Investment Attractiveness Of Bodrum And Cons Of Buying Off-Plan Property In Turkey In 2023

Bodrum is one of the popular resorts of the country. People search for property in Bodrum for sale because it can become a great investment asset. Though, we suggest not to chose off-plan property in the region due to certain reasons.

Cons Of Buying Real Estate Under Construction

Off-plan real estate in Turkey has some minuses people are not aware of often. In most cases, all fears and doubts regarding the purchase of housing in an off-plan property are associated with a negative experience of buying in their homeland and ignorance of the situation in the Turkish real estate market.

What Should An Investor Pay Attention To?

1. The Risk Of Suspension Or Freezing Of Construction

The risks of buying an apartment in a new building for investors are the threat of bankruptcy of the developer, protracted construction or freezing of the project. Experts recommend contacting only proven, experienced companies, behind which there are already more than one residential complex put into operation. In addition, the Turkish authorities carefully control the work of developers and check the deadlines for the completion of each stage of construction in accordance with the provided project.

It should be noted that there are no long-term construction projects or frozen construction in any resort region of Turkey. This is due to several factors:

• strict control and protection of investors at the legislative level;
• the high cost of land;
• high demand for real estate from investors.

2. Project Inconsistency

One of the unpleasant situations is when, at a meeting, the developer presents the buyer with a project with a certain finish, landscaping of the adjacent territory, layout and quality of the apartments. But in fact, after the completion of construction work, the owner receives a completely different result instead of the expected one:

• a set of internal infrastructure that is very different from what was originally announced;
• uncoordinated changes in the area and layout of the apartment;
• significant reduction in the cost of construction and decoration.

In Turkey, such situations are extremely rare and, as a rule, when applying to small construction companies with a minimum authorized capital. Therefore, we recommend cooperating only with trusted experienced developers.

3. Waiting for Check-in

Another feature of real estate under construction is the inability to move into a new apartment immediately. If you purchased a home at an early stage of construction, you will have to wait a year and a half before putting the house into operation and transferring it to TAPU.

If the deadlines are running out and you want to move into your own apartments in a week or two, pay attention to the secondary market or apartments in a finished residential complex.

Pros Of Investing In Off-Plan Property In Turkey

In practice, the advantages of buying property in Turkey at the stage of excavation far outweigh the disadvantages.

The pros can be named as follows:

1. Opportunity to renovate and remodel
2. Quality materials in new buildings
3. Loyal pricing policy
4. High return on investment

So of course there are plenty of reasons why you should invest in an off-plan property, we just advice you not to rush into a deal and properly weigh all the pros and cons for yourself.

Real Estate in Bodrum

Bodrum is a resort city in south-western Turkey, in the province of Muğla. The city is located on the Aegean coast, is a fashionable resort, a status place, real estate in which attracts the attention of both local residents of Turkey and foreigners. By the way, until recently the city was not very popular with foreign investors. Basically, the Turks themselves bought apartments and villas in it. In general, in Turkey, rich people even have such an unspoken rule: it is imperative to have your own property in Bodrum. This is an indicator of status, along with luxury cars, yachts and other attributes of a prosperous life.

Of course, luxurious houses are also being built in Bodrum, new buildings with maximum amenities, smart home villas, where living is a pleasure. There are offers on the market for secondary real estate; you can buy apartments of different sizes and years of construction. Now foreigners are actively acquiring housing in the city. Bodrum ceases to be a city where only locals buy real estate. It becomes multinational. In the city there are Turkish courses, there are schools and kindergartens, everything you need not only for relaxation, but also for ordinary everyday life.

Real Estate in Turkey

Turk.Estate offers a wide range of liquid real estate in modern residential complexes that have no analogues on the coast of the Turkish Riviera in terms of scale, architecture and internal infrastructure. Visit their website for the detailed information.