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Growing investor interest in Turkey's real estate sector is a long-standing phenomenon.
The main reason for the current interest is undoubtedly due to the availability of Turkish citizenship through real estate investment, thanks to the amendments to the Turkish citizenship laws (2018), which we discussed in a previous article.
It has been noticed that one of the most preferred real estate investments for investors is to buy houses in the new complexes;
1. Investors prefer to buy new housing instead of second-hand.
2. Compared to the numbers of large houses and apartments and intense competition in cities such as Istanbul, the total prices of new complexes are quite appropriate.
3. It is often easier to complete the sale procedure for new homes.
4. New complexes usually provide better social services and facilities than older buildings and complexes.
On the other hand, it is difficult to claim that the investment in new complexes is always smooth,
Many contractors in poor financial conditions may sometimes not keep their promises,
Where they circumvent their customers do not complete projects on time, and even after completion, they do not respect some of the promises made.
In such cases, it is important that foreign investors are aware of their rights so that those contractors do not deceive them and waste their money.
Accordingly, we summarize the basic rights of investors:
- Contractors are legally responsible for defects and deficiencies in the house for a period of five years. If there is a problem with the elevator or the piping network, for example, and the user is not responsible for it, then the client may hold the contractor accountable.
- If defects or deficiencies are concealed by deception, in this case there will be no time limit of five years to hold the contractor liable; once the defect or deficiencies are discovered, the client can claim his rights.
- The contractor is also obliged to fulfill all the promises he made in commercials, advertisements, brochures, leaflets, etc. For example, if the advertisement includes a certain type of kitchenware or flooring material, but the contractor has not provided it, then the customer is entitled to hold the contractor accountable.
The ability to hold the contractor responsible for defects and deficiencies in the dwelling gives the customer many rights;
Under the new rules and regulations issued on February 15, 2019, The sale of any property to foreigners requires the submission of a report containing an assessment of the price of the property, and is prepared by only the authorities authorized.
- Return the property to the contractor and terminate the sales contract.
- Keep the property but may claim to reduce the sale price in proportion to the amount of defect or deficiencies.
- Request the contractor to repair the damages free of charge.
- Replace the house with a new one similar to him if possible.
- Claim financial compensation in addition to the options mentioned above, if the defect or deficiency entail additional losses.
These rights may be claimed individually, and the consent of the contractor is not required.
It should also be noted that under the new rules and regulations enacted on February 15, 2019, the sale of any property to foreigners requires a report containing an assessment of the price of the property, which will be prepared by the competent authorities alone before completing the formalities. This new requirement will make the sale and purchase process safer and reduce the risk of price manipulation