The Secret to Successful Property Investing in Turkey

By - mytapu webmaster
16.02.24 07:01 AM

Buying a property in Turkiye almost certainly guarantees the dream of enjoying a happier and healthier lifestyle, but to achieve success, requires the secret know-how to prevent that dream from becoming an investor’s nightmare…

How to Buy... What are the First Steps...?

Ask this question in a google search, and the answers are all mostly the same. One of the key steps is ‘ find an agent’ . Of course that is because agents write the articles. In fact, local Turks have not used agents to find property for ten years or more. Those articles are only read by unknowing non-Turkish people making their google searches in English. Such articles written in English, Russian or Arabic by agents are simply guiding unsuspecting non-Turkish speaking buyers down a path to follow procedures that enable agents to manipulate the property purchase procedures for their benefit, at the expense of the investor.

Ok, but how can a property purchase be done safely and securely, avoiding these regrettable circumstances ? 

MyTapu has the answer...

Buy Like a Local

Ask this question in a google search, and the answers are all mostly the same. One of the key steps is ‘ find an agent’ . Of course that is because agents write the articles. In fact, local Turks have not used agents to find property for ten years or more. Those articles are only read by unknowing non-Turkish people making their google searches in English. Such articles written in English, Russian or Arabic by agents are simply guiding unsuspecting non-Turkish speaking buyers down a path to follow procedures that enable agents to manipulate the property purchase procedures for their benefit, at the expense of the investor.

Ok, but how can a property purchase be done safely and securely, avoiding these regrettable circumstances ? 
The real answer is to follow the same steps local Turkish buyers use. Asking an agent is not one of the steps. This is because agents have such a bad reputation in Turkey, that local buyers stopped using agents as soon as an alternative became available. more than ten years ago, with the introduction of on-line market places called ‘portals’ where property owners can communicate directly with buyers via on-portal messaging. 

Many agents try to mislead naieve buyers into believing their own websites are portals- but none of those simple websites provide a buyer with direct messaging access to the owners. No, instead, agents put themselves in the communication between buyer and seller, and that is where the problems begin, which is how agents make their money. This is a lot more money than the 2-3% agents charge in commission. 

English speaking agents are taking more than just commission – they typically enter an agreement with the owner to sell the property and pay the owner a fixed set price, and whatever higher price the agent sells for, the agent keeps. This additional ‘price mark-up’ is a  ‘hidden profit’ for the agent, most often ranging from 20% to 40% (the highest seen is 60% !). So if a buyer receives a 10% discount from the agent, most often this is still 10% or more above the market price of the property the seller receives !. 

Understanding this important reality is essential for investors wishing to avoid over paying, and expecting real investment returns. Ideally, a buying investor wants to know all the expenses and costs being charged at the beginning, and before committing and paying anything. This solution is available to investors by using the fee-based services provided by MyTapu Associates - without  commissions nor 'hidden price mark-ups. 

The Three Most Important Steps for Buying Property in Turkey

The summary of the real steps for safely buying property in Turkey    are following the steps and buying the same way local Turks buy… ‘buying like a local’. This procedure covers the three most important aspects of buying a property in Turkey, at the beginning of the process:

1) Finding the Property
2) Checking the Sales Price with Market Prices
3) Checking the Property’s Permits and Cadastral details

These three are done during the early stages of finding a suitable property for purchase, and before visiting for a viewing.  An unsuspecting buyer will be misled by agents into waiting to check price and permit documents until after paying a reservation deposit (never do it !).

How Does a Buyer Make the Best Possible Investment ?

If an investor ventures to manage these on his own, it can be nearly impossible without knowledge of the Turkish language, but help and guidance is available from mytapu with support services showing a buyer ‘how to’ use the portals to find a property meeting the buyers priorities and criteria. The Property Finder’s Service opens up for the buyer the entire market of properties available for sale in Turkey. All without an agent, and without being limited to only those properties an agent has positioned for selling at the maximum hidden profit. 

Alternatively, a buyer may prefer to have someone else do this work; someone that can do it faster and more easily because of having years of experience – and for these investors mytapu provides The Property Search and Selection Service, designating an experienced property analyst and transaction expert to work on the buyer’s instructions. .

Both services provide the property buyer with the benefits of seeing all the property on the market of the type the buyer is looking for. In addition, both services enable the buyer to obtain professional market intelligence on prices, and professional assessment of the permits and cadastral circumstances for properties. 

It is important to note that success is most often determined by the way in which the price and permit checks are integrated into the negotiations with the seller, and ensuring this information is checked before incurring expenses and time visiting the property. For this reason, appointing experts to these tasks with instructions is essential, and can be done with both services.

However, only the Property Search and Selection Service provides the buyer with the experts’ directly managed coordination  of these aspects, which is crucially important.  because the seller or the seller’s agent is most often, constantly striving to put the buyer in a position of not having these aspects checked without first making an advance payment deposit – which they always assure is refundable,  but never is without the expenses incurred by going to court. 

MyTapu's Professional Advisory Services are designed and used by professional investors for many years now, and suitable for private individuals that are seasoned investors with property portfolios in more than one country. Please click here for a closer look at these services and investment considerations. 

Let’s look at each of these three aspects in a little more detail…

1) Finding the Property

The summary of the real steps for safely buying property in Turkey are following the steps and buying the same way local Turks buy… ‘buying like a local’. 


This procedure covers the three most important aspects of buying a property in Turkey, at the beginning of the process:


As explained further above in this article, the Property Finder’s Service, or the Property Search and Selection Service provide  the best solutions and outcomes… 


Both services use a combination of portals, private channel networks, and other insights and tools to identify properties meeting the requirements of investors...  


MyTapu's Professional Advisory Services are designed and used by professional investors for many years now, and suitable for private individuals that are seasoned investors with property portfolios in more than one country. Please click here for a closer look at these services and investment considerations. 


We are pleased to provide a few of the many customer reviews about MyTapu here...

2) Checking the Sales Price

Market Price Checks using Official Appraisal Methodology are provided by the Short Form Price Indication report....


Alternatively, a buyer can obtain a list of all property in the same location, condition, and quality, and also a map showing every property’s precise location,  with the Buyers Market Intelligence report.

Both reports use the standard appraisal methodology used in Official Appraisal Reports....


The advantage is ...Instead of using average property prices used generally by appraisal companies, which are very inaccurate, the reports from MyTapu use a proprietary technique based on the economic fundamentals of factual supply and demand in the real-time market situation:  ensuring the most accurate market price valuation possible...only MyTapu provides this service....  

3) Legal Checks & Due Diligence

Checking the legality of a property’s permits and cadastral details is an activity that has the name of Cadastral Due Diligence, and should be done very early in the property search procedure because there is no point visiting a property to view it and pay a reservation advance payment (the agents’ preferred procedure) if the property does not have final permits (the costs and headaches are a nightmare). For this purpose MyTapu provides Preliminary Due Diligence for the beginning of the property purchase procedure, related to the most commonly occurring 'rip-off' risks.

 Final checks on all other aspects of the property assets legality can be done at the very end of the transaction right before the first and final payment is made, with Completion Due Diligence. The most commonly occurring risk in property transactions in Turkey is the permits, but there are additional risks which the due diligence checks: debts and mortgage liens secured on the property; location; ownership; structural and engineering risks, geographic and soil risks etc

Negotiation

During the process of having the above mentioned price and legal risks checked and clarified, the seller and buyer will be in discussion (unless the seller has granted a power of attorney, and if an agent does not have one, the agent is not authorised) , and this is the natural way for the negotiations to proceed – unlike the way agents guide buyers, to negotiate price first and apply pressure for the payment of a reservation deposit or other advance payment, before the risks are checked !  

And for the reasons explained at the beginning of this article, describing agents’ ‘hidden profit and price mark-ups’, a buyer that is foolish enough to rely on an agents’ assurances about the existence of these risks,  is foolish enough to pay 20-40% more than the market price for a property.  The alternative- Independent Professional Advice – is essential, and is provided by the MyTapu services mentioned in this article, above.

Knowledge is the Key

Knowledge is THE most important ingredient of successful investing -  essential. For this reason the best next step the reader should take is to become 'fully informed'. At mytapu, our policy is to ensure investors are fully informed so that they may make fully informed decisions, there-by ensuring successful outcomes for everyone. 

How to Become Fully Informed ?

Read all the articles by follow all the links in this article and below -  take advantage of the full information resources on this website.

For clarity and professional guidance, mytapu provides independent professional advice as fee based services, which are priced at a very small fraction of the economic value resulting from cost savings and preventing investment losses. Using these services also reduces uncertainty, stress and are also safer, more secure, faster and provide better results. 

The Secret Revealed...

This is the Secret to buying a successful property investment in Turkey. It is a secret a buyer will not read about anywhere else on the English language internet, for the simple reason that all the articles about buying property in Turkey are published on the internet by agents’ and they do not want to reveal their ‘secret’ hidden price & profit mark-ups’. That is why those articles published by agents guide unsuspecting buyers down a misleading path by describing an alternative set of procedures that local Turks never follow. Buyer’s will benefit from protecting their capital and  peace of mind, and ‘buying like a local’… otherwise buying into the dream of a better life-style will become a nightmare….

This is the Secret to buying a successful property investment in Turkey. It is a secret a buyer will not read about anywhere else on the English language internet, for the simple reason that all the articles about buying property in Turkey are published on the internet by agents’ and they do not want to reveal their ‘secret’ hidden price & profit mark-ups’. 


That is why those articles published by agents guide unsuspecting buyers down a misleading path by describing an alternative set of procedures that local Turks never follow. 


Buyer’s will benefit from protecting their capital and  peace of mind, and ‘buying like a local’… 

...otherwise buying into the dream of a better life-style will become a nightmare headaches, heartbreak and thousands in additional un-expected expense costs….


This is why Independent Professional Advice is so essential...


Find out more by sending an email to info@mytapu.com with the subject 'The Secret to Buying Property in Turkiye'. .

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Every property owner in Turkiye has a tapu, and that is why we named our business my tapu...

 

At mytapu.com our policy is to ensure our clients are fully informed, so that they may make fully informed decisions- this helps to ensure better outcomes all around. 

 

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