Turkish off plan properties offer many advantages to a smart buyer. Not only can you shave 15-20% off the cost of your new home (which will increase by the same value upon completion), you will be able to tweak the design: choosing fittings and fixtures and the layout of your property, creating a truly bespoke property.
Because finance is not available for buying off plan in Turkey, developers are keen to offer incentives in the form of lower prices for off-plan buyers. This is particularly the case in Istanbul, which is immensely popular with off-plan investors. A recent analysis showed that 80% of properties are sold at the off-plan stage, a testament to the attractive prices offered by large developers.
Many buyers are reluctant to consider off plan after hearing horror stories about others losing their money to unscrupulous developers. In over a decade of business, Place Overseas has never fallen victim to an off plan scam. How? Because we work with the best developers in each region; tried and tested companies that have the capital and experience to see projects through.
To further safeguard your purchase, there are measures you can take to protect yourself from off-plan scams: a reputable lawyer will carry out the necessary checks to ensure your purchase is legitimate; while taking out a bank guarantee on the land ensures your investment is safe.
When purchasing off plan in Turkey, standard payment terms are 25-30% after contract to secure the land and then payments in installments to completion with around 10% left after completion for snagging. Each installment is made after proof of stage completion, that is after validating that the stage paid for has been satisfactorily completed as per the contract. This provides additional security for your stage payments.
With some off plan projects, there is even an earlier stage targeting property investors. This is known as the early bird scheme, where a further discount is provided even before the off plan project is launched. This is usually where we alert our investors prior to official launch of certain off plan projects by reputable developers so that they can secure the most preferential prices by putting down a deposit against the projects before official launch date. A major advantage of early bird schemes is that investors can select the best units within a project before the project opens to the market. Certain positions within off plan projects always appreciate in value faster than standard units, these tend to be corner plots, sea view units and units that are larger than average. Early bird off plan properties thus present keen investors with a superb opportunity to secure the most attractive units at lowest prices. show less ... read more
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