Real Estate Fraud: Unreasonable Prices
March 10, 2017
January 26, 2023
Since the day Turkey Dream Apartment - Kamiran saw the light in Turkey more than six years ago, it has taken upon itself to perform its moral and practical duty imposed on it as an authentic part of the Turkish real estate market to the fullest. Maintaining the reputation of this market and providing the best service to its customers has become its first mission, and not only by providing accurate information and absolute transparency with the customer by giving them real and logical pictures of projects and real estate with their negatives before their positives, but also by fighting cases of real estate fraud, exposing the lies it spreads and warning against falling victims to such deception.
In this series of articles provided by Turkey Dream Apartment Company Kamiran, we will present real estate fraud cases that can occur in Turkey and the way to deal with them.
The first case: real estate fraud about the price of real estate in Turkey in general and Istanbul in particular, and this type of fraud takes two forms:
1. Excessive exaggeration in the price of real estate: by increasing the price of the real estate over the real price provided by the construction company.
2. Reducing the price of the property in an irrational way: offering real estate at prices much lower than the cost of building the property.
In this article, we will explain the second picture of real estate price fraud in Turkey with the questionable reduction in real estate price.
Have you ever been browsing your Facebook account and then an advertisement for an apartment in Turkey caught your attention at prices like $12,000? Are you excited to buy an apartment at this price?
Perhaps you should wait a bit, think and ask if real estate in Turkey in general and Istanbul in particular are within these prices, so what is the obstacle for all people to have luxury apartments in the charming city! Is this not worth wondering and questioning?
There are many who fall victim to such fake advertisements and are very surprised by the reality of the Turkish real estate market and the real estate prices in Turkey. Most of these deceptive advertisements are based on the principle of submitting offers for projects under construction or that work has not started yet, whereby the investor is offered to pay the value of an area of 100 square meters, for example, of the project area, in exchange for obtaining, after the completion of the project, an apartment with twice this area!
How do we know that this ad is a real estate fraud?
- If you have any connection with a reliable entity in the Turkish real estate market, such as well-known real estate companies, and you ask them about the price of a property of 200 square meters in Turkey, you will make sure that the real price of an apartment of this area will not be less than 60 thousand dollars, which is the only construction value of the property without taking into account Considering the value of the land, cladding, profits due to construction companies and other costs, and this is completely inconsistent with the prices that are displayed in these advertisements.
Irrational exaggeration in the marketing of real estate specifications, you find that such advertisements depend on the inclusion of all existing, incomplete and sometimes non-existent government services and projects for the marketing of a fictitious project. This can be discovered through logical scrutiny of what is presented and the search for its realism.
- Circumvention about the basic project information such as the name of the project and its real location. When communicating with the advertising agency, no information is provided about the entity responsible for the project to avoid discovering the amount of deception and misleading they provide.
The parties that market such advertisements are unknown names associated with private, non-state construction companies.
Most of these advertisements you may see on social media or via e-mail, and you will not find them in any highly reliable advertising medium, as it is not possible to communicate with them and know the details of their project directly.
Misleading by stuffing advertisements with a lot of information, most of which is correct, but has nothing to do with the presented project.