Feb 5, 2023

Turkey Real Estate: The Difference Between Old and Modern Apartments

Of course, if we make a simple comparison in Turkey real estate between old and modern apartments, the differences will be many. Old apartments have their own differences, as do modern apartments, and this does not necessarily mean that modern apartments will replace old ones, as both types are in great demand in the Turkey real estate market. This is due to the excellence of Turkey real estate in general, and the diligent efforts poured into this sector by the Turkish government have contributed to stimulating demand for both types.

The cities of Turkey are characterized by the diversity of apartments, as they contain all types that a buyer might want. Old apartments have their own character, atmosphere, and traditions that many people desire to this day. Modern apartments are also the most in demand and the market for them is competitive and intense, and many people desire them, and modern apartments also have their own advantages and character.

Old apartments in Turkey:

These are Turkey real estate properties located in regular Turkish neighborhoods, as they are only related to the building they are in. Most Turkish residential buildings are characterized by the presence of electric doors or surveillance cameras, but this is not available in Turkey real estate located in old Turkish neighborhoods. On the other hand, old Turkish residential properties of high floors also include an electric elevator, security, and cameras, and a cleaning service to clean the stairs and corridors.

The prices of these apartments are linked to the market price of the region, yet it is also determined by the availability of services. We can say that prices increase in residential buildings that provide many services within the property. The location of the property and its proximity to facilities and services also contribute to the rise in Turkey real estate prices and rental prices.

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Modern apartments in Turkey

In this paragraph, we will talk about one type of modern Turkey real estate. This type is found in large buildings and skyscrapers. It is characterized by large areas, its the exterior walls are mostly made of glass, which means a wonderful view throughout the day. They are called penthouse apartments, which provide comfort, tranquility, and a similar system to independent villas. In this type of apartment, there are no other neighbors on the floor, which supports the concept of independence of the residents. These apartments are expensive apartments, but they are very elegant and luxurious.

A comparison between old and modern Turkey real estate apartments

Apartments are usually divided into two types:

Brand new apartments, which means you will be the first to live in them. They are usually part of a new residential project, and vary between ready-to-move apartments, which are those that you can receive immediately, and under-construction apartments, which are those that require a specific time to be completed and will be delivered to you later within a specific timetable.

As for resold apartments, they are often inhabited before, but their owner has some desire to sell them and move to another apartment.

Types of Turkey real estate:

House for sale within residential complexes
Detached homes for sale.
Ready-to-move real estate.
Under-construction real estate.
Apartments for sale within a residential building

Pros and cons of modern apartments in Turkey

Modern apartments in Turkey like other Turkey real estate, have pros and cons. This type of apartment has many distinctive specifications that characterize it from others. The advantages of modern apartments are many, the most important of which are:

Pros:

You will find that there is a lot of flexibility in modifying some designs and divisions, especially if they are under-construction properties.
Modern apartments are distinguished by a modern design that is in keeping with the current situation and meets most of the conditions that everyone requests in Turkey real estate .
The facilities of your new property are also new and will not require any additional costs such as maintenance or repair.
Long-term guarantees from contractors and property owners, some of which may extend for about 10 years.
For this type of apartment, there is often a discount on cash payment that may reach 10% of the total value of the property, in addition to the possibility of installments on many years, which creates convenience for the buyer.

Cons:

They are not many, but there are some negative points about modern apartments in Turkey real estate, as it is not allowed to reduce the purchase price except within simple limits.
In addition, you cannot ask the design that you want. If the house is ready-to-move, it will be similar to most of the houses in your neighborhood.
Installments may have high interest rates.

Pros and Cons of old apartments in Turkey

In Turkey real estate, we find old apartments that have several advantages, but they are not without disadvantages as well. We will review them as follows:

Pros:

They offer many options in terms of capacity, different designs, and locations.
The financial value of the apartment is often negotiable and the price can be adjusted.
The residential neighborhood will be complete and inhabited.

Cons:

It is highly likely that the buyer will make some internal and external modifications that will improve the status of the apartment, as the external or internal design may be old. Therefore he/she may pay additional costs in order to modify and renew the designs and decorations. Which means that the amount he/she save by purchasing a resold property will mostly come back and be paid for maintenance costs and it will not be of the same quality as the new property. We also cannot forget repainting, which it is an obvious and necessary matter that requires an additional cost.

Advantages of buying a Turkey real estate property:

Buying an apartment within Turkey real estate provides an individual many features and benefits that make it a good choice for real estate investors and residents alike. Among these features:

Appropriate investment laws:

Turkey provides a favorable investment environment with clear real estate laws and multiple government facilities, which facilitates the process of purchasing real estate for foreigners.

Diversity of Turkey real estate offers:

Turkey contains a variety of properties, including residential apartments, villas, hotel apartments, commercial offices, and residential complexes, with diverse views between forests, seas, and lakes, and between close to the city center or close to the countryside, and many others. This allows the buyer to choose from many options according to his/her needs and budgets.

High financial returns:

Turkey real estate enjoys high short-term financial returns with excellent investment opportunities, whether through renting properties or selling them after the increase of their value. If we want to talk about the returns, we would need a separate article because of the many ways in which an excellent return can be achieved from Turkey real estate.

Advanced infrastructure:

Turkey continues to continuously develop its infrastructure, providing the presence of modern and advanced facilities such as schools, universities, cultural centres, health centres, hospitals, commercial malls and public transportation close to the properties.

Cultural and tourism diversity:

Turkey is considered a first-class tourist country, as it brings together different cultures and is characterized by its tourism diversity, including ancient ruins, natural places, caves, mountains, ancient cities, and many others, which adds additional value to investment in Turkey real estate by attracting tenants or tourists to the properties.

Turkish citizenship:

One of the matters that most attracts buyers of Turkey real estate is that when you buy a property or a group of properties worth $400,000 in any Turkish city, you obtain Turkish citizenship within a period not exceeding 90 days, provided that the property is purchased from a Turkish citizen and is not sold for 3 years. In this case, the buyer, his wife/ her husband, and his/her children under the age of eighteen will also obtain Turkish citizenship.

Real estate residence permit:

For those who do not have the price of a property that qualifies them to obtain Turkish citizenship, purchasing a property or group of properties worth $200,000 in any Turkish city qualifies its owner to obtain real estate residence permit. It is worth noting that the holder of a real estate residence permit can apply for Turkish citizenship after 5 years of obtaining the real estate residence permit.

If you want to know more about buying Turkey real estate, do not hesitate to contact us via WhatsApp, here. Our real estate consultant at Akarkom International Real estate will contact you as soon as possible...

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