Real estate fraud in Turkey – Forms of real estate fraud in Turkey and how to avoid it
The real estate market in Turkey has gained a reputation for being the most guaranteed investment sector, which has caused many Arab and foreign investors to move towards buying properties in Turkey. However, due to the huge demand, investors have become a target for exploiters and scammers who seek to deceive them. Therefore, in this article from Ebla Real Estate, we will talk about real estate fraud in Turkey and how investors can avoid it.
What is real estate fraud?
Real estate fraud is an organized process in which a person or company takes advantage of the buyer’s or investor’s lack of knowledge of real estate ownership laws in Turkey, steps to buy a property, or real estate prices in Turkey, to offer unreasonable attractive offers to entrap the investor and sometimes the property owner in their tricks.
Moreover, the scammer makes illogical offers and in the event that the buyer does not have sufficient experience and is not familiar with the legal procedures that must be completed before the purchase process, he falls victim to this fraud.
Real estate fraud has recently become active thanks to social media sites, which the real estate fraud has made as a trap for those making searches for a property for sale in Turkey.
What are the most common methods of real estate fraud in Turkey?
Impersonation of the property owner:
This method of real estate fraud in Turkey is considered one of the most common forms of real estate fraud. There are a large number of people who have fallen victim to this method.
Scammers use official documents to make you think that they are legal. Moreover, they exploit the absence of the property owner or the official real estate agent and impersonate the real owner or exclusive agent of the property. In addition, they falsify papers and documents and present them to the buyer as real official papers.
Therefore, it is important to deal with an accredited trusted real estate company in Turkey who has extensive experience in the field of real estate. The licensed real estate companies who have a team of lawyers will be able to ensure the reliability of the documents. In addition, they ensure that the purchase of property is carried out legally and safely.
Offering exaggerated prices:
Offering unreasonable prices for properties is one of the main signs of real estate fraud in Turkey. It is completely different from the discounts offered by real estate companies in Turkey.
The official real estate companies offer prices commensurate with the value of the property, and these companies usually announce offers on real estate to encourage the sale process so that they offer lower prices, but they still fit the real value of the property.
However, the scammer offers an exaggerated price that does not match the real value of the property, or he offers a price within your budget for a property whose real value is much higher.
Therefore, the buyer should be familiar with the real estate market in Turkey or deal with an accredited real estate company that provides the buyer the real price of the property.
Unauthorized real estate marketing:
Real estate marketing companies have become widely spread, especially after the remarkable success of the Turkish real estate market. Moreover, there are many methods of real estate marketing. Most notably e-marketing, which gives the marketer and buyer many privileges and the ability to communicate remotely.
However, buyers should make sure that the real estate company or the agent has a permit that gives him the right to engage in marketing and real estate sale legally.
Here, it must be noted that there are companies authorized to practice the profession of real estate brokerage, which ultimately protects the buyer from electronic real estate fraud.
Offering properties that do not exist “on the scheme only”:
It is known that the price of real estate under construction is low compared to ready-made properties. And that is why many people prefer it.
However, it is necessary to purchase through a reliable and reputable company in the field of real estate. Thus, the real estate company will ensure that the property does not violate the standards and legal conditions. Thereby protecting the buyer before and after the purchase of the property, in order to avoid any fraud.
Offering real estate suitable for obtaining Turkish citizenship at less than the legal price:
The laws of obtaining Turkish citizenship through real estate investment are very clear. To obtain Turkish citizenship, you have to buy a property or a group of properties worth 400.000 $.
Therefore, Ebla Real Estate advises the buyers not to pay attention to any of the offers and advertisements that promote the granting of Turkish citizenship at less than the legal price referred to above.
How to avoid real estate fraud in Turkey?
- Be familiar with the Turkish real estate market and the laws of real estate investment in Turkey.
- Moreover, do not share important personal information with untrustful persons.
- Verify the identity of the real estate marketer and ensure that he obtains official identification papers to practice the profession.
- Consult an engineer who can verify the specifications of the property if it matches the terms agreed upon in the event the purchase was made on the scheme.
- Additionally, consult an accredited real estate company in Turkey.
- Study the real estate appraisal document.
- In addition, do not pay the down payment except with documented legal guarantees or within the concerned departments. This is how to avoid real estate fraud in Turkey.
How to deal with real estate fraud in Turkey?
Resorting to a competent lawyer, who looks into the case and follows up on the matter after presenting all the documents with the buyer to the lawyer, showing all the details of purchase and contracts. Thus, the process of dealing with real estate fraud is carried out within Turkish law.
Thus , we talked about real estate fraud in Turkey. We advise all real estate investors to rely on licensed real estate companies in order to avoid real estate fraud in Turkey.
Edited by: Ebla Group Real Estate
If you like the topic, do not forget to share it with your friends.
Read about the investment conditions in Turkey for foreigners
