Property Consultancy in Turkey
Property consultancy has very specific standards in Europe and the USA. On the other hand, unfortunately, we can’t say the same for Turkey. Although brands might be familiar to you, property consultancy in Turkey is operated by local actors, except for a few international companies which are working in commercial property markets; offices, retail, industrial, hotels and leisure, and major investments.
The real estate consultancy in Turkey offers information and initial expectations for investors in the Turkish real estate market, including costs of investment projects, projected yields, and supply and demand for real estate projects.
Where effective real estate investments require a defined approach when considering them, beginning with a research of the real estate’s suitability for investment and the procedures are required to develop successful investment projects.
Property Consultancy in Turkey: Property Consultancy in General
Finding an apartment for your own personal requirements, an income-producing property, an office for your business, a manufacturing facility, or a development site might be a nightmare, a complete waste of time, or a straightforward and productive process if you hire a property consultancy in Turkey.
The key element determining the end result of this gigantic difference is working with a proper property consultant in Turkey. The COVID-19 pandemic has also increased the importance of taking proper property consultancy services in Turkey, in order to save time and get in contact with a minimum amount of people.
Despite the waving that happened all around the globe’s economies and property markets in the last decade, property consultancy in Turkey has been protecting their crowns by being vastly more profitable than many other sectors. Growing and young population have lead to an inevitable increase in the demand for residential units, the emerging private sector has shown its effect on office buildings and industrial properties, consistently increasing investments in shopping centers have seen their reflection on public demand, the never-ending tourism sector has merged with the health sector and while enhancing its quality, also evolved into the new “health tourism” sector.
It’s not a surprising fact that a promising sector such as property draws the attention of global investors, but also is trying to supply for Turkey’s, and mainly Istanbul’s rapidly growing international community’s demands. As mentioned above, whether your demand is too big or small, although it has a lot to offer, it can also be a stomachache to find the right solution to your demand in a city of 16 million without the right property consultancy. At the end of the day, despite the international nature of this beautiful city, it’s vital to find the right local help.
Do you want to sell your property in Turkey? Check out our other article for more information; “Sale of a Property in Turkey.”
Real Estate Consultancy in Turkey
This is where your humble real estate property consultant steps in. Regional and sectoral experience and expertise will guide the investor and occupier to save time and money as long as they move along with the right partner in the solution. You may see property consultancy brands that are familiar to you from your homeland; just keep in mind that the vast majority of those are operated by local investors and employees.
Therefore, getting a recommendation from a third party that is cooperating with agencies on a professional basis would be far more beneficial rather than sticking with the brand. The right property consultancy in Turkey can be a lifesaver no matter the magnitude of your demand.
In case you do your search online, make sure that the photographs in the advertisements are genuine. Unfortunately, some property consultancy companies may use fake advertisements in order to develop a wider client portfolio. Do not hesitate to ask if the photographs given in the adverts truly belong to the given property and information given in the advertisement, especially the price or rent amount are solid. Location information of the properties adverted might also be garbled.
Property Consultancy in Turkey: Stages of a Real Estate Consulting Service
- Field analysis, market analysis, and competitive analysis of the intended investment,
- Analyzing the investment appropriateness of the property required for the investor’s wishes,
- Developing the concept of investment and developing the concept of development,
- Creating Feasibility studies in financial and administrative terms,
- Studying possible and potential risks,
- Developing investment steps and strategy.
Property Consultancy in Turkey: Exclusivity or Working with Multiple Companies?
Property consultancy companies in Turkey are usually focused on districts. Very few property consultancy companies are specialized in sectors such as residential, offices, or industrial properties. Another issue is the language; many property consultancies companies do not employ sufficient English-speaking (or other languages) staff.
Therefore, first, make sure you receive proper local help in English. Communication is vital in order to find the right result for your demand. Keep in mind that property consultancy is not just a touristic journey between various properties but providing spot-on solutions to your demand.
You need to receive the right information on the legal, administrative, and market value sides altogether. A bilingual lease agreement will be beneficial for your information as well. As a result, working with a trustworthy property consultancy company with English-speaking staff on a sole agency basis would be to your benefit.
Property Consultancy: Operation
Then decide if you are looking for a property in a specific location or still looking at a variety of districts. Ask your consultant to provide you with a long list of options according to the standards that you determine, location, type of property, condition of the property, and budget. That is where proper property consultancy service steps in. Your consultant should tell you if your standards are consistent or not and tell you If any change is necessary or not in this step.
You may need to revise your budget, location, or any other standard that you have given in order to save time. This has always been a vital element of property consultancy in Turkey, but it has been literally lifesaving in COVID-19 pandemic days by making your travel less and getting in contact with fewer amount of people. Keep in mind that property consultancy companies also cooperate with each other. The list that is to be presented to you should and most probably would be consisted of various properties from the portfolio of multiple property consultancy companies.
The second step is getting to a shortlist among the options provided to you from the initial list that has been presented to you before. Normally, it’s only normal to visit all the options presented in the long list. But considering the fact that we are living in exceptional days with the COVID-19 pandemic, it would be the best option if you visit the options in your shortlist. These days made a proper property consultancy service far more beneficial for everyone more than ever.
Property Consultancy in Turkey: Legal Advice
Contrary to the practice in Europe and the USA, traditionally, especially in leasing transactions, agreements are prepared by property consultants themselves rather than lawyers or legal advisors.
Considering the fact that the Turkish text is to be valid in the eye of the courts in case there is any dispute even if the agreement text is bilingual, it’S always the safest way to get a lawyer’s opinion rather than property consultant’s alone. Keep in mind that no matter how specialized your consultant is, he or she might be unaware of the latest laws and regulations and might be acting against your benefits even in good faith.
To sum up, property consultancy in Turkey is an essential service, that should be done properly, and even more vital in the exceptional days of the COVID-19 pandemic.
Here is an article that might interest you for further reading; “Things About Property Consultancy in Turkey.”
- Opening a Business in Turkey
- Establishing a Company in Turkey
- Purchasing a Company in Turkey
- Verification of a Company in Turkey
- Types of Companies in Turkey
- Corporate Taxation in Turkey
- Investment Regulations in Turkey
- Land Purchase in Turkey
- Real Estate Agents: Are They a Necessity or an Obligation?
- Housing in Turkey
This article was published on 27.12.2020 and last edited on 04.07.2021. Images used in this article have been taken from free image-sharing services on the internet. Also, in this article, which is called; “Property Consultancy in Turkey,” information freely shared on the internet was used, and necessary references were given in the article. We make every effort to offer accurate and current information. However, please do let us know if you find any errors in this article.