What are the steps of a successful real estate investor 2024
What are the steps of a successful real estate investor
After the high purchase rates and demand for real estate in Turkey, and with the Turkish amendments to the law on the purchase of foreigners for real estate in Turkey in 2012
The Turkish real estate market has witnessed a qualitative leap towards the purchase of foreigners. Turkey is considered one of the best real estate investment destinations in the last decade. Real estate investment in Turkey takes a prominent place in the international real estate market
Therefore, this pause comes to take a look at the basic steps that investors should follow to succeed in real estate investment in Turkey. We review what are the steps of a successful real estate investor
Just as any type of investment requires, an investor must have a clear plan and a good strategy. You will have to do a thorough economic feasibility study and make thoughtful decisions to achieve your investment goals
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Let’s find out now what are the steps of a successful real estate
investor
The first step is to carefully study the Turkish real estate market
Before taking any step in the field of real estate investment in Turkey, investors should carefully study the reality of the Turkish real estate market
This includes familiarizing yourself with the basic aspects related to the investment, sale and purchase of real estate in Turkey
Knowledge of the laws investors should understand the laws and legal regulations related to real estate investment in Turkey. This also includes laws regulating the purchase of real estate by foreigners
Market performance analysis investors should follow the performance of the Turkish real estate market over time. Is there a rise in prices What are the areas of high demand Are there certain trends in the market that should be considered
Monitoring the influencing factors: investors should monitor the factors affecting the Turkish real estate market. This includes economic, political and infrastructural factors
Upcoming projects investors should familiarize themselves with upcoming infrastructure-related projects. These projects can directly affect the value and attractiveness of real estate in the region
Studying the reality of the real estate market thoroughly is the first step for investors who are looking forward to successful real estate investment in Turkey
Continue reading with us to find out what are the steps of a successful real estate investor
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The second step is to develop a real estate investment strategy
After completing the step of studying the reality of the Turkish real estate market, investors should develop a sound investment strategy
This includes determining the budget allocated to the project and the appropriate time period for achieving the target returns. The size of the budget and the chosen duration depend on the investor’s goals, both long-term and short-term
The third step is choosing the right real estate consultant
Real estate brokerage companies, or Real Estate Consultants, play a crucial role in the marketing process in the Turkish real estate market
Therefore, investors should cooperate with recognized companies with a good reputation and long experience in the Turkish real estate market. Some important factors should be considered when choosing the right real estate consultant, these include
– Legal license, verifying that the company has a legal license issued by the Turkish government to practice real estate brokerage
– Register previous customers, search for ratings of previous customers and their opinions about their experience with the company
– Duration in the market, find out how long the company has been in the Turkish real estate market and its record in this area
– The size of projects and opportunities, examining the types, size of projects and investment opportunities offered by the company
Thus, choosing the right real estate consultant can be a key factor in achieving the success of your real estate investment in Turkey
The fourth step is to determine the appropriate city for real estate investment in Turkey
Adjusting the choice of the optimal city is crucial when investing in real estate in Turkey. This choice depends on several factors
Including the budget available to the investor and the desired investment quality. For example, if you plan to invest in residential real estate
You may find it convenient to buy in Istanbul. Although real estate prices in Istanbul are higher than some other states in Turkey, it offers higher rental yields and provides better opportunities for sale with the possibility of making good profits when reselling
If you are aiming to invest in tourist real estate and the hotel industry, the port city of Antalya is an excellent option
For the industrial sector and factories, cities near Istanbul such as Bursa, ilwa and Kocaeli offer exciting investment opportunities. The choice of the right city depends on your investment strategy and financial goals
The fifth step is to determine the appropriate area within the city
After choosing the right city for real estate investment in Turkey, it is the turn to determine the exact area within that city. This step also depends on the investment goals and the budget available to the investor
For example, if you are aiming to invest in residential real estate as in the previous example, the Basaksehir area within Istanbul can be considered an excellent option
It should not be forgotten that there are many logical options within Turkish cities, as the wide real estate market offers various options that suit different investor budgets
Whether they are foreigners or locals. Determining the most suitable region depends on your investment strategy and your own needs as an investor
Step six: determine the time of purchase and its stage
The timing of the purchase and the stage of the property are crucial for the success of real estate investment in Turkey. Typically, real estate at the pre-start stage of construction is less expensive compared to those at the construction stage
This means that the price of real estate in projects where construction has not been started is lower than in ready-made real estate
Step seven: making the final decision and starting the implementation phase
This represents the final step where you have to make the final decision to buy the right property and start successfully implementing your investment strategy in Turkey
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