24 Real estate terms you need to know before buying a property in Turkey
For every huge and prosperous market its own terms, the real estate market in Turkey is no exception. In this article we share 24 of the most important real estate terms that each investor should know before buying a property in Turkey.
What are the most important real estate terms in the Turkish real estate market?
It is not necessary to learn Turkish if you are interested in real estate investment in Turkey, but your knowledge of the most important real estate terms in Turkey will put you on a single level with property experts in Turkey.
You will be able to have conversations with Turkish real estate companies and their agents easily, you will be immune to any real estate fraud, and you will save a lot of your precious time.
Here are 24 of Turkey’s most important real estate terms:
1. Property
It is all fixed money that cannot be transported, such as land and buildings of all kinds.
2. Real Estate Investment in Turkey
It is the process of earning and growing funds by selling and buying properties in Turkey, and also buying a property in Turkey and renting it to ensure a fixed monthly return.
3. Realtor
He is a broker between property sellers and buyers in Turkey, and receives a commission for his services, but he does not hold a license from the Real Estate Finance Authority.
4. Real Estate Broker
The real estate broker provides the services of the real estate broker and also receives a commission, but he is a licensee of the real estate finance authority.
5. Real Estate Agent
When the real estate broker passes an advanced course specializing in real estate marketing, he receives the license. It can contract with real estate construction companies as its real estate agent and exclusively market them.
6. Real Estate Consultant
The Real Estate Consultant provides advice to individuals and companies on the sale and purchase of properties in Turkey, analyses the property required to ensure that it is suited to the investor’s needs, and negotiates the price and terms and conditions of the contract.
7. Commission
The fees charged by the real estate broker for services rendered to both sellers and buyers in Turkey, in the form of a percentage of the transaction value.
8. The Arabs
is the amount of money provided by the buyer to confirm its desire to buy a property in Turkey, but if the buyer reverses the purchase decision, the amount is not returned to it for whatever reason.
9. Real Estate Barter
It is the purchase of a property in Turkey for equal value, such as another property, a property with a sum of money, or valuable documents.
10. Transfer of property ownership
is a legal waiver of ownership of the property from the owner to the buyer, in exchange for payment of a financial allowance equal to the value of the property. It is one of the most important steps to buy a property in Turkey.
For more information: FAQs on property investment in Turkey for foreigners.
11. Studio Apartments
It is a modern and small apartment consisting of an open space and includes the lounge, living room and kitchen, and is the choice of hope for students, staff and small families, especially if it is close to the city center.
12. Duplex
It is a double apartment, consisting of two apartment apartments located side by side or on top of each other, connecting them with an inner ladder.
Duplex apartments are economical compared to villas and large apartments, ideal for accommodating large families.
13. Trilux
It is a three-storey home connected to each other, and is increasingly popular with property buyers in Turkey, for flexible design and adaptability to suit the family that will inhabit it.
14. Penthouse
An apartment located in the upper floors of high-rise buildings, usually comes with a private balcony on the roof.
In addition to its exquisite views, it offers its residents complete privacy, as it is isolated from the rest of the apartment in the building.
15. Hotel Apartments (Regdness)
Hotel apartments are one of the best real estate investment options in Turkey, thanks to high rental returns and relatively low maintenance costs.
The hotel’s area varies from extremely small to over 90 square meters. It is ideal for those looking for a holiday dorm.
16. Compounds
It is a common term in Turkey’s real estate market, meaning “residential community.” It is characterized by a secure environment at a high level with fences, gates and special security personnel.
The residential community has all the services its residents need, such as leisure venues and shops.
17. Revenues
Expenses paid by residents of residential complexes to manage the complex, such as the cost of periodic maintenance, hygiene, etc.
18. Real Estate Valuation
Real estate valuation or real estate report is a document prepared by an expert or a specialized and licensed company. It contains important information associated with the drug and helps to determine its price. such as location, space and safety standards.
For more read: What is real estate valuation and why should you get it?
19. Real Estate Statement
It is a document proving the property’s ownership of a particular person or institution and is obtained from the municipality of the area where the property is located.
20. Tapu Document
is an official document organized by the Land Registry Directorate of Turkey, which confirms the property’s ownership of a particular person. No sale or purchase of property can be made in Turkey without it.
21. Earthquake Insurance in Turkey (Dask)
is a type of insurance covering any loss resulting from earthquakes, landslides, tsunamis or earthquake fires within the limits of the insurance policy.
22. Real Estate Bubble
It is a large and irrational rise in property prices in Turkey as a result of an increase in demand, but it quickly falls gradually or abruptly causing the real estate bubble to explode.
Read more: What you don’t know about real estate bubble and real estate investment in Turkey
23. Finishing
Finishes are the ultimate steps in construction, such as completing floors, ceilings and walls inside and outside construction.
24. Turnkey
In the Dictionary of Real Estate Terms, the turnkey refers to the delivery of the home to its owner after the completion of the construction work agreed upon in the contract.
If you have any enquiry about Property Turkey, Dari Real Estate Team is ready to answer you. Contact us.
