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Off plan property in Turkey

The advantages of buying off plan property in Turkey are convincing: not only are prices lower but buyers have the chance to influence the design and the layout of their new properties at the planning stage. Because development finance is currently scarce in Turkey, developers offer incentives to buyers in the form of discounts of up to 20% for off-plan property purchases. This means that the property value jumps by 15% to 20% upon completion - an attractive investment prospect.

Some buyers are wary about buying properties off plan, having heard horror stories about developers who haven’t delivered on their contracts. However, there are ways to safeguard yourself when buying off plan real estate in Turkey, like using reputable developers and taking out a bank guarantee on the property. Another way of minimising your risk is by purchasing freehold title to the land first and then having the builder construct your new home on it. This is of course only applicable to off plan custom built houses.

Where to buy off plan property in Turkey?

One major area where off plan property in Turkey investments make a lot of sense is Istanbul. On the upcoming new suburbs of Istanbul such as Bahcesehir, Beylikduzu and Esenyurt, where the city's professional work force is gravitating toward, off plan projects present the buyer with a steep discount to market as well as staged payment plans to ease the purchase process. There are some well established developers operating in these areas with bank guarantees in place as an insurance against non-delivery. Buying off plan certainly has advantages in these areas, where property prices are rising year on year. Speak to us to find out more about protecting yourself while buying off plan property in Turkey.

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