Real estate scamming in Turkey its definition methods and how to deal with it

In recent days, thereal estate sector in Turkey has gained a good reputation, whether at the regional level or even at the global one, which has caused many Arab and foreign investors to move towardsreal estate investment in Turkey...

As a result of this type of huge demand, investors have become a target for exploiters and scammers who seek to find several ways and methods trying to deceive investors in the process ofbuying real estate in Turkey, which may sometimes lead to a set of legal and financial problems for investors who fall as victims of those scammers.

What is real estate scamming?

In general, real scamming can be defined as the set of illegal ways and methods used by scammers to entrap the investor and sometimes the property owner in their tricks.

The fraud often occurs as a result of the victim's lack of knowledge of the Turkish real estate market and real estate prices in Turkey, which makes him vulnerable to deception.

It has become clear that real estate fraud has increased and expanded after the spread of real estate marketing and selling on the Internet, which is considered the best field for scammers, so the investor must be fully aware of the identity of the people he deals with while searching for apartments for sale in Turkey.

What are the most important methods and methods of real estate fraud in Turkey?

There are many ways and methods of real estate fraud in Turkey, some of which have become common to the public, and others remain vague and ambiguous and need more attention from the investor.

Perhaps the most important means and methods of real estate fraud can:

Real estate scamming by impersonating the property owner:

This method is based on the scammer impersonating the owner of the property that the investor wants to buy, or even that he may claim that he is the legal agent of the property owner in the sale process, by showing forged papers and documents to prove the validity of his ownership of the property or through a forged legal power of attorney, Perhaps this method is the most common and most dangerous real estate scam in Turkey.

We at ISTHOMES Real Estate assert on dealing with trusted real estate investment and promotion companies and completing all transactions through them, because they have extensive experience in the field of real estate, and they also have a licensed team of attornies to follow up on legal matters in the process of selling and transferring ownership, in addition to the presence of a team capable of following up on matters Related to concluding contracts in official departments so that the purchase process occurs legally, away from problems.

Offering the property at a price that is much lower than its real one:

In this case, those who want to commit fraud deliberately offer real estate offers at prices that are considered very cheap compared to the real value of it, and promote it as the deal of a lifetime.

In most cases, behind this exaggerated price reduction lies a set of legal problems such as high taxes or unpaid accumulated fees. And sometimes the title deed(Tapu) of a property is not identical to the property that the investor wants to buy, and here another property that differs from what the buyer had seen will be sold.

Our advisory team at ISTHOMES advises investors to stay away from such types of offers and to be careful when examining the properties that these offers present.

Offering the property at a higher price than its actual one:

Some real estate marketers who work without being associated with a real estate promotion company add an amount of money to the property price to be able to increase their commission from it.

It must be mentioned that real estate prices are unified, whether for real estate promotion companies or for people who buy real estate directly from construction companies, which in turn pay the commission to the real estate broker.

Therefore, we advise investors to deal with reliable real estate brokers who provide the real prices for the property without any extra adding to it.

Real estate marketers without official permission:

Real estate marketing companies have become widely spread, especially after the remarkable success of the Turkish real estate market, where a large group of these companies began to practice the profession without obtaining an official permit from the Turkish government, which makes them outside the scope of legal accountability in scamming cases, Therefore, the investor must ensure that the company he deals with has an official license to practice the profession.

Promoting real estates which are suitable for Turkish citizenship at less price than its legal one:

According to Turkish law, when a foreign investor buys a property or a group of real estate for an amount equivalent to 250,000 US dollars, he can apply for Turkish citizenship, under the condition that the property or these properties are not sold for three years starting from the date of purchasing.

When purchasing a property, the buyer must obtain a real estate appraisal document, which proves that the value of the property or properties is equal to at least 250.0000 US dollars, otherwise, the property is not suitable for Turkish citizenship.

Therefore, we advise investors to stay away from promotional offers for real estate suitable for Turkish citizenship with a value of less than 250.000 USD, because, in the end, it does not qualify the owner to obtain citizenship.

What are the best ways to avoid real estate fraud in Turkey?

• Full knowledge of the Turkish real estate market and the laws of real estate investment in it.
• You must verify the identity of the real estate marketer and ensure that he obtains official identification papers to practice the profession.
• The investor should inspect the property on the project to ensure that its specifications match what was explained to him about the property.
• You must make sure that the property number and specifications match its title deed paper, through the official website (TKGM Parsel Sorgu)
• You should not be attached to unreasonable offers in real estate promotions, such as offering the property at a price much higher or much lower than its real one.
• Be careful not to share important personal information with untrustful persons, such as identification papers and bank account numbers.

In this article, we tried to provide a simplified explanation of the issue of real estate scamming that foreign investors who wish to get a property in Turkey, whether to invest or to obtain Turkish citizenship, may be exposed.

 We also tried to explain the most important ways that can be followed by Scammers suggesting some solutions that could avoid investors from being subjected to fraud through the process of buying a property in Turkey.

We always advise the investors to be aware of the latest developments and laws related to the Turkish real estate market and to deal only with trusted companies and people in the field of real estate investment and promotion in Turkey.

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