Beware of real estate fraud

To avoid real estate fraud in Turkey, learn about the types of fraud and the essential tips.

Beware of real estate fraud
13-05-2021
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Last update 25-12-2022
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After the great success achieved by the real estate sector in Turkey, many Arab and foreign investors went to Turkey to establish many investment projects. Various forms of modern real estate, such as residential complexes, villas, and hotel apartments, spread.

As a result of this great demand for property purchases in Turkey, several companies have emerged that have practiced deception and fraud, especially on foreign investors, taking advantage of their little knowledge of the Turkish real estate market.

 

What is real estate fraud?

Real estate fraud is simply an offer the fraudulent party presents to the buyer. Still, this offer is illogical, exploiting the buyer's ignorance of real estate prices in Turkey, the steps for buying the property, and the sale mechanism. Forms of real estate fraud have spread significantly after the spread of the Internet and the possibility of Buying real estate on him, as the buyer must be careful to deal with reliable companies so that he does not fall victim to fraudulent companies.

 

Forms of real estate fraud:

Impersonation and falsifying the identity of the apartment owner:

This method comes at the forefront of the most dangerous forms of real estate fraud, as the fraudster falsifies the identity of the property owner while forging his identity and identity documents, or he may claim that he is the official agent to dispose of his money and property taking advantage of the presence of the original owner outside the country with the forging of official papers that You will not be able to differentiate it from the original papers in the event that you are far from the field of law and real estate, and many people have fallen into this trap and therefore we stress the importance of dealing with well-known real estate companies that do everything possible to ensure that you are not exposed to fraud and that through Providing specialists in legal matters to verify all papers and documents within the official departments and follow the steps of buying a property in Turkey with the investor carefully, with his guidance and warning on all legal details, so that he is not another victim of forgery and fraud.

 

Submit rates from another planet:

There are two different types of real estate fraud:

The first of them is for the broker or seller to provide a very high price for a property that is not worth it in terms of location, view, and space, taking advantage of the investor's ignorance of real estate prices in Turkey and his desire to buy a property at the highest speed. So he sells an ordinary property at an exorbitant price, and here comes the importance of comparing real estate prices and their advantages and not rushing to make a decision.

The second type is to provide fictional prices that do not match the specifications of the apartment and differ significantly from the offers and discounts offered by real estate companies in Turkey. Here, this should raise questions and concerns.

For example, when there are apartments for sale in Istanbul within vital locations in the city and with a large area with a low price such as 12 thousand dollars, this is considered illogical because the prices of such apartments are not less than 150 thousand dollars, do not drift behind the fake offers and Do not be tempted by the low prices, but you should always compare, research and consult real estate experts.

 

Showing real estate suitable for Turkish citizenship at a lower price than required:

Many real estate fraud companies display misleading information regarding the amount paid for the property when applying for Turkish citizenship. Here it must be remembered that, according to Turkish law, those wishing to obtain Turkish citizenship through real estate investment in Turkey must purchase a property or a group of real estate that reaches Its value a minimum of $ 250,000 and to keep this drug without selling it for at least three full years, and everything else is published unfounded.

 

Unauthorized real estate marketing

The development of the real estate market has opened the door wide to the idea of ​​real estate marketing due to people's eagerness to see this market through electronic means, which gives it technical advantages that help in purchasing and its development, as there are now sites that specialize only in real estate marketing. And it allowed everyone to see the available real estate offers and market them through these sites.

Here, it must be noted that there are people and companies authorized to practice the profession of real estate brokerage, which protects the buyer and provides him with outlets that reduce the time the trouble of searching and speed up the purchase procedures, especially with distances, which ultimately protects the buyer from the phenomenon of electronic real estate fraud, especially that there are permits for sites that work in real estate marketing, obligating them to combat fake offers that lead to real estate fraud.

Deal Real Estate pays excellent attention to real estate marketing in Turkey to achieve the current and future needs and desires of customers by owning real estate so that the customer can find the property he is looking for in Turkey at the best prices and with an appropriate profit margin for the company, thanks to an integrated team keen to work appropriately Permanent, honest with the customer, has a high sense of responsibility and can pay attention to all the details that receive the customer's acceptance.

 

Illusions of exorbitant investment returns:

And this method is followed by many deceivers who convince the buyer that this property, in case it was bought, will return him large profits in a short and unreasonable time. But unfortunately, many investors are drifting behind these delusions in the desire to achieve quick wealth to be surprised by the reality after that.

The investor must be aware that the success of real estate investment in Turkey and the extent to which it achieves returns depends on many factors, the most important of which is that the property is within a vital area in the city and that it is close to current investment projects and major transportation lines.

Statistics indicate that Turkey's real estate can generally achieve investment returns ranging from 10 to 20% within one year.

 

Buying fake off-plan real estate:

As it is known, the prices of real estate under construction in Turkey are considered cheap when compared to ready-made properties, and that is why a large number of investors are turning to them to buy and invest through them, and this is what constitutes a golden opportunity for fictitious companies that offer real estate that does not exist in reality and sell it. For the investor and defrauding him.

Here comes the importance of dealing with reliable real estate companies licensed by the Turkish government to ensure that they are not exposed to such situations and to be reassured that all matters are going according to the law.

 

  • Essential tips to avoid real estate fraud:
  1. We are dealing with an experienced architect to ensure that the agreed specifications of the purchased property conform with the existing ones.
  2. Permanent follow-up and on-the-ground tours of the projects to ensure all the details.
  3. Request to amend the errors and problems discovered with the property before it is received.
  4. We are dealing with a lawyer specialized in real estate affairs to ensure the integrity of contracts and the legality of official documents.

 

 

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