Buying offplan

 

Purchasing offplan is increasingly popular in Turkey and provides certain advantages

Buying off-plan is common in Turkey. This involves making a commitment to buy a property that has yet to be built. For the developer, selling off-plan reduces the up-front investment required. This advantage is passed on to the buyer as a discounted price. In a country like Turkey, where property values are rising rapidly, the buyer also benefits from the growth of his capital investment during the building period.
The buyer bases their decision to purchase off-plan on information provided by the developer or estate agent. This should include a site plan, floor plan, building specifications, artist’s impressions and details of communal facilities and fees. There should be a construction and payment schedule.

A property is secured by paying a reservation fee, typically £500-£2,500, and signing a preliminary contract. It is wise to have this checked by a Turkish solicitor. They will then conduct the necessary searches on your behalf.

Payment is usually in installments, on set dates or linked to stages of the construction, which the latter providing more security. It is good to keep a personal eye on progress. Some developers include a penalty clause in their contracts, with payments to the purchaser if the building isn’t completed on time.

Always choose a developer that has completed similar projects and, if possible, visit one for a look around. You may also get the chance to talk to one of the owners. Many developers will provide references, and they should be registered with the local chamber of commerce and other industry bodies.