Buying off plan property in Turkey
Many second home buyers who buy a new property in Turkey buy it “off plan“. An off-plan property signifies the buying of a property that is not yet complete. It means, by buying an apartment or a villa property through ‘off-plan’, you are purchasing a property based on the drawings, floor plans and impressions. In these cases, often, the project will not have been started yet. The main advantage to buying property off-plan is that you will be able to buy the property at a much cheaper price than if you were to buy it when completed. And it also requires a low deposit and payments are staggered easing cash flow.
At the development stage of the project, many Turkish developers begin to market their projects to real estate investors at discounted prices, which are below the market price of the property. The main reason why off plan properties are sold at cheaper prices is that the developer will be able to finance the construction by selling them in advance. After the necessary finance is achieved, throughout the construction, the developer increases the price of the remaining properties in the project. The new price will be closer to the market value of the property. The prices of other properties left in the project are increased at different stages of the development until achievement of the market value and the project is finished. The additional increase in the prices could be possible because of the growth of the market at least 1 year during the construction period of the apartments / villas.
The main differences of buying Off Plan are; the search process, the price, the time scale of the purchase as well as a number of differences in the actual buying process. For further information about how Model invest can help you find your off plan property in the shape of an apartment or villa, Turkey, see off plan properties for sale in Turkey offered, or you can take a look at the many Turkish properties we have available.
Advantages of buying off plan property for sale:
- Many off-plan real estates are sold at a discounted price. Investing in Off Plan real estate is cheaper than normal real estate. You can save up to % 20.
- The off-plan property development requires a low deposit.
- You can take advantage on the increase in property prices and make an immediate return on your investment by the time the property completes.
- You will have the opportunity to give some input and make requests to change aspects of the final design. For example, you can choose the color of the walls.
- Payments are staggered easing cash flow.
- You will have the ‘first choice’ of the available properties by getting in early.
- Some off-plan schemes may guarantee a rental income for a fixed period thus lessening your risk
Investing in off-plan property is very flexible and there are many various investment strategies which buyers can employ. Once the property is completed, it is up to you what you want to do with it – you could move in yourself, rent it out or sell it on for a quick and easy profit.