Real estate projects with government guarantees in Turkey
Many investors who want to buy and sell property in Turkey hear about real estate projects with government guarantees and this phrase attracts their attention. What does this phrase mean? And what are the advantages and disadvantages of these projects in Turkey? This is what we will talk about in this article from Ebla Real Estate.
What does real estate projects with government guarantees in Turkey mean?
The phrase “Turkish government guarantee projects” means projects were established on the basis of a partnership between government sector institutions, such as architectural departments and municipalities, and the private sector is represented by real estate developers in Turkey that are carefully selected according to their market reputation, experience and the quality of their projects.
The partnership contract is based on an agreement through which government construction companies provide a plot of land “owned by the state” to private construction companies that are entrusted with the task of construction.
The Turkish government takes care to strictly monitor the real estate projects it sponsors. That’s by ensuring the rights of the buyer or investor in all stages of the real estate project. It also sends specialized government committees to monitor the project’s completion and ensure that it conforms to construction specifications.
What are the types of real estate projects with government guarantees in Turkey?
Full government guarantee: where government construction companies are unique in building the entire real estate project, starting from the stage of purchasing the land on which the project will be built, passing through the process of construction and finishing, to the marketing, sale and delivery process.
Partial government guarantee: where government companies have the authority to supervise the construction and finishing process carried out by the private construction company on the land owned by the government company, or the two government and private companies jointly participate in the construction and finishing process.
Advantages of real estate projects with government guarantees in Turkey:
- The Turkish government only deals with Turkey’s well-known real estate developers.. Meaning the property will be 100% guaranteed in terms of construction safety, licenses and delivery dates.
- Moreover, the prices of real estate projects with a government guarantee are often appropriate, that is, they are not exaggerated.
- Furthermore, the added level of security provided by a government guarantee gives buyers peace of mind that the project will be completed and delivered as promised.
- The government guarantee on projects also protects them from the risk of bankruptcy and some problems such as licensing problems.
- Most of the projects that are guaranteed by the government are provided in their area with all the necessary services.. Such as shopping centers, schools, transportation, mosques, etc.
Disadvantages of real estate projects with government guarantees in Turkey:
- Projects with government guarantees adopt classic and sometimes old designs.. Unlike projects of construction companies that are characterized by modern and eye-catching designs. However, whoever wants to own a property in a non-traditional style, with a government guarantee, can choose an apartment in a project invested by private companies with the participation of the government.
- Moreover, there may also be a delay in financial support from the government. Thus, it leads to a delay in completing the project.
Thus, this was the most important information about real estate projects with government guarantees in Turkey. To buy a property in a project with government guarantees in Turkey, do not hesitate to contact Ebla Group.
Edited by: Ebla Group Real Estate
If you like the topic, do not forget to share it with your friends.
