Properties under construction for sale in Turkey

Can a foreigner buy a property under construction in Turkey?

Turkish law generally does not prohibit foreign investors from any form of real estate investment. Foreigners (except for five nationalities prohibited from owning real estate in Turkey) can own all types of real estate, both new and old, built or unbuilt, residential, commercial, industrial, and even agricultural. It is worth mentioning that they can own properties that are still under construction or even on the plan, including real estate projects under development.

In this article, we will explore the conditions of real estate ownership in properties and projects that are still under construction, highlighting key information about the value of unfinished properties, the benefits or risks of owning them, and discussing the most successful cities for real estate investment in this particular category. We will conclude by presenting several real estate models currently under construction, selected from our real estate portfolio at Imtilak.

Are properties under construction in Turkey cheaper than ready properties?

There is no doubt that properties still in the early or intermediate stages of construction are ideal for ownership at a price lower than the general market price, as the property is relatively delayed in delivery (perhaps after a year or less or more).

Therefore, construction companies usually launch several promotional offers to market their projects, aiming to attract the largest number of buyers to secure additional liquidity for these companies during the costly construction process.

Are properties under construction better investments than ready properties?

One of the well-known methods and marketing strategies used by construction and real estate marketing companies is to link sales processes for their properties with the possibility of payment and settlement through various facilities, including installment payments, with or without an initial payment, and discounts on cash payments, with room for some price negotiation, which are not usually available in ready properties or those close to delivery.

For the above reasons, we often see and have seen purchases in new projects still in their early construction stages, especially those supervised by reputable and well-known construction companies in the real estate market. It is akin to sowing seeds in fertile ground expected to bear fruit soon... Likewise, the property you own at an acceptable price during the project's construction process, it is only a few months until the property records new prices, with a fruitful profit return, especially if the purchase is in a strategically planned location or expected to experience a strong real estate boom after some time.

What are the advantages of buying a property under construction in Turkey?

After previously discussing the marketing methods used in projects still under construction, we will now detail the main advantages of purchasing these properties, which include:

• Properties under construction are priced lower than ready-to-live-in properties in the same area, which means the potential for price increases later to compete with others and achieve profit.
• Additionally, there is the possibility of payment with various plans, whether through cash payment with special discounts, extended and comfortable installments, or even short-term, with or without initial payments.
• Almost guaranteed profits on the property after completion and when reselling.
• Acquiring a brand new, unused property and obtaining the essence of true ownership by acquiring your own property that has not been inhabited before.
• Furthermore, the opportunity to select the property (in terms of floor, direction, and view) from a larger number of options, instead of being forced to choose from limited options in fully sold projects.
• Construction companies in projects still under construction offer the possibility of modifying the private property parts for their customers, meeting their desires by implementing those modifications even if they differ from the standards set by the construction company, such as paint, parquet, tile changes, and possibly room divisions, allowing those wishing to coordinate their apartments from the start according to their aspirations and personal desires.

What are the disadvantages of buying a property under construction in Turkey?

The Arabs said long ago: "Gain comes with risk," so those who want to gain ownership with the previous advantages must know that there are some obstacles that might await them, the most famous of which are:

• There may be certain adjustments or unforeseen delays in the specified delivery plan, especially by obscure construction companies or in non-guaranteed government projects.
• It is necessary to exercise caution in purchasing within real estate projects that do not have official title deeds, benefiting from experts in the field to avoid unforeseen obstacles, and to review the official building permit documents, as Turkish laws require that the project plan includes accurate information about the areas of the real estate parts in the project.
• You must also know that selling apartments within a project that has not obtained its construction permit is prohibited by Turkish law, so it is essential to verify that the company owning the project has obtained a building permit to construct the project, as buying an apartment within a project that does not have a building permit is a significant risk that should be avoided.
• Some people may face specific issues in matching the final property specifications with those recorded in the contract and the technical specifications booklet, so it is necessary to obtain legal advice or from a trusted real estate expert regarding the sale contract details and ensure its compliance with the laws.

For reassurance, we always advise reviewing the work history of the construction company executing the project, verifying the quality of its previous work and its credibility in the labor market, as this is an important criterion for achieving satisfactory results.

Among the recommendations we also remind you of at Imtilak Real Estate is the necessity of not paying the full price of the property before receiving it in its final state and verifying its compliance with what was agreed upon in the contract, to ensure your rights in case of any problems with the apartment upon receipt.

Best cities in Turkey to buy a property under construction

The idea of owning a property under construction is usually tied to investment conditions or for the purpose of residence after some time. Based on that, we find it our duty to point out that the cornerstone of successful real estate investment in Turkey lies in projects established in the most important and economically active Turkish cities, such as major, industrial, or tourist cities, where properties record increasing demand that hardly subsides, unlike the situation in small, remote, or quiet cities where real estate trading activity is significantly less active.

At the top of the list of active investment cities experiencing peak real estate activity is Istanbul, followed by important coastal tourist cities, the most important of which are Antalya in the south and Trabzon in the north, in addition to the Turkish capital Ankara, as well as Istanbul's close neighbors like Kocaeli, Sakarya, and Bursa, all of which are cities with significant tourism and real estate reputations.

Properties under construction for sale in Turkey by Imtilak Real Estate

In continuation of what we started and mentioned in the introduction, we will discuss here a selection of models chosen by Imtilak Real Estate to be part of its investment portfolio.

Properties under construction in Istanbul

Among our attractive and highly important projects due to its location and real investment features in Istanbul: Ihlas Project (9)

• The project is located in the famous Ispartakule area with its modern residential complexes, bordered by the renowned Bahcesehir area in the European part of Istanbul.
• The project features a strategic location close to transportation means and roads connecting it to all parts of the city, including the international E80 road, the North Marmara Road, and the high-speed train line.
• Its proximity to the Istanbul Canal Project and the new Istanbul Airport enhances its investment value, in addition to its proximity to all life services.
• The project offers residential apartments in 3+1 and 4+1 styles, with options for open and closed kitchens for 3+1 designed apartments, with modern design and stunning views of the sea and Kucukcekmece Lake.
• The project includes a range of recreational facilities, including swimming pools, gardens, and various playgrounds.
• The project is a suitable option for obtaining Turkish citizenship and complies with executive and legal conditions.
• The payment plan for the project at the time of writing the article is as follows: Cash, or in installments: 50% down payment and the rest in installments over 24 months.

Properties under construction in Antalya

Among our important projects in Antalya: the Antalya Bella project.

• The project enjoys a distinguished location in the Konyaalti area in Turkey, known for its stunning beaches and central location in the heart of Antalya, the tourism capital of Turkey.
• The project consists of a single earthquake-resistant building, with high-quality infrastructure and elegant facades.
• The project includes luxury apartments ranging from one-bedroom and living room to duplex apartments with two bedrooms and a living room.
• The apartments feature luxurious designs and high-quality finishes, in addition to service and recreational facilities including swimming pools, a gym, and a private garden for the project.
• The payment plan for the project at the time of writing the article is as follows: Cash, or in installments: 50% down payment and the rest in installments over 12 months.

Properties under construction in Trabzon

As for the Black Sea region in Trabzon, the properties there have a different pattern in terms of larger areas and more suitable prices, we mention: Scenery Project

• This project is located in a distinguished location on the Black Sea coast in the Yomra area, which enjoys beautiful nature and rising investment value, and is a short distance from the center of Trabzon city.
• The project is distinguished by its proximity to main roads and transportation means connecting it to the city, including the coastal highway, in addition to its proximity to schools, universities, markets, hospitals, and government departments.
• The project's apartments feature elegant and attractive architectural styles, built to the highest quality standards, with designs that achieve comfort and beauty, available in sizes ranging from 1+1 to 4+1, with interior designs including open kitchens, spacious living rooms, and rooms, in addition to balconies with stunning sea views.
• The project's apartments also provide comprehensive services, such as natural gas heating, air conditioning, and internet services.
• The payment plan for the project at the time of writing the article is as follows: Cash, or in installments over 15 months.

Book a free real estate tour with Imtilak Real Estate

With unmatched pioneering work, Imtilak has managed to direct the real estate investment compass for many of its clients towards real successes, experienced by many who ventured into real estate ownership by benefiting from our professional services.

In this regard, we renew our invitation through this article to all those interested in discovering our important real estate opportunities in all types of properties (ready or under construction), and in all vital and active cities in Turkey in the real estate sector, through the services of our offices spread in those cities, in addition to benefiting from free consultation services, and much more that precedes or follows the ownership process.

Edited by: Imtilak Real Estate©