In the Turkish property market, properties on the market fall into 3 major categories. Renovated properties, ready-to-move properties, and off-plan properties.
The term 'off-plan property' refers to property that is available for purchase before it has been constructed, as the project is still under construction.
The significant difference between an off-plan project and other properties is that it is uninhabitable. Buyers cannot move-in or use it right after the purchase as they have to wait for a period of time that the Project will need to be achieved.
Most of the second-home buyers in Turkey buy an off-plan project. At the development stage, and developers often begin to market their projects at discounted prices to real estate investors, which are below the average market rates. The cost of other properties left in the project is elevated at different stages of the development until the estimated market values are reached and the project is finished. The additional increase in the prices is secured because of the market growth of at least one year during the construction period of apartments or villas.
So, what are the main advantages of buying under-construction projects:
For a buyer, the cost of a property is one of the most important things. An under-construction property is likely to cost less than a ready-to-move-in property. Buyers get many options for under-construction properties. The wait maybe longer, but it is worth the cost.
Since the investor is buying at a lower cost the appreciation is expected to be higher. As the construction progresses, the price of your property also increases.
While buying completed property, a buyer must pay the entire amount at one time. There are registry costs and other miscellaneous expenses as well. However, you are paying just a part of the cost as a booking amount when you buy in under-construction projects there is also flexibility in term of payment, and you do not need to arrange a huge sum to buy an under-construction property.
Discount and offers
it is tough to get any discount or offer on a ready-to-move-in property. It is complete and you need to pay the cost as per the market or even higher depending on the details and facilities. However, if you are buying in an under-construction project, there are many discounts and offers available. The buyers can also negotiate on the final price as they have many options.
Last Updated: 12/23/2020 10:57:28 AM