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Choosing an apartment is a complicated process, especially when it comes to buying real estate abroad. Many foreigners from different parts of the world pay attention to sunny Turkey. Some come to this eastern republic for employment, others - for training or with the intention of staying here permanently. Regardless of the reason for moving, there is a need to purchase housing. Often the buyer faces the question: to choose an object on the primary or secondary market.
In this article we will consider the real estate market in Turkey, analyzing the advantages and disadvantages of both primary and secondary housing.
What is the difference?
There is a significant difference between the concepts of "primary" and "secondary" real estate, and it is important to understand them in order to make the right choice.
New buildings or primary real estate is housing in a house under construction or already completed. Such objects have not been previously formalized ownership rights (TAPU), so the only legal owner is the developer. Buying primary is often accompanied by a number of advantages, such as the ability to choose the layout, the state of finishing and, often, lower prices at the construction stage.
Secondary real estate is housing that is sold by an individual. It is worth noting that secondary housing is not always old buildings. It can be new apartments in recently built complexes, which have already been registered to another owner. Secondary housing can offer a ready infrastructure and settled environment, which is an advantage for many buyers.
Pros and cons of primary and secondary housing in Turkey
Both new buildings and secondary housing have their advantages and disadvantages. Let's take a closer look at them, starting with new buildings.
Pros of primary real estate:
1. High quality of construction. Turkish developers annually improve technology in the field of housing construction. New residential complexes are built using modern materials and systems that provide high energy efficiency and excellent thermal insulation.
2. Thoughtful layouts. Apartments in new buildings are characterized by competent planning solutions with various combinations of the number of rooms and areas. When buying at the early stages of construction, the investor has the opportunity to choose the most suitable option among many offers on different floors.
3. Developed internal infrastructure. Modern primary housing in Turkey is an attractive residential complexes with playgrounds, swimming pools, parking lots, saunas, gyms, 24-hour security and other amenities for comfortable living.
4. landscaped adjacent territory. New projects include landscaped courtyards with landscaping, flower beds, ornamental greenery and even their own gardens on the territory of closed residential complexes.
5. Turnkey renovation. Apartments in Turkish new buildings are sold with a clean repair and partial arrangement: furniture in the kitchen and plumbing in the bathroom. Interior design is often made in light pastel colors.
6. Convenient settlement system. Buyers are offered flexible conditions for the purchase of housing: the opportunity to get interest-free installments for the entire construction period and a discount for full payment.
7. Investment potential. An important advantage of primary real estate is the opportunity to buy at a lower price at the early stages of construction. By signing a contract with the developer at the excavation stage, you can buy apartments for 30% cheaper.
8. Legal purity. Apartments from the developer are sold without encumbrances and debts on utility payments, which guarantees the legal purity of the transaction.
Minuses of primary real estate:
The disadvantages of buying under construction properties are few, but they are still there.
The main disadvantage is a long period between payment and move-in. Those who invested in a new building at the initial stage of construction, will have to wait until the complex is completed and commissioned.
Despite the high pace of construction, sometimes there may be delays due to bureaucratic delays, economic factors or unforeseen circumstances.
However, this is not a cause for frustration. Construction companies in Turkey build objects quickly enough, paying attention to quality. New buildings by the sea in Turkey are often built in just 1-2 years.
Pros of secondary real estate:
1. quick settlement. One of the key advantages of buying secondary real estate is the possibility of immediate occupancy. Unlike new buildings, where the buyer often has to wait until the end of construction, apartments in the secondary market are ready to live in immediately after completion of the transaction.
2. Bargaining power. In the secondary real estate market, the price is set by the owner, which gives buyers an excellent bargaining opportunity. Sellers, especially if they are interested in a quick sale, are often willing to make concessions, allowing buyers to purchase the property at a more favorable price.
The cons of secondary real estate:
1. Need for repairs. One of the main disadvantages of secondary housing is the likelihood of needing repairs. Older homes may have problems with worn out utilities such as electrical wiring, water and sewer systems. In addition, these homes may have outdated interiors that do not meet modern standards and tastes, which will also require additional renovation costs.
2- Legal issues. Secondary properties may have a complicated legal history, which poses a potential risk to the buyer. Apartments may have encumbrances such as utility debts, loans, liens or other legal restrictions. All of these can complicate the buying process and require additional inspections and legal advice.
Which type of property is more expensive?
When it comes to the cost of real estate in Turkey, it is difficult to give an unambiguous answer to the question of what is more expensive - primary or secondary. Price formation depends on many factors that need to be taken into account.
Factors affecting the pricing of real estate in Turkey:
1. Age of construction and quality of repair. New buildings are often more expensive due to modern construction technologies and new engineering networks, while old houses may require repair and renovation. Also, properties with quality repairs made with modern materials are priced higher.
2. Location. Apartments in the center of large cities, such as Istanbul or Antalya, have a higher demand due to developed infrastructure, easy access to workplaces, educational institutions, shopping centers and cultural facilities.
3. Distance from the sea and view from the windows. Apartments on the first coastline will always cost more than those located inland. A view of the sea or mountains not only creates aesthetic pleasure, but also adds prestige to the object, which attracts investors and buyers willing to pay extra money for it.
4. Metrage and number of rooms. Large apartments with spacious rooms and bedrooms are more expensive as they offer more living space and comfort. Investors and buyers consider such
real estate as more profitable and promising investments.
Thus, a new building on the beachfront may cost more than a secondary dwelling on the outskirts, while an apartment in an old house in the city center may have a higher price tag compared to a new building in one of the popular but remote areas.
In addition to these factors, economic conditions in the country, demand in the real estate market and plans for infrastructure development in a particular neighborhood can affect the price.
Primary housing may offer more modern solutions and potential discounts, while secondary housing offers instant move-in.
When choosing between primary and secondary real estate market in Turkey, it is important to consider not only the legal aspects but also your personal preferences and needs.
With these factors in mind, potential buyers should carefully weigh the pros and cons before making a final decision to purchase real estate in Turkey.
In this article we will consider the real estate market in Turkey, analyzing the advantages and disadvantages of both primary and secondary housing.
What is the difference?
There is a significant difference between the concepts of "primary" and "secondary" real estate, and it is important to understand them in order to make the right choice.
New buildings or primary real estate is housing in a house under construction or already completed. Such objects have not been previously formalized ownership rights (TAPU), so the only legal owner is the developer. Buying primary is often accompanied by a number of advantages, such as the ability to choose the layout, the state of finishing and, often, lower prices at the construction stage.
Secondary real estate is housing that is sold by an individual. It is worth noting that secondary housing is not always old buildings. It can be new apartments in recently built complexes, which have already been registered to another owner. Secondary housing can offer a ready infrastructure and settled environment, which is an advantage for many buyers.
Pros and cons of primary and secondary housing in Turkey
Both new buildings and secondary housing have their advantages and disadvantages. Let's take a closer look at them, starting with new buildings.
Pros of primary real estate:
1. High quality of construction. Turkish developers annually improve technology in the field of housing construction. New residential complexes are built using modern materials and systems that provide high energy efficiency and excellent thermal insulation.
2. Thoughtful layouts. Apartments in new buildings are characterized by competent planning solutions with various combinations of the number of rooms and areas. When buying at the early stages of construction, the investor has the opportunity to choose the most suitable option among many offers on different floors.
3. Developed internal infrastructure. Modern primary housing in Turkey is an attractive residential complexes with playgrounds, swimming pools, parking lots, saunas, gyms, 24-hour security and other amenities for comfortable living.
4. landscaped adjacent territory. New projects include landscaped courtyards with landscaping, flower beds, ornamental greenery and even their own gardens on the territory of closed residential complexes.
5. Turnkey renovation. Apartments in Turkish new buildings are sold with a clean repair and partial arrangement: furniture in the kitchen and plumbing in the bathroom. Interior design is often made in light pastel colors.
6. Convenient settlement system. Buyers are offered flexible conditions for the purchase of housing: the opportunity to get interest-free installments for the entire construction period and a discount for full payment.
7. Investment potential. An important advantage of primary real estate is the opportunity to buy at a lower price at the early stages of construction. By signing a contract with the developer at the excavation stage, you can buy apartments for 30% cheaper.
8. Legal purity. Apartments from the developer are sold without encumbrances and debts on utility payments, which guarantees the legal purity of the transaction.
Minuses of primary real estate:
The disadvantages of buying under construction properties are few, but they are still there.
The main disadvantage is a long period between payment and move-in. Those who invested in a new building at the initial stage of construction, will have to wait until the complex is completed and commissioned.
Despite the high pace of construction, sometimes there may be delays due to bureaucratic delays, economic factors or unforeseen circumstances.
However, this is not a cause for frustration. Construction companies in Turkey build objects quickly enough, paying attention to quality. New buildings by the sea in Turkey are often built in just 1-2 years.
Pros of secondary real estate:
1. quick settlement. One of the key advantages of buying secondary real estate is the possibility of immediate occupancy. Unlike new buildings, where the buyer often has to wait until the end of construction, apartments in the secondary market are ready to live in immediately after completion of the transaction.
2. Bargaining power. In the secondary real estate market, the price is set by the owner, which gives buyers an excellent bargaining opportunity. Sellers, especially if they are interested in a quick sale, are often willing to make concessions, allowing buyers to purchase the property at a more favorable price.
The cons of secondary real estate:
1. Need for repairs. One of the main disadvantages of secondary housing is the likelihood of needing repairs. Older homes may have problems with worn out utilities such as electrical wiring, water and sewer systems. In addition, these homes may have outdated interiors that do not meet modern standards and tastes, which will also require additional renovation costs.
2- Legal issues. Secondary properties may have a complicated legal history, which poses a potential risk to the buyer. Apartments may have encumbrances such as utility debts, loans, liens or other legal restrictions. All of these can complicate the buying process and require additional inspections and legal advice.
Which type of property is more expensive?
When it comes to the cost of real estate in Turkey, it is difficult to give an unambiguous answer to the question of what is more expensive - primary or secondary. Price formation depends on many factors that need to be taken into account.
Factors affecting the pricing of real estate in Turkey:
1. Age of construction and quality of repair. New buildings are often more expensive due to modern construction technologies and new engineering networks, while old houses may require repair and renovation. Also, properties with quality repairs made with modern materials are priced higher.
2. Location. Apartments in the center of large cities, such as Istanbul or Antalya, have a higher demand due to developed infrastructure, easy access to workplaces, educational institutions, shopping centers and cultural facilities.
3. Distance from the sea and view from the windows. Apartments on the first coastline will always cost more than those located inland. A view of the sea or mountains not only creates aesthetic pleasure, but also adds prestige to the object, which attracts investors and buyers willing to pay extra money for it.
4. Metrage and number of rooms. Large apartments with spacious rooms and bedrooms are more expensive as they offer more living space and comfort. Investors and buyers consider such
real estate as more profitable and promising investments.
Thus, a new building on the beachfront may cost more than a secondary dwelling on the outskirts, while an apartment in an old house in the city center may have a higher price tag compared to a new building in one of the popular but remote areas.
In addition to these factors, economic conditions in the country, demand in the real estate market and plans for infrastructure development in a particular neighborhood can affect the price.
Primary housing may offer more modern solutions and potential discounts, while secondary housing offers instant move-in.
When choosing between primary and secondary real estate market in Turkey, it is important to consider not only the legal aspects but also your personal preferences and needs.
With these factors in mind, potential buyers should carefully weigh the pros and cons before making a final decision to purchase real estate in Turkey.
New buildings vs secondary market: what to choose when investing in real estate in Turkey
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