Istanbul Real Estate Inefficiencies Or Drags

Istanbul Real Estate Inefficiencies Or Drags

By in Istanbul Real Estate with 0 Comments

The real estate market has been witnessing in recent times many negative changes according to the surrounding changes in the country’s economic conditions and their consequences…

So in this article, we will review some of the shortcomings and declines that concern investors and buyers in this field during last years …

Many find the high rates in Turkey unattractive. This is a tricky one in the sense that if you borrow in TL and the TL slides, your debt can actually be much lower in currency (a kind of reverse carry trade). Still, it seems the best way to purchase property in Turkey for foreigners is to pay cash (possibly even reverse mortgaging an already-owned property). Why property owners in London are not arriving on the shores of Istanbul to snap up property is beyond me. Of course, many do, but I would expect some areas of Istanbul to be Noting Hill. Paying cash also increases your bargaining power, no doubt about it. If viable mortgage products are made available to foreign buyers and some loosening of paperwork requirements are made - especially for buyers putting in 50% cash on purchases - there could be a veritable explosion of new wave of interest from just about every corner of the globe. Turkish property affordability and ease of purchase would become legendary, as the door would be well and truly open. Why banks will not give 50% LTV has always been an impenetrable mystery.

  • This seems like a non-starter, but it is vital. Many times deals break down from things as simple as one side not receiving key information in their native tongue. If you do not speak Turkish, at a minimum, you should have a Turkish speaker who is also fluent in your native tongue, whatever that may be. Buying a property is a big deal and there are many small, but essential details that can get lost in translation, so to speak. If you are using a lawyer, use one whose language skills are impeccable. The lawyer acts as an impartial player in these transactions and it is his/her job to relay information impartially and also to defend your interests exclusively. They will be able to advise you on all technical aspects of a transaction, but may not offer insight on the value of a property, etc, as that is really not their expertise.
  • If the agent or developer point of contact only speaks Turkish, you may be in for a rough road. In a city with millions of highly educated, young and entrepreneurial people, finding proper assistance is not very hard and you should insist on it.
  • Tagged: Istanbul property, buying property in Istanbul, central Istanbul, Istanbul apartments, Istanbul buildings, Istanbul investment, Istanbul property, Istanbul property sale, Istanbul real estate, Istanbul renovations, Property in Istanbul.

 

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About The Author
keith-boyle

About Us: My Bricks is a unique real estate company in Istanbul. With over a dozen years of experience in downtown Istanbul, Keith has been involved in countless transactions. He tirelessly researches for the best opportunities for his valued clients. In addition, Keith has project managed over 50 renovation/restoration projects (see Keith in action on YouTube: https://www.youtube.com/watch?v=yLaLIjo9X-A&pbjreload=101). We source all kinds of properties, from budget properties up to luxury villas on the Bosporus. We give personal service to our clients; often doing zoom and WhatsApp sessions 1-1 and also webinars where clients can benefit from the wisdom of Keith’s other clients. In these webinars issues such as taxes, legal issues, design and renovation and identification of property opportunities are addressed. These sessions are typically run on Saturdays and Sundays. Come and join us; just contact Keith for details on: WhatsApp/telegram at +90 531 582 3876). Our living and breathing passion is real estate in the downtown area. We look forward to virtual sessions where you walk side by side with us along the streets or in real life when you arrive in Istanbul. We are fully equipped to help you with any logistic matters you may require, from obtaining citizenship through investment to managing your assets professionally here in Istanbul. At this point in time, the agency is transforming and we have investment coming in. It is an exciting time to purchase in Istanbul. I look forward to doing the ground-work for you and launching you on your way to a profitable and enjoyable investment. Kind regards, Keith Boyle

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