Forms of real estate fraud in Turkey and how to avoid them
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After Turkey became an ideal destination for real estate investment and real estate purchase, many foreigners and capital owners went to it to own real estate, and this allowed the weak-minded to take advantage of the opportunity due to the lack of experience of some in the field of real estate in Turkey to manipulate and deceive them.
Because you are important to us, in this article we will present to you the common forms of real estate fraud in addition to the most prominent solutions to be away from them.
We wish you a useful reading.
Learn about the most prominent forms of real estate fraud in Turkey:
The existence of the problem of real estate fraud does not mean that you will fall into it. You can be away from it only by looking at its most prominent forms, and the following are presented to you in detail:
1 – Impersonation of the property owner:
Did you know that impersonating a real estate owner is one of the most common and dangerous real estate fraud methods in Turkey?
The fraudster may take advantage of the absence or travel of the property owner and forge papers and documents. The buyer cannot detect this forgery, so he must seek the assistance of real estate consultants or buy the property through a real estate company, where it follows up the entire sale procedures and verifies the legal integrity of the papers. Be confident that buying an apartment through a real estate company guarantees you safety and protection.
2 – Requesting an unreasonable price for the property:
A foreigner will not have enough idea about real estate prices in Turkey and therefore it is easy to be a victim of real estate fraud. The seller may request a price for the property that is not commensurate with its features and details.
The real estate appraisal document is the solution, as the value of the property is accurately determined and extracted by a specialized company licensed by the Turkish government.
3 – Convincing of the buyer that the property is suitable for obtaining Turkish citizenship:
The desire of foreigners to obtain Turkish citizenship was an opportunity for many fraudsters, as the buyer could be told that the property was suitable for Turkish citizenship, but the reality was the opposite.
You have to know everything about the conditions for obtaining Turkish citizenship in order to search for the right property for it (the price must be two hundred and fifty thousand US dollars + a pledge not to sell it before three years have passed).
4 – Selling fake real estate:
Many people looking for real estate for sale in Turkey choose to buy under construction or off-plan properties due to their budget that does not allow the purchase of ready-made properties or other reasons.
But in all cases, you should make sure that a reliable company has a good reputation in the market so that you do not have to face certain problems.
5 – Announcing high returns:
One of the most important forms of real estate fraud is the announcement that the property offers high profits, but it is possible to discover whether the announced returns are reasonable or not by looking at what is usually recognized. You should know that the rate of profit from real estate investment in Turkey ranges between 10 to 25% annually, and rarely does this percentage increase.
Top tips to stay away from real estate fraud:
Have you thought about how to avoid falling into the trap of real estate fraud? As we have already mentioned, it is necessary to have a legal expert accompany you, and you should know that real estate companies can provide you with the most secure offers.
There are many measures that you can take on your own, the first of which is to make sure that there are no restrictions on the property such as seizure or mortgage of the property that hinder the completion of the sale and affect the price of the property.
In the event that you choose to buy a property under construction, you must seek the assistance of an architect and take his advice, as he can make sure that what is being implemented on the ground is what has been agreed upon.
In the event that you received the property and found some things that are incorrect or that are contrary to what was agreed upon, you can request the repair of the defect.
Also, one of the procedures that you can follow is to see all the laws related to the field of real estate investment in Turkey, which are stipulated by Turkish law.
The buyer must keep his personal information confidential and not provide it to anyone, and he must also maintain his bank accounts.
In the event of real estate fraud, how can the matter be dealt with?
Some people wonder about the correct behavior to follow in the event of falling into real estate fraud?
The first step is to hire a competent and successful attorney in this field, who will follow up on all papers, documents and contracts and verify all the details. And make sure that the fraudster has a short path, and in the end, the rights must return to their owners.
In the context of talking about real estate fraud, we must mention that there are always new and varied methods of fraudsters, so care is a duty and the buyer should search well about the property he wants to buy and ask a lot of questions.
We can tell you that buying real estate in Turkey is a safe option in light of all the economic developments that Turkey is witnessing, political stability and prosperity in its infrastructure, in addition to the severe control imposed by the Turkish government and its follow-up to real estate projects. It also recognized the necessity of obtaining a real estate appraisal document that controlled prices and prevented sellers from controlling real estate prices as they wished.
In this article, we have provided you with all the information you should know about real estate fraud in Turkey. If you are looking for a safe real estate opportunity, contact us and leave the rest to us and do not forget that our real estate consultant is waiting for you to provide you with the most important tips and necessary advice.
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