Advantages and risks of buying a house under construction in Turkey

In recent years, Turkey has become one of the most attractive destinations for real estate investment. However, along with the growing interest, the number of questions from potential investors is also increasing. One of the key questions is the choice between buying ready-made housing or purchasing a property under construction. In this article, we will try to highlight the main pros and cons of buying under construction housing in Turkey in 2024, as well as give practical recommendations on the execution of the transaction.

The article will be of interest to both experienced investors and newcomers to real estate who are planning to buy a home in Turkey.

The advantages of buying a home under construction

Acquisition of housing on construction phases in Turkey in 2024 offers a number of benefits that may be attractive to investors and buyers.

• Economic Benefits. Buying housing under construction often allows you to save money. Prices for properties under construction are usually lower than for finished houses or apartments. In addition, buyers have the opportunity to choose the layout, which allows to individualize the housing and make it more suitable for specific needs.
• Flexible payment terms. Developers often offer flexible payment terms, which may include installment payments or discounts for full payment. This allows buyers more flexibility in managing their finances and reduces their financial burden.
• Potential for value growth. Housing under construction in Turkey often represents an excellent investment opportunity. As the construction is completed and the infrastructure of the area is developed, the value of the housing can increase significantly, providing a good investment prospect.
• First choice of the best units. When buying a home under construction, you often have first choice of the best units, such as apartments with the best views or the most convenient floor plans. This can be especially attractive to those looking for the "perfect" place to live or invest.

• Modern construction standards. New projects are often built to the latest standards and technologies to ensure high quality housing. This includes energy efficiency, modern security systems, innovative materials, etc.
• Opportunity to influence the construction process. When buying a home in the initial stages of construction, buyers may have the ability to influence certain aspects of the process. For example, they can have a say in the choice of finishing materials, interior design and even in some cases, the layout of the future home.
• Participate in the creation of a new neighborhood or complex. Buying a home under construction often means participating in the creation of a new residential neighborhood or complex. It gives you the opportunity to live in a modern, well-designed space that meets the latest trends and standards of comfort and safety.

However, despite all the advantages, buying a home under construction also carries certain risks that should be considered. Therefore, it is important to do thorough research and possibly consult with professionals before making a purchase decision.

Minuses of buying a home under construction

Despite the obvious advantages, buying a home under construction in Turkey also comes with a number of risks and uncertainties.

• Possible delays in the delivery of the facility. Construction is a complex process that can encounter various problems and delays. This can lead to the project's delivery date being disrupted, which in turn can affect buyers' plans.
• Layout changes. During the construction phase, the developer may make changes to the layout or design of the property that may not meet the buyer's original expectations.
• Limited selection. When buying a home under construction, the buyer cannot directly assess the property and its surroundings. This limits the options and can lead to unwanted surprises in the future.
• Need for additional verification. Buying a home under construction requires careful verification of the developer and the legal reliability of the project. This may require additional time and money.

• Financial Risks. When buying a home under construction, there is a risk of losing your deposit if the developer goes bankrupt or fails to complete construction for any reason. It is important to make sure that the developer is financially sound and that there are guarantees of repayment.
• Price change risk. Real estate prices can fluctuate, and there is a risk that by the time construction is completed, the value of your home may have declined. This is especially important to consider for investors who plan to earn income from selling or renting real estate.
• Lack of safeguards. The guarantees provided by the developer are often limited only to the construction of the project itself. Possible problems with infrastructure, communications or legal issues are usually outside the scope of the developer's responsibility.

Comparison with buying a ready-made home

The choice between under construction and ready-made housing in Turkey in 2024 largely depends on your individual preferences, financial capabilities and willingness to accept certain risks. In any case, it is important to thoroughly explore all available options and make informed decisions.

Practical recommendations and tips

If you have decided to purchase a home under construction in Turkey, here are some recommendations to help you make the right choice and protect your interests.

• Choosing a reliable real estate developer. Before closing a deal, do your research and make sure that the developer is reliable and reputable. Check its legal status, necessary licenses and permits, and feedback from other buyers.
• Assessing the legal soundness of the project. Make sure the project is fully compliant with all legal requirements and regulations. This may require consultation with a lawyer or real estate professional.
• A careful review of the contract. Read the terms of the contract carefully before signing it. Make sure that all your rights and interests are protected and that you understand all the obligations you are undertaking. If in doubt, seek legal advice.
• Accounting for incremental costs. In addition to the cost of the home itself, consider additional costs such as taxes, commissions, paperwork, etc. This will help you more accurately assess your financial possibilities and avoid unpleasant surprises.

MMT TUNC PARADISE 1

from $ 134,980

Alanya, Turkey

MILANO CITY PALACE

from $ 729,976

Alanya, Turkey

Coolest

from $ 185,000

Antalya, Turkey

Eternia

from $ 63,800

Antalya, Turkey

NOTE PREMIUM MAZI DAGI

from $ 108,666

Antalya, Turkey

ANTA HOME NEON

from $ 233 632

Antalya, Turkey

• Consider insurance. Investment insurance can be an additional measure of protection in the event of construction delays or developer bankruptcy. Contact your insurance agent to discuss your options.
• Plan for the long term. Buying a property is a significant investment, so it's worth considering it as a long-term investment. Take into account all possible scenarios, including changes in real estate prices, the economic situation and your personal circumstances.
• Visit the construction site. If possible, visit the construction site to see for yourself if everything is going according to plan. This will also give you a better understanding of the site, its surroundings and potential advantages or disadvantages.
• Utilize the services of professionals. If you are unsure of your knowledge or skills, consider using a professional real estate agent or lawyer. This may increase your costs, but it will also reduce the risk of mistakes and problems.

Purchase of housing under construction in Turkey in 2024 offers a number of advantages, such as economic benefits and flexible payment terms. However, it also comes with a number of risks, including possible delays in delivery, changes in layout and limited choice. Compared to buying a completed home, it requires more due diligence and may incur additional costs.

By following our recommendations, you will be able to make an informed choice and protect your interests. Do not forget about the need to consult with professionals and carefully study all the details before concluding the deal.