Foreign Property Investors Seeking Reliability

22 thousand residential properties were sold to foreign nationals throughout Turkey last year, bringing in a revenue of 5 billion dollars. The real estate sector has livened up with the announcement of Mehmet Şimşek, the Deputy Prime Minister in charge of the Economy, that residency permits and work permits would be given to those who buy properties from Turkey above a certain level. The representatives of the sector, who are expecting a minimum of 10 billion dollars of sales this year, drew attention to the fact that the most important matter is ‘reliability’. The sector representatives, who said that there were a large number of investors from the Gulf states, who had purchased real estate from problematic projects, and failed to get their title deeds, are giving the message, “Let us not kill the goose that lays the golden eggs, and not break the trust of foreigners.”

15 percent commission is high

Ahmet Temeltaş, Nova Property
Ahmet Temeltaş, Nova Property

Ahmet Temeltaş, the Chairman of the Board of Directors of the project marketing company Nova Property, said that the most important problem in sales to foreign nationals was problematic agencies. Temeltaş stated that the large majority of those who worked in this sector were without training and experience, and said, “The properties which could not and will not be completed in Istanbul have caused a serious trust issue. And now, we are experiencing the issue of different price lists for locals and foreigners. Those who worked as tour guides and drivers in the past have gone into this field, and are asking for 10-15 percent commission. Companies are reflecting this commission in their prices. There should not be any difference between the prices for locals and foreigners, and commission rates should remain at 2-3 percent.

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