialised only in real estate marketing, which allows everyone to consult the available real estate offers and market them.
Individuals and accredited companies specialising in the real estate brokerage business protect the buyer by providing him with points of sale that reduce search times and speed up the purchase process, especially remotely. All of this can save the buyer from potential electronic real estate fraud.
At accredited companies, they give great attention to real estate marketing in Turkey to meet all the needs of clients and grant them the requested property in Turkey at the best price, with a profit rate suitable for other companies, thanks to their professional expert team, honest with the client, who takes care of all the details.
- Advertisement of real estate suitable for Turkish citizenship at a price less than its legal price
Your attention must be drawn to the fact that Turkish laws stipulate that Turkey can grant Turkish citizenship against purchasing real estate of at least 250 thousand dollars. In addition, the purchase of several properties of the same value mentioned above is accepted, provided that the buyer does not resell for three years.
So, we urge those who want to buy a property in Turkey to disregard any of the offers promoting the granting of Turkish citizenship at an illegal price.
- Exaggeration of investment return
Swelling by providing the buyer with illogical values to future profits and real estate investment returns is one of the real estate scam methods. This is because real estate investment in Turkey varies according to the general factors of all real estates, such as location, view and others. So, you have to find the actual real estate suitable for investment at an advantageous price, then rent it, resell it …
According to related statistics, the annual profit rate of a real estate investment in Turkey varies from 2.5% to %10 of the total value of the property. It can reach 8% in important cities like Istanbul.
- Sale of unreal properties ”on the plan.”
Undoubtedly, the purchase of real estate on the plan allows the buyer to receive the best possible price from the construction company.
But this type of purchase must be done through a reliable real estate company that guarantees you project compliance with the legal standards adopted by the Turkish government to protect the buyer before and after the purchase process and avoid falling into any kind of real estate scam.
For example, the possibility of a demolition decision by the municipality in the event of a violation by the contractor of the construction plan provided by the municipality.
So, we must draw attention to some tips against real estate scam in Turkey :
- Do not pay the property’s total value before construction completion by making payments based on construction development. In addition, it is better to document what has been agreed in the contract with the seller at the notary and to make a visit to the field.
- Ensure compliance with the purchase specifications mentioned in the contract after completion of construction before signing the final agreement, and identify the expected delivery date. Otherwise, the violation of one of the terms is one of the methods of a real estate scam, in which the owner has the right to ask the real estate developer to optimise any shortage according to the contract.
Tips to avoid real estate scam
- Appoint an architect to ensure the specifications of the property.
- Insisting on repairing defects discovered in the property is the buyer’s right.
- Through their projects covering the entire Turkish territory, accredited companies offer the best real estate opportunities within privileged residences through their distinguished services, such as real estate consulting and others.
In case of a real estate scam in Turkey, what to do?
Hire a specialised lawyer by providing him with all the necessary documents to fight against real estate fraud according to Turkish law.
Protecting against real estate scam in Turkey: How to Buy Real Estate Safely?
- Is It Safe to Buy Real Estate in Turkey?
- How to Buy Real Estate in Turkey Safely?
Turkey, a real estate paradise
During the last 15 years, Turkey has become a place where more and more foreigners prefer to buy real estate to live or start a business. The reason why buying real estate in Turkey is that it offers cheap real estate options compared to most European countries. In 2022, you can still enjoy great deals, even better deals, as the nation promises a safe and comfortable lifestyle with perfect weather conditions at reasonable prices.
Occurred real estate scam in Turkey
Especially in the early years in Turkey, there were some disappointing stories of people buying real estate in Turkey. These buyers said they discovered that they didn’t get what they thought after the purchase or realised that the owner had sold the property to several buyers. Even some said that they had been scammed and that they had not recovered anything from their so-called “investment”.
The vast majority of real estate purchase transactions in Turkey were successfully carried out, and most people were delighted with their investment, but these rare cases, in which things did not go as planned, were highlighted in online forums, etc., causing a bad reputation for the entire housing market and real estate companies in Turkey.
Government fights against real estate scam in Turkey
Fortunately, the increase in foreign investment prompted the government to tighten controls and increase penalties to prevent real estate fraud. As the necessary precautions have been taken, these problems have more or less disappeared over time. However, you must not think that everything is guaranteed or that the buying process is a breeze. Buying real estate in Turkey is safe and easy, but if you do things right and work with a professional real estate company that knows the job.
How to protect yourself against real estate scam in Turkey
The first thing to do is find a professional company with reliable lawyers. An experienced real estate company offers buyers peace of mind, which is not negligible, especially when buying a home abroad. For example, a title deed is the most crucial element in this process. Your real estate agent should check the title deed if the seller is the property’s original owner before advertising the real estate. In addition, he must consider whether the title deeds are collateral for loans or whether the owner has any outstanding debts that you could be responsible for if you buy the real estate.
Previously, title transactions took a long time for foreign buyers as they were required to obtain permission from the military, but now after your application with all the required documents, depending on the volume of work at the Land Registry Office it usually takes one or two days. In transferring title deeds, the rights of buyers and sellers must be protected by entering into a written contract through a lawyer.
Accredited company: the way to protect against real estate scam in Turkey
A professional real estate company follows with you every step of your buying process and provides advice with the help of our lawyers. In such a process, the real estate agents act only on your behalf, not other parties. Their lawyers protect your rights. They also offer many valuable and practical services to foreign buyers, such as obtaining a tax number, opening a bank account, applying for residence permits, water and electricity connections, insurance, and even buying furniture for your new home if necessary. Honestly, all these services are hard to find in one place.
In addition, you may be wondering if buildings in Turkey are well constructed and earthquake resistant. The authorities carefully test each new construction if they meet the criteria. Entrepreneurs can be sentenced to up to 5 years in prison if they do not comply with the regulations. In addition, companies are constantly raising their standards to address the concerns of their customers through the increase in real estate sales to foreign buyers.
Secure Way to Buy Real Estate in Turkey
You need to research the company you will be working with, ensuring it is reliable. There are a lot of questions you need to ask yourself:
- The time they been working in this sector?
- Do you know someone who bought real estate from them?
- Do they have offices and websites?
We strongly advise against buying real estate from a waiter, jeweller or someone who knows someone.
When you have chosen the real estate you want to purchase, you can check its real value on https://www.sahibinden.com/emlak360.
Also check if the real estate you are about to buy is really at the district it is said to be.
In addition, you need to manage the process with a local real estate agent who speaks your language well or at least with whom you can communicate well. So we know that language is essential so as not to deal with miscommunication for buyers.
If you do these things correctly, buying real estate in Turkey will be secure as it is in any country with good professional standards.