Apartments in the secondary market of Istanbul: pros and cons

Many shoppers on a tight budget who are interested in properties for sale in Istanbul, prefer apartments on the secondary market. As a rule, they are cheaper than objects in newly built residential complexes. However, those who approach this issue without due care may encounter scammers selling dilapidated and substandard real estate. 

That is why representatives of the aggregator Turk.Estate has prepared a list with useful recommendations for investors and end users planning to purchase secondary apartments. Besides, below you can get acquainted with the key advantages and disadvantages of such investments.

Pros of buying secondary apartments in Istanbul

Among the main reasons why investors and end users decide to buy secondary apartments in Istanbul, the following advantages should be highlighted:

  • apartments sold on the secondary real estate market are cheaper compared to new apartments in the same area;
  • the buyer can move into the apartment immediately after the conclusion of the purchase and sale transaction;
  • an investor can invest in two secondary properties at the price of one new building;
  • the buyer can receive a certificate of ownership of TAPU immediately after the conclusion of the purchase and sale transaction;
  • a wide range of offers in various configurations and architectural styles;
  • the opportunity to purchase apartments at a negotiated price or to get a discount from the owner if he is forced to conclude a deal urgently.

Cons of buying secondary apartments in Istanbul

The conclusion of the sale and purchase of secondary apartments in Istanbul has a number of disadvantages, among which the following factors can be distinguished:

  • in some cases, sellers require payment exclusively in cash;
  • the lack of the possibility of making installments;
  • in some cases, the buyer is forced to make a comprehensive repair of all premises, which leads to additional costs;
  • if the building is old, it is threatened with demolition at any time;
  • apartments need maintenance if it is located in an old residential complex.

Recommendations for buyers of secondary apartments in Istanbul

Before agreeing to conclude a purchase and sale transaction for secondary apartments in Istanbul, the buyer must check the following characteristics of the property:

  1. The age of the building. First of all, the buyer should ask the owner about the age of the building and whether it is separate or part of a residential complex. If the property is located in the old center of Istanbul, for example, in the Al-Fatih district, the age of construction may exceed forty years, while the age of construction in an area such as Beylikduzu cannot exceed twenty years.
  2. Location of the residential complex. For reasons related to the preservation of demographic distribution, the Turkish government has put up a list with 1,200 blocks, the purchase of real estate in which will not give foreigners the opportunity to obtain a residence permit or citizenship. The buyer should make sure that the apartment is not located within these blocks.
  3. Validity of the ownership document. The buyer must verify the validity of the ownership document and that the apartment does not have any legal problems, such as debt or mortgage. ( A mortgage loan negatively affects the value of real estate and makes it difficult to sell it. After the transaction is concluded, the new homeowner may not be aware of its presence until two months or more have passed, since it is not mentioned in the title deed. Therefore, the buyer needs to clarify this information in the Tapu directorate before signing any contracts.
  4. The share of the apartment for sale. The buyer should check the share of the apartments being sold, registered in the certificate of ownership. The buyer needs to make sure that the document says «Tam Hisse», which means buying the entire property as a whole, and not its separate share.
  5. The condition of the building. The buyer should check the physical condition of the building, as well as contact the administration and make sure that it is not planned to be demolished in the near future.
  6. Reliability of the seller. The most difficult task facing investors and end users of secondary real estate is to find a trusted seller. Many buyers face fraud on the part of some owners who disappear after transferring money. Therefore, to select suitable apartments, you should use the help of qualified specialists who have been working in the Turkish real estate market for more than a year. Such specialists can be found in Turk.Estate.

Our assistance in buying real estate in Turkey

It does not matter in which real estate the buyer is interested, in new buildings or secondary objects. He will find what he is looking for Turk.Estate. The aggregator’s extensive database contains the best residential and commercial units located in the most promising areas of Turkey. To get help with the selection of a property, support at all stages of the transaction and high-quality after-sales service, contact the company’s specialists directly.

Leave a Reply

Your email address will not be published. Required fields are marked *