Real estate investment fraud in Turkey
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What is meant by real estate fraud?
Real estate fraud is an exaggerated offer made by the real estate fraudster to those wishing to buy a property in Turkey, especially those who have no experience in real estate, and what is common in buying and selling real estate. Methods of fraud in buying real estate in Turkey
What are the most famous methods of real estate fraud in Turkey?
The most prominent methods of fraud in buying real estate in Turkey can be summarized as follows:
Impersonate the property owner
It is one of the most dangerous and most common real estate fraud methods by forging official papers, so the buyer believes that they are real and correct, as someone claims to be the owner of the property, or the exclusive agent for him to sell the property, so he resorts to forging documents, taking advantage of the absence of the real owner or the official agent to sell the property.
One of the most important and most common real estate fraud methods in Turkey is that the fraudster offers exaggerated prices, which are prices that indicate a real estate fraud, as they are completely different from the offers and discounts offered by real estate companies in Turkey to encourage purchases.
Therefore, those wishing to buy a property in Turkey must stop at these prices and conduct searches and comparisons to make sure of the validity of these prices from more than one real estate company in order not to fall into a fraud in the process of buying and selling real estate.
Real estate suitable for Turkish citizenship at less than the real price
Turkish law provides for the granting of citizenship to anyone who buys a property equal to $ 250,000, then he can apply for Turkish citizenship , provided that the property is not sold before three years from the date of its purchase.
If the property is less than the required amount, it will not be granted Turkish citizenship, and therefore it will be exposed to a fraud in the purchase and fraud at the real estate level.
Exaggeration of the return on investment
Exaggerated profits from the investment return that the investor obtains from purchasing a property or group of properties is a type of real estate fraud.
Real estate investment in Turkey varies according to the region, its importance, the type of real estate and the type of investment, whether renting or selling.
The investor can find out about this through reliable real estate marketing companies, as he should know the average monthly rent of his apartment this year and how the average was last year, and learn about the annual increase in real estate in the area in which he wants to invest, and in this way he protects himself from being exposed to a real estate fraud .
How to avoid fraud in the Turkish real estate sector
- The real estate investor should be familiar with the real estate investment laws, to avoid falling into real estate fraud.
- Examination of the identity of the person he deals with and the authenticity of the papers he presents.
- Verify the property with all its details on the ground.
- Ensure that the property he inspected matches the title deed paper.
- Documenting all matters agreed upon within the contract and attesting it by the notary public.
- The use of trusted real estate brokerage firms.
- Do not get carried away by unreasonable offers.
- Securing his personal information and bank accounts.
- How can real estate fraud be dealt with?
Those who have been subjected to real estate fraud should hurry to go to a trusted lawyer and make a power of attorney for him and present him with the identification papers of the property and the required papers so that the lawyer can start following up on the case and protect the investor from falling into a real estate fraud process within Turkish law.
Real estate fraud penalties in Turkey
The punishment for real estate fraud varies in Turkish law, but the fraudster is usually sentenced to imprisonment from one to five years, and the period may increase to seven years for those who had a history of real estate fraud.
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