Is it recommended to invest in second-hand properties in Turkey?
Among the options that the real estate investor in Turkey faces is investing in used Turkish real estate as some see it as an investment opportunity. And its prices are lower than the prices of new real estate, especially in the buildings of modern residential complexes.
These properties are often located in independent buildings and are widely spread among popular residential neighborhoods, alleys, and alleys in all Turkish states, including Istanbul. In this article, we will discuss issues related to this type of real estate investment.
First-Used real estate in independent buildings without services:
This is considered negative in the reality of the Turkish real estate market because most of these properties are built-in independent buildings away from residential complexes and therefore do not have the lowest basic services, especially car parking, security protection, and even elevators, as most of these buildings are built on 4 or 5 floors, as The contractor believes that these buildings are short and do not require the presence of elevators in them, which constitutes an obstacle to the ascent of some residents to the upper floors, especially the elderly and the sick.
Also, the lack of parking spaces would make the property owner spend effort and time in searching for a place to park his car, not to mention that parking the car on the open roads may expose it to dirt more, in addition to some people messing around or hitting the balls of children in it while they are playing in the alleys and possibly and brake the glass.
Security protection is not a secondary factor, but rather a necessary thing that must be provided, especially since the guard staff would prevent strangers from entering the building, including scammers, beggars, and others, as well as including buildings that are concerned with security protection with surveillance cameras operating around the clock to monitor anything strange or suspicious.
Except for the non-availability of used real estate for any recreational services, as there are no swimming pools, children's games, gardens, restaurants, or cafes.
Second - used real estate may be dilapidated:
Because several years have passed since the construction of used real estate and owned by several successive people, it becomes dilapidated and in constant need of maintenance, which is financially cumbersome for some, in addition to spending time in repeated repairs.
Third - used real estate prices:
The last decade has witnessed the reluctance of many investors to buy independent real estate despite its low price compared to the new real estate built in modern residential complexes and the reason is that these investors turn to new real estate with security, social and recreational service advantages, which is completely missing from used real estate, and this matter Year after year, it leads to a decrease in the price of used real estate due to a decrease in the demand for it, and this means a loss of investment in this type of real estate.
Fourth- Decline in the investment value of used real estate:
The aforementioned first and second factors caused a decline in the investment value of used real estate due to the lack of demand for it and the large supply, and consequently the loss of investment momentum and the encouraging and motivating factors for investors to buy in this type of real estate despite its low price.
Fifthly - used real estate with no rental guarantee or resale guarantee:
In recent years, an encouraging phenomenon has spread in modern real estate, which is the construction and real estate companies offering offers that pay to invest in real estate located within modern complexes, such as giving the investor an agreed rental return, transferring the value of the monthly rent to the customer and properly managing his property, in addition to presenting another offer, which is a resale guarantee, which guarantees The company to the investor sells his property with a fixed profit rate guaranteed by the company after a certain number of years, for example, a guarantee of resale with a profit difference of 35% after three years from the date of purchase.
Sixth: Used real estate is not suitable for Turkish citizenship:
One of the most important conditions for obtaining Turkish citizenship for investors is to buy a new property that is sold for the first time, and this is an additional reason for the reluctance to own used real estate.
According to what was mentioned above, we advise to refrain from owning used Turkish real estate and to move towards owning real estate within modern residential complexes, where security, social and recreational services are provided, as well as the quality of construction and the competition of construction companies among themselves to offer modern Turkish real estate with advantages comparable to international real estate with the latest developments in the world of construction, especially Technological systems and smart home system.
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