Real Estate

The most reliable sources for foreigners when buying real estate in Turkey

According to the research of Real Estate Overseas Promotion Association, the most reliable sources for foreigners when buying real estate in Turkey are real estate agents with 47.8%, websites of real estate companies with 38.8% and references with 29.3%.

While Russians rely the most on real estate agents when purchasing a property from Turkey, Jordanians are based on reference people who do business or invest in this country.

The third part of the research “Competition and Inspiration: Rethinking the Future of Foreign Real Estate Investments in Turkey with an Export Orientation”, commissioned by the Real Estate Overseas Promotion Association (GIGDER), by the research company AGS Global and conducted with 410 international investors from 48 countries, has been published.

According to the research, Turkish real estate agents are the most reliable sources of foreign investors when purchasing real estate with 47.8%.

It is followed by websites-promotional materials of real estate companies with 38.8%, acquaintances-relatives and reference persons making business or investments in Turkey with 29.3%, and social media platforms such as Youtube and Instagram with 13.7%. “How to buy property in Turkey?” ranks fifth with 12% of news, blogs and research articles on them.

“Which research sources did you find reliable before buying real estate in Turkey?” According to multiple responses to the question, Saudi Arabia finds Turkish real estate agents and reference persons equally reliable, with 38.5%.

While the Russians, the British with 50%, the Germans 48% and the Iraqi citizens with 48.6%, find only Turkish real estate agents reliable, Jordanians identify reference persons with 44.8%, and Algerian citizens identify real estate company websites and promotional materials as the most reliable sources with 50%.

Iranians, on the other hand, take an equal basis when deciding on real estate company websites and promotional materials and reference persons with 46.2%.

82.9% of foreigners do not encounter any problems in the real estate purchase process

According to the research, foreigners carry out the deed transfer processes themselves.

“Did you carry out the deed transfer process yourself?” 51.2% of the respondents answered the question that they conducted it on their own, while the rate of those who carried out the process through a real estate company, real estate agent or another consultant was 48.8%.

Among the persons/institutions that investors give their power of attorney to, real estate agencies take the first place with 53.5%, followed by construction companies with 20.5% and lawyers with 16%.

While 82.9% of foreigners stated that they did not encounter any problems or malfunctions in the real estate purchase process, 17.1% stated that they encountered problems. Among these problems, real estate companies and construction companies are attracted attention with 41.4%, followed by the title deed bureaucracy with 32.9% and the language with 20%. These problems are followed by money transfer problems with 18.6%, and the problem of opening a bank account with 15.7%.

WhatsApp is used the most, Iranian likes face-to-face communication

According to the data, 63.7% of investors who buy real estate in Turkey contact the real estate company via WhatsApp, followed by a face-to-face meeting with 48.5%, e-mail with 46.8%, and phone with 39%.

This data also reveals the mixed approach in the communication established by foreign investors during the real estate purchase process.

75% of British, 70.8% of Algerians, 70.4% of Russians, 62.2% of Iraqis, 61.5% of Saudi Arabian citizens, 58.6% of Jordanians use WhatsApp when communicating with the real estate company.

Iranians, on the other hand, prefer to meet face to face with 53.8%.

“Certification” gained great importance in the housing sales system to foreigners”

Speaking to Anadolu Agency (AA) about the research, GIGDER Chairman Omer Faruk Akbal said that 48.8% of the investors carry out the deed transfer processes with an intermediary, “53.5% of this segment chooses real estate agents. This ratio underlines the need for both the development of the consultancy system and the importance of real estate agents at this point. “

Reminding that 41.4% of the problems experienced are caused by real estate companies, Akbal continued his words as follows:

“It has become very important to establish a ‘certified’ ecosystem in order to achieve total quality and provide integrated solutions for foreign investors. As GIGDER, we expect companies that sell real estate to foreign investors, companies that provide services, brokerage houses and developer companies to provide quality service by meeting the sufficient standards in this field. Last year, we prepared a draft study on this subject and shared it with our officials at the Ministry of Environment and Urbanization. We are following the process.”

Omer Faruk Akbal, stating that they wish the public sector to make necessary regulations and implement them on this issue, said, “We are ready to contribute all kinds of contributions from the Ministry to the future studies on the subject. Subjecting the intermediaries and consultants in this field in the sector to quality performance indicators periodically and feeding them with a reward-penalty mechanism will guarantee a reliable, transparent and dynamic foreign sales climate.”

“While interest in digital channels is increasing, physical experience is still important”

GIGDER President Akbal stated that foreigners who buy housing mostly communicate with real estate companies via WhatsApp, and said that the interest in digital channels has increased.

Noting that “physical experience” and “human factor” still matter, Akbal said, “In addition to the fact that investors who are interested in the Turkish real estate market are predominant in the MENA region, Turkish hospitality also has an effect. In the upcoming period, integrating proptech investments with qualified human elements will bring dynamism to the sector.”

Source: AA / Translated by Irem Yildiz

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