Terminology specific to the real estate market in Turkey

Terminology specific to the real estate market in Turkey

Terminology specific to the real estate market in Turkey
23-05-2021
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Last update 22-12-2022
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Due to the great success achieved by the real estate sector in Turkey and the excellent reputation it has gained, it has been able to attract investors from all over the world to establish specific real estate projects on Turkish lands that benefit the investor by achieving large profits and for Turkey as it contributes to drawing a modern image. And unique to the country and active tourism.

And the most critical step when entering the Turkish real estate market is to familiarize yourself with its terminology. Below we will mention the most important of these terms you need when buying a property in Turkey.

 

Seller or owner:
And it is the person to whom the ownership of the property belongs. Therefore, of course, it is one of the essential elements to complete any sale or purchase of a property in Turkey, as it is necessary for him to be present during the ownership transfer process and to receive the amount agreed upon in exchange for selling his property.

 

Client:
And he is the person who wants to buy a property in Turkey and is looking for a property that suits him within the real estate companies in Turkey and is also considered one of the essential elements to complete the purchase process. In addition, he is supposed to have the capital to pay in exchange for the house or property ownership.

 

Real Estate Investment :
And this term expresses how one can take advantage of the property purchased to obtain money. This is done in various ways: renting the property, investing it commercially, or reselling it after its price rises.

 

Real Estate Marketing :
This term expresses many of the operations and services provided by real estate marketing companies in Turkey, which have spread widely in recent times, as these companies display advertisements for apartments and real estate to help sell and market them in addition to helping the buyer or customer to rent the right property. For him who matches his aspirations and desires, in return for a specified commission.

 

Real Estate Advisor:
And he is the person to whom the investor or client turns for advice, as he studies the project and determines the extent of his ability to succeed or achieve the desired goal. He also helps the customer to choose the best real estate that suits him. He also studies the soil and its suitability for establishing real estate projects. Thus, its presence is essential in any real estate purchase or investment in Turkey.

 

Real estate developer:
The real estate developer is the person or entity to which the project is delivered and that works to develop this real estate project of any kind, either by fixing problems in it, improving its services and quality, or investing it in the best way and making use of it to achieve profit, as the real estate developer is concerned with the financial aspect and The economic sector in particular and supervises the entire project until its completion. Therefore, it must be good in calculations to ensure a profit and earn money for the investor.

 

Real estate agent:
The real estate agent is the person or company entrusted to the property owner to market it in the best way and find the right customer to sell the property to him at the best price. Buying a property in Turkey matches the price he wants to pay and the specifications he desires.

It is necessary for the real estate agent to have an extensive network of knowledge within the real estate market and to be able to negotiate, persuade, and determine the best time to buy real estate in Turkey.

 

Entrance costs:
This term means the capital that must be available to the one who wants to buy the property in Turkey, and this includes the price of the property in addition to the taxes that are incurred on its purchase and the fees for the documents necessary for the process of owning real estate in Turkey without mentioning the costs of the brokerage offices and real estate companies, and these differ Costs are by city.

 

Real estate returns:
The property owner pays the amount of money in the event of his residence in a residential complex. The proceeds are presented to the complex's board of directors in exchange for its many services, such as protection, recreational facilities, cleaning, maintenance, car parking, and many others.

 

Deposit :
The deposit is the amount the customer pays to reserve the property he wants to buy so that it will not be sold to anyone else. Here it must be noted that the deposit cannot be recovered even in the event of a withdrawal from the purchase of the property.

 

Property Management :
It is a service provided by many real estate companies as the property owner delivers it to this company to take care of it and follow up on all matters related to it, from paying bills to leasing and fixing faults and so on, of course, for a specific commission and many desires this service—investors who own many different properties in Turkey and do not have the time to pursue them intensively.

 

 

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