Turkey is waiting for big changes in the real estate market

Turkey is waiting for big changes in the real estate market. Now there is an increase in sales in the country, which is especially noticeable among foreign home buyers. For example, in 2018, foreigners bought almost 40 thousand real estate objects in Turkey. Istanbul and Antalya province were the most in demand. The government strongly encourages foreign investors: so the cost of TAPU registration is reduced to 3% until March 31, 2019. Since last year, it is possible to obtain Turkish citizenship under a simplified scheme. To do this, foreign investors need to invest at least 250 thousand dollars in real estate in Turkey and then you can become a citizen of the country in just a few months, it does not take years of waiting. But not everything is so simple — since March, changes are coming, which, most likely, will not please buyers of Turkish real estate very much. Real estate market news in Turkey In Turkey, from March 4, amendments to the law on the sale of real estate to foreign citizens come into force. Now, all objects that will be sold to foreigners will have to undergo a special examination. The examination is independent and it will be carried out by expert evaluation commissions specially created in all provinces of the country. It is not yet known what the criteria for the evaluation of real estate by the expert commission will be. However, it is already clear that the cadastral value of real estate will increase and, most likely, will become the same or almost the same as the market value. Recall that now the cadastral value is significantly lower than the market value, that is, the one at which the owner or developer sells real estate. And if the cadastral value increases, the market price will increase accordingly. It is difficult to say what the percentage of growth will be - it is up to the developers to decide. But the fact that housing prices in Turkey will be higher in March this year is an indisputable fact. In any case, so say the experts of the Turkish real estate market. The market value directly depends on the cadastral value. After all, it is from the cadastral that all taxes and state fees are paid, both by owners and developers. Therefore, the market value will become greater as soon as the cadastral value increases: no one will sell real estate at a loss. Developers, first of all, are aimed at making a profit from sales. And, due to the larger amount of taxes, their expenses will also increase. In order to cover them and earn more, construction companies will be forced to raise the market price of housing. In addition, you will have to pay extra for the real estate valuation service itself. The exact amount of payment will depend on the area of the property and some other factors. Also, the duration of the purchase and sale transaction will also increase. A special commission will have to not only check the real estate object, but also set the amount in which it is estimated and draw up an act of conclusion. All this will take some time, at least at the initial stage, while the mechanism of work will be debugged. It will be necessary to receive a document stating that the property has passed an expert assessment. Without it, they will not give out a TAPA: it will be possible to apply to the Cadastral Office only if there is an act on the assessment examination carried out. It should be noted that such changes are expected not only by foreigners. From April 1, 2019, the new rules will apply to all Turkish citizens. The news is certainly not the most pleasant, but also not critical. We are sure that those who really want to buy a property in sunny Turkey will easily be able to overcome this moment. And we will help! What'll we do? It's simple! Contact Homes Turkey ! For our clients, we will try to minimize as much as possible all the unpleasant moments associated with the new rules. Firstly, we will take care of all the worries about obtaining the inspection report of the expert commission. Our lawyers are already working on this issue, considering all possible options for reducing the waiting period for receiving documents. Secondly, we will definitely offer discounts for you. And we will also conduct joint actions with developers to keep the value of real estate for you, if not at the budget level, then at least at the level of accessibility. Thirdly, there is still time until March 4. And now the managers of our company are working in an emergency mode — we are trying to help everyone who comes to us, choosing the best real estate options for those who want to buy housing without additional costs. We will definitely help you too! Contact us right now, write and call. Out of 6 thousand objects presented on our website, you will definitely be able to choose for yourself the one that will become your second home. And we will make a deal very quickly, before March 4, and save your money and your time!

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