The Turkish property market has witnessed tremendous growth over the years. The highly developed industry has played host to various foreign investors from different parts of the globe.
However, many people are terrified of the numerous fraud reports and issues in the industry. Many people have fallen victim to malicious property sellers in the past.
The positive benefits and opportunities in the Turkish real estate industry, this has led to an increase in the number of investors in the country. Many foreigners have immigrated to Turkey to take advantage of its low living costs and boost the economic landscape.
Due to the influx of foreign investors, there have been a rising number of frauds and scams. This is because many fraudsters are looking to take advantage of the increasing number of investors.
Common frauds in the Turkish real estate industry
While there are numerous types of frauds and scams in Turkey, there are various commonly reported frauds. These include:
Be careful with buying some cheap properties in Turkey. Yes, you can get very cheap properties in Turkey, but be wary of ridiculously low prices. It could mean that such properties have debts or taxes to the Turkish government. This means that any buyer will inherit this liability.
Real estate with high prices
Many properties come with very high prices. The scammers operate by telling the buyers that they can get these properties and other benefits such as citizenship at such a high price. However, this is usually not the case.
Promise of Citizenship
In Turkey, one of the easiest ways to gain citizenship in real estate is to invest about $450,000 or more in the industry. Many scammers take advantage of this benefit and say that buyers can get citizenship for as low as $100,000, which is false.
Fake property descriptions and photos
Turkey has a rich real estate industry with lots of premium properties. However, some scammers are trying to take advantage of this by selling people properties without the elements that were advertised. This is a common fraud that real estate investors in Turkey become victims of.
In Turkey, because travel companies and agencies know about accommodation, they usually interfere with customers looking to invest in real estate. Many travel agencies go from finding accommodation for their clients to promising them great real estate investments and citizenship.
How to avoid fraud in the Turkish real estate industry
You should get a good local agent who is familiar with the area to help you with buying a property. Even when this property is presumed to be cheap.
You should avoid properties with unreasonably high prices. This is a red flag for a buyer who is desperate for money.
To buy a house, you need to ensure that it has the right specifications as advertised in its promotion.
You shouldn’t buy property from overseas without stepping foot in the country. Before you pay for the property, you should closely inspect the facility and ensure that it comes with all the details that were advertised.
You should use the right people or company when buying a real estate property in Turkey. The role of a travel agent only stops when the client arrives in the country.