Offplan Property in Turkey
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Offplan Property in Turkey
Turkey is no different than most countries when it comes to investment property. Investors source new developments by reputable and solvent developers and purchase off-plan properties at discounted prices. Developers are happy to sell these initial units to investors as it generates cash-flow while also reduces the financial risk and debts. In turn, the investors are often able to pick the best units on the development, at cheaper prices and even many times favourable payment structures, however they are relying on the reputation of the developer as there is no building for them to visit and view.
With regards to payment structures, many times to motivate property investors, developers will request as little as 20-40% of the sales price to be paid upon signing the reservation contract with either stage payments during construction or the remainder on completion of the development. For investors this is also very attractive as many times this may be financed through a mortgage. Also, it is sometimes possible to resale the property before completion to a third party which provides very attractive returns on a low initial investment. However, despite being possible, it requires finding a buyer within a relatively short timeframe therefore the strategy of buying and selling after completion is normally recommended. To decide on the best strategy for your needs it is recommended that you discuss with your agent all the available developments and their payment plans, resale market, etc. The most important factor in your property investment is having a feasible exit strategy which suits your needs.
Prices for property in Turkey range from £ 19.900 (€ 29.687) for a studio apartment whereas £ 25,900 (€ 38.637) buys a two bedroom apartment and three bedroom penthouses are available from as little as £ 50.900 (€ 75.932).
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