Oct 26, 2023

Real Estate Fraud and the Way to Prevent It

615 devloper Real Estate Fraud and the Way to Prevent It

Real Estate Fraud and the Way to Prevent It

Today, Türkiye is considered one of the most active investment destinations in the world, due to its many advantages in terms of geographical location, high investment value, and advanced infrastructure. Consequently, the interest of foreign investors in it increased, which made some of them fall into fraud traps; especially, real estate fraud.

Real Estate Fraud in Türkiye

With the increasing demand of foreigners for real estate investment in Türkiye, many methods of fraud have emerged. This is due to the growing activity of the Turkish construction market and its reasonable prices with to the advantages that Türkiye enjoys compared to neighboring countries. Also, due to the difference in language between investors and landowners, with insufficient knowledge of state laws, real estate fraud appears.

Fraudsters follow various methods, the most important of which is using fake company names and making illogical offers that are not in any way commensurate with the Turkish real estate market; particularly, in big cities like Istanbul, Ankara, and Antalya. In addition, in Türkiye, many small real estate offices work in this field and are known locally as "Amlakıya" offices. These offices do not follow any professional standards in their dealings with customers, and in many cases, they promote real estate projects that face many problems, whether in terms of geography for the project's construction or legal problems in obtaining identification papers such as the title deed or tapu.

Ways to Prevent Real Estate Fraud

Studying the location of investment and sufficient awareness of the country's laws are among the most important ways to prevent exposure to any fraud cases in Türkiye or any other country. Likewise, choosing a good real estate consultant is very important, as it is a safety collar for Arab and foreign investors in Türkiye.

You should also stay away from fake ads that offer illogical prices that contradict reality. For example, some may come across advertisements funded on social media by companies with construction names such as: "Own a distinguished property in the heart of Istanbul within a 100-square-meter complex at $35,000". Although, the real price of a 100m2 property in Istanbul's complexes may reach more than From 200.000$ on average.

Safe Investments in Türkiye

After mentioning the dangers of falling into the real estate fraud traps in Türkiye, it should be noted that many safe investment methods exist, such as buying a property in areas of Istanbul known for their high investment value. Also, buying a property through well-known real estate developers, such as government and private companies with a good reputation in the Turkish real estate market. This guarantees to obtain a property with a fixed investment value. Here comes the role of Homeland Real Estate, which is a reliable partner in the investment process.

Tips from Homeland for Real Estate Investment

Homeland Real Estate recommends choosing a reliable real estate broker because it is the only one capable of providing guaranteed real estate advice with the broker's familiarity with the Turkish real estate market. Also, many tips can be given to investors who are about to invest in Türkiye in the real estate field, including:

  • The Suitable Location: Choosing an active and profitable location in one of the promising areas helps in the success of the real estate project; especially, in places that witness a rise in real estate prices.
  • Investing in Finished Projects: It is better to invest in ready-made real estate, as this helps in evaluating the real estate and detecting defects in it that do not appear on the map, with the possibility of ensuring compliance with the plans and ensuring correct implementation, in addition to determining the extent of the possibility of financial investment in it.
  • Investing within Your Financial Ability: Investors must invest as much as their financial ability; since real estate investment is characterized by a long term and investors must study their financial situation well and determine the capabilities they possess.
  • Distribution of Investment: It is also better to distribute the investor’s real estate portfolio as much as possible, in terms of the property type, whether it is a store or an apartment, in addition to diversifying the purchase locations. This would increase the probability of profit and put the investor in a safer position in the event of market volatility.

Therefore, as the Homeland Real Estate Company team, we are ready to provide free real estate consultations to fulfill your desire to own a distinguished property. Do not hesitate to contact us at +905377793006.