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Old 10th June 2014, 09:35   #11 (permalink)
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Re: Advice required on buying property in Istanbul

Thanks for the replies guys.

Property is in TL.

It's in Istanbul not in a resort town. We'll be in Istanbul for the long term so simply do not want to continue paying rent forever.

The mrs' brother-in-law has a lawyer in his office who deals with contract law so he will review the sales contract. Even still, we're considering to continue renting for now and wait until the development is complete and see what the prices are like then.
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Old 10th June 2014, 11:12   #12 (permalink)
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Re: Advice required on buying property in Istanbul

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Originally Posted by AndyIST View Post
Thanks for the replies guys.

Property is in TL.

It's in Istanbul not in a resort town. We'll be in Istanbul for the long term so simply do not want to continue paying rent forever.

The mrs' brother-in-law has a lawyer in his office who deals with contract law so he will review the sales contract. Even still, we're considering to continue renting for now and wait until the development is complete and see what the prices are like then.
Still the same message :: DONT BUY
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Old 10th June 2014, 11:27   #13 (permalink)
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Re: Advice required on buying property in Istanbul

AndyIST....Please listen to what members are posting.

I wouldnt even trust your brother in law for no other reason than lawyers have a bad track record for foreigners in Turkey, Even IF your contract is water tight and you had to go to court you will get nothing back as the funds will be long gone and the builder bankrupt.....Thats the usual scam, so you win your case and get nothing back!

The solution is simple, check for debts against any property and only hand over the cash when you have the Tapu in your name, and do the deal in the Tapu office so that you know the documents are genuine..................thats how most Turks do it.
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Old 10th June 2014, 11:40   #14 (permalink)
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Re: Advice required on buying property in Istanbul

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Originally Posted by AndyIST View Post

The property we’ve seen is an apartment in an off-plan site (the Turkish ‘site’) due to be completed next Spring. The site is being built by a large reputable company who have built many other sites throughout Istanbul. They informed us that they require a 20% downpayment on the property.
Just as a rider to my short comment earlier, off plan is dicey in whichever part of Turkey you are in. You say the project is in the hands of large reputable company. There is a lot of corruption going on in Turkey recently and it is now difficult to determine who is reputable. Many large companies are under the spotlight here and could fall from grace quite easilly. Your brother in law should know this as well. A large reputable company should have the funds to complete this project without a 20% deposit and a small holding fee should be all that is necessary to show your intent. This might well be forfeited if you changed your mind after the building is completed but would be a much smaller loss than 20% if the contractor went bust.
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Old 10th June 2014, 13:01   #15 (permalink)
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Re: Advice required on buying property in Istanbul

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Originally Posted by kemerkid View Post
Just as a rider to my short comment earlier, off plan is dicey in whichever part of Turkey you are in. You say the project is in the hands of large reputable company. There is a lot of corruption going on in Turkey recently and it is now difficult to determine who is reputable. Many large companies are under the spotlight here and could fall from grace quite easilly. Your brother in law should know this as well. A large reputable company should have the funds to complete this project without a 20% deposit and a small holding fee should be all that is necessary to show your intent. This might well be forfeited if you changed your mind after the building is completed but would be a much smaller loss than 20% if the contractor went bust.
You have been given good advice , please don,t fall in the snake pit ,
Again my advice DON!T BUY you will be sorry

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Old 10th June 2014, 16:45   #16 (permalink)
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Re: Advice required on buying property in Istanbul

Off plan can be very dicey but off plan sales are also very common in every country, if you look at the volume of construction projects in Istanbul and the volume of actual sales then not every one is a disaster..
The financials of the construction company are key, off plan sales are created to create additional cashflow to the project what is important is ensuring the money goes into the project you are buying into and not another one they are doing down the road....
Whats the name of the construction company ? How large is the project. ?
What stage is it at now ? What the timeline ? How many other apartments have sold at this stage ?
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Old 10th June 2014, 18:07   #17 (permalink)
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Re: Advice required on buying property in Istanbul

I would also add that the market in Istanbul is flooded with new builds, something which recently drew attention in the media -

Today's Zaman, your gateway to Turkish daily news

Today's Zaman, your gateway to Turkish daily news


https://www.todayszaman.com/columnis...rty-sales.html

https://www.todayszaman.com/columnis...y-sales-2.html


Also, be aware of the possibility of sky rocketing site fees in Istanbul. High end developments (new builds in places like Atasehir for example) see site fees in the region of 800tl - 1000tl a month. Something which is often left out of initial discussions with the construction company and quite likely will not be guaranteed for any significant period of time through a contract. Make sure you know who will be managing the complex after completion.

Off plan really is a minefield, and in the current property climate I would also suggest renting or buying on an established complex.


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Old 12th June 2014, 22:19   #18 (permalink)
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Re: Advice required on buying property in Istanbul

The military check will only be carried out once on a development. In our case it was carried out on another family who bought in the same building, so the Tapu office had that on file when it came to completing our purchase. We are not as protected in Turkey as we would be at home is the message, however with Turkish family I would say that you are less at risk than a 100% yabanci family.

Our process was plain sailing and completed in the 6 weeks from start to finish, which according to the similar feedback I got from many members, would make us the luckiest in the world! Infact the only delays or difficulties were caused by me covering our ass in case of being ripped off.

PM me if you need any further advice, as it's not all doom and gloom ...

In terms of monthly fees, 1st I was in atisehir and fees were 225tl monthly. Next I was In a prestige mall development and they were 321.60TL per month. The new place I bought with 2 pools gym etc will be 170tl per month.
1000tl would be difficult unless you get 3 or 4 apartments
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Old 12th June 2014, 23:29   #19 (permalink)
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Re: Advice required on buying property in Istanbul

Turkish people get cheated too - so don't count on that, it is not only foreigners who get cheated. cheats will cheat anyone.
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Old 13th June 2014, 00:59   #20 (permalink)
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Re: Advice required on buying property in Istanbul

Quote:
Originally Posted by tosmur View Post
Make sure there are no debts on the property, ensure that they have TAPU and Habitation certificate, just be on your guard.
Arn't these only issued on completion?


Quote:
Originally Posted by tosmur View Post
Turkish people get cheated too - so don't count on that, it is not only foreigners who get cheated. cheats will cheat anyone.
And that also included English and Irish builders.

Personally I would recommend you wait at least until you get your citizenship, or at the moment since the recent change in the 'Residents Permit' being cut to only one year at a time you will be buying a property and not know what is going to happen from one year to the next.
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