In Turkey, the construction and contracting market is vibrant, with major companies engaging in dynamic projects.
Construction laws and standards, particularly those addressing earthquake resistance and safety structures, have evolved with the government’s commitment to these regulations.
Under-construction projects in Turkey:
- are visible across cities like Istanbul, with numerous ongoing developments in vital areas, including waterfronts.
- forest perimeters, and highways. Internationally-oriented Turkish construction companies operate in Turkey.
- Europe, and Africa, focusing on building large residential and commercial projects. These developments adhere to the latest global construction.
- standards, incorporating social, recreational, and security services, such as parking, reception areas, security surveillance, pools, playgrounds, and smart home technologies.
- The process typically begins with an announcement by the construction company outlining plans and architectural designs
- After obtaining construction permits, foundational excavation begins, progressing floor by floor. The construction period.
- lasting three to five years, varies based on project size, budget, and weather conditions.
- upon full completion, offer a range of amenities and services.
- The initial phase involves the company announcing its intent to build in a specific area, revealing detailed plans, and obtaining construction permits.
- Excavation begins, followed by gradual construction taking several years.
- Companies often provide detailed explanations to real estate agencies and clients, including project nature, building count, height, entrances, exits, and services.
- During construction.
- the company may offer discounted prices and flexible payment plans for under-construction properties, gradually increasing prices until completion.
- Legal regulations allow a six-month project delivery delay if necessary.
- Contracts for under-construction properties are considered preliminary sales agreements, limiting sales during the construction period to the developer.
- Ready properties, eligible for Turkish citizenship, must meet a minimum value of $400,000. Buyers receive a provisional title deed during construction.
- transitioning to the full title deed upon completion. Both under-construction and ready properties offer diverse investment opportunities in the dynamic Turkish real estate market
- The duration of construction and delivery is documented in the purchase contract for those interested in owning property under construction.
- often driven by real estate investment goals. Turkish laws permit a six-month project delivery delay for reasons mentioned.
For ready projects in Turkey, once construction is complete, the construction company starts delivering the sold properties.
Remaining units are sold to those seeking immediately habitable or rentable properties, depending on their preferences and goals.
The difference between under-construction and ready projects in Turkey lies in the stages of sale:
- “off-plan, early construction, mid-construction, pre-delivery several months later.” Under-construction properties are not suitable for habitation until full completion.
- requiring buyers to wait several years to benefit fully.
- Prices for under-construction properties are significantly lower than ready ones in Turkey. Prices increase after delivery.
- ranging from 50% to potentially 300%, with early-stage purchases offering lower prices and higher investment value upon completion.
- Buyers of under-construction properties often have investment goals.
- intending to sell after delivery to capitalize on price differences.
- Construction companies initially offer discounted prices for under-construction properties.
- gradually raising prices during construction, reaching their peak upon delivery.
- Construction companies must adhere to the specified delivery date in the contract or face potential legal issues.
- The initial contract for under-construction properties is a “preliminary sales agreement,” outlining the rights of both the seller and the buyer, including property details.
- Investors can preview the final form of under-construction properties, even in early stages, through model apartments provided by the construction company.
- The first sales contract restricts selling under-construction properties during the construction period to the construction company exclusively, with subsequent sales allowed after delivery.
- Under-construction properties, meeting Turkish citizenship criteria, can be sold for a minimum of $400,000. During construction.
- buyers receive an “attachment deed,” transitioning to the full deed upon delivery. Construction companies.
- may offer installment plans for under-construction properties, with payment periods up to four years.
- While ready properties can also be bought with installments, their payment period is typically limited to 12 months, with higher initial payments.
- Investing in under-construction Turkish properties is considered a medium-term investment, yielding returns upon completion and resale.
- Property prices in Turkey continue to rise after construction completion, though at a slower pace than during the construction period.
- The increase for ready properties occurs over 3 to 5 years from their last price surge.
- Under construction and ready properties in Turkey present diverse investment opportunities for foreign investors, aligning with various budgets and real estate investment objectives.