How to convert Turkey's commercial real estate into residential
Last Updated: 2023-07-27
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Converting commercial real estate in Turkey into residential
Many of us, when one takes a step, s/he comes back after a while and changes his/her mind about it, or they might get something in a certain form and want to transform it into the form they want. This same topic applies to real estate in Turkey. In many cases, you may acquire a property that is registered in state departments as commercial and you would like to convert it into a residential property. Is it possible for this conversion that you want to take place? It is certainly possible, but then it will be subject to many procedures and steps that you have to take, but in this article we will learn about all the steps that you need to take to convert your property from commercial to residential.
What is the method of converting real estate in Turkey from commercial to residential?
Converting real estate in Turkey from commercial to residential is not very difficult. It is possible and is considered a simple procedure, but you must have many documents and papers. First of all, you must have a title deed for the property you want to convert. After that, you must have a copy of the personal identity of the owner of the property who wants to convert it from a commercial to a residential, and you must also bring a personal photo of yourself. One of the important things that you must bring is a written approval from the official authorities saying that there is absolutely no objection to that the property is transferred.
What are the most important points that a commercial property owner who wants to convert his property to residential should pay attention to?
Yes, there are certainly some notes that you should be aware of in the real estate transfer transaction. It is certain that the commercial property is located within a purely commercial area and there are many other commercial properties around it. Therefore, if you transfer your property to residential, this may cause them some problems, so it is advised that you take permission from them before you take this step, as this may not be to their liking. In addition to that you must prepare all the papers and documents that we mentioned above before you start the transaction procedures. Finally you can assign someone else to carry out the transfer procedures on your behalf, this is also possible.
What is the reason why the owner of a commercial property wants to convert it to a residential property?
It is possible for a commercial real estate investor in Turkey to find some problems in his project, for example, if an economic disaster befalls the country, business will stop immediately. Or perhaps its level will decrease and therefore commercial real estate will become empty of tenants and the investment owner will lose his money or some of it in this project. In general, commercial real estate is always difficult to find interested people, because of seasonal moves or because of the type of projects in the country.
Investors for this property always change their workplace, and if the owner of a commercial property in Turkey wants to sell this property, he will also find it difficult because the demand for buying a commercial property is much less than the demand for a residential property, so most people prefer to rent a commercial property instead of buying one. In addition, this type of investment always requires huge numbers of money to establish it.
-Why does the choice always fall on the residential property in order to transfer to it?
Like most apartments in any country in the world, you will find people inhabiting it very easily to the point that you will only be able to find an apartment with hard work. If you like to sell your apartment, this is also possible and very easy as well. And if it is located in an upscale area, it is preferable location, as it will be sold in a jiffy. The important thing at the end of your housing project is that you are a winner, no matter how you move and how you go.
Despite some overwhelming desires to convert the property from commercial to residential, there are many advantages to this commercial property, which are:
The percentage of material returns issued by it is very large, and this encourages investors to turn to it in a big way. From the title, the result is clear. We said that this project is for commercial real estate, which means that the one who will rent this property will be one of the owners of the money, so it is obvious that they will pay the monthly rent, so there is no fear. The owner of the commercial property is not responsible for paying the costs of the changes that the tenant would like to make. This is something he has to do himself. All these advantages are in the interest of the investor in commercial real estate.
Whatever your choice about real estate in Turkey, there will be some positive aspects and certainly there will be some negative aspects, so if you want to keep your commercial property, this is good, and if you want to convert it into a residential property, that is possible. You will only have to take measures that we noted and explained above as much as possible. There will be no obstacles standing in your way.
Edited by Mersat Real Estate Team©
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