Beware of Bad and Fraudulent Real Estate Companies in Istanbul
To avoid falling victim to fraudulent real estate companies in Istanbul, it’s essential to identify the main signs of such companies. Real estate investment in Turkey has recently attracted significant interest from Arab investors, due to the development of modern properties and residential complexes. However, this also exposes them to the risks of real estate fraud and theft, as some fraudulent companies exploit the lack of knowledge about the real estate market in Turkey and its procedures, leading to scams.
It is important to be cautious and take necessary precautions, especially after an incident where a company defrauded a client of 50 million dollars by selling him multiple apartments in a residential complex that were already mortgaged by a bank.
Fraudulent Real Estate Companies in Istanbul
Real estate fraud is an offer presented to the investor by the fraudulent party, which may seem too good to be true. Fraudsters take advantage of the buyer’s ignorance of the natural prices of properties in Turkey and the steps involved in purchasing real estate. With the rise of the internet, dealing with reliable companies has become increasingly difficult, and real estate fraud has spread widely.
Fraud and forgery in real estate are not limited to Turkey but are a global issue. For instance, here is a report by Fox Business discussing real estate fraud in the market.
Thus, it is necessary to be aware of the characteristics of fraudulent real estate companies in Istanbul to avoid falling victim to them. These companies attract buyers directly in order to illegally obtain money.
For more information on real estate investment in Turkey and to find the best real estate companies, you can contact Turckey Real Estate Company at +90 536 777 9442, and we will respond within 24 hours to address all your inquiries about the best investment opportunities.
What Are the Forms of Fraud in Istanbul’s Real Estate Market?
There are various forms of real estate fraud, which have led to many investors being scammed. These include the following:
Forging the Owner’s Identity
One of the most common and dangerous types of fraud involves the scammer forging the identity of the property owner and even falsifying their personal documents and proof of ownership. The scammer may claim to be the official agent of the owner and have the authority to manage their assets.
Exaggerated Discounts
Another common tactic involves exaggerated discounts that seem too good to be true. Fraudulent companies often offer unrealistic prices, which is one of the most dangerous ways they trick buyers.
Unlicensed Marketing
One of the most dangerous places to buy property is from companies that do not have proper marketing licenses. It is essential that the consultant is licensed to practice real estate consultancy and sales in Turkey. Therefore, clients should verify that the company holds a valid license for property sales in Turkey.
Misleading Promises of Unrealistic Investment Returns
A common reason for buying real estate in Turkey is for investment. Fraudulent companies often mislead buyers by promising high returns on investment that do not align with the reality of the location and property. It is crucial to verify whether the location of the property justifies the claimed investment return.
Selling Non-Existent Properties
Fraudulent companies may sometimes sell properties that do not physically exist. This means they sell properties based solely on plans for buildings that are set to be constructed in the future. While such an approach may be legitimate in some cases, many fraudsters exploit it to deceive clients.
How Can You Protect Yourself from Real Estate Fraud in Turkey?
Here are some tips to avoid becoming a victim of fraudulent real estate companies in Istanbul:
- Hire an architect to inspect the property and verify the purchase.
- Deal with a specialized and trusted real estate company with a proven track record, such as Turckey.
- If there are any issues with the property, ensure that these issues are addressed before completing the purchase. Alternatively, add a clause in the contract that ensures the problem is rectified, with penalties if the issue remains unresolved upon handover.
- Ensure the company has valid licenses to operate in real estate and that it works legally.
- Compare the prices offered by the company to those of similar properties in the same area.
- Review the property’s documentation, including its title deed (Tapu), to ensure its legitimacy.
- Register the property with the official authorities to guarantee that the transfer of ownership is valid and avoid potential fraud.
How to Choose a Legitimate Real Estate Company in Turkey?
To avoid fraudulent companies in Istanbul, it is crucial to look for certain qualities in a real estate company. These qualities are found in companies like Turckey, and they include:
- The company should have substantial experience in real estate transactions and offer comprehensive services.
- The company should be able to provide any type of property the client requests, demonstrating strong relationships and industry knowledge.
- The company should be honest and reliable, delivering the property exactly as described, with no alterations.
- The company should have a solid reputation in the Turkish real estate market and positive relationships with developers and construction companies.
- The company must hold the necessary licenses to operate in real estate sales.
- The company should not offer exaggerated discounts. If discounts are provided, the property should be verified to ensure it is in good condition.
- The company should have a solid customer base, positive reviews, and a history of successful sales, ensuring a safer transaction for the buyer.
What Are the Benefits of Buying Property in Turkey Through Turckey?
Turckey offers numerous benefits that ensure clients get the best possible real estate deals in Turkey, away from fraudulent companies. These benefits include:
- Offering high-quality properties that are earthquake-resistant and highly secure.
- Providing properties with government-backed guarantees, making them more reliable.
- Offering competitive prices, discounts, and great deals on all services.
- Providing properties that help investors obtain Turkish citizenship.
- Offering properties in prime locations near tourist attractions, which are often sought after for real estate investment.
- Providing properties with stunning natural views, such as green landscapes or sea views.
What Are the Advantages of Real Estate Investment in Turkey?
The increasing interest in real estate investment in Turkey is due to several key advantages, including:
- The flourishing tourism industry, both natural and historical, which has boosted real estate investment in Turkey.
- The noticeable decrease in property prices in Turkey, making it an attractive destination for investors.
- The high quality of infrastructure in Turkish properties, which further enhances their appeal to investors.
- Recent government incentives that have simplified the process of purchasing real estate in Turkey for foreign buyers.
- Numerous benefits for investors, such as the opportunity for residency, Turkish citizenship, passport acquisition, and lucrative returns on investment.
What Are the Goals of Turckey in Real Estate Investment?
Turckey aims to protect investors from fraudulent real estate companies in Istanbul by offering the following:
- Ensuring profit and a positive real estate experience for investors in Turkey.
- Providing a wide variety of properties, including homes and land.
- Catering to clients’ investment goals, whether for obtaining citizenship, residency, or profit.
- Offering guaranteed, reliable properties, ensuring a secure real estate market free from fraud.
What Do Most Real Estate Investors Ask About?
How can I buy a safe property in Turkey?
By dealing with a trustworthy real estate company like Turckey.
How can I identify a fraudulent real estate company?
If the company does not have a valid real estate sales license in Turkey, it is a red flag.
What licenses should I check when dealing with a real estate company in Istanbul?
A certificate and license from the Turkish Ministry of Professional Licensing for Real Estate Consultancy.
What services do real estate companies in Turkey offer?
Reliable properties with stunning views, without fraud, and they help clients acquire properties that meet their exact specifications.
