Turkey issues alert on potential fraud in real estate sector

JEDDAH: Turkey’s government has issued an alert to warn Saudis about potential fraud in its real estate sector.
The Turkish Consul General in Jeddah Fikret Ozer said there were fraudsters operating in the industry. He said the level of Saudi investments in the Turkish real estate sector has increased notably this year.
Ozer said several companies and real estate offices in Turkey are owned by Saudi investors. The consulate has complete information about these companies. However, Saudis seeking to purchase real estate in Turkey should contact the consulate for information about legitimate companies.
He said there have been rare cases of Saudis being defrauded while trying to purchase property in Istanbul and other Turkish cities, attributing this to poor awareness by purchasers.
“In one case, a Saudi citizen filed a complaint against an agent who was tasked with purchasing a residential apartment, but the apartment turned out to be different from the one agreed upon,” he said.
Individuals looking to purchase property in Turkey should ensure the real estate agents or offices are recognized by the Turkish authorities, and that the local municipality has approved the project and is not subject to any construction violations, said Ozer.
Meanwhile, Mohammed Al-Marool, director of the media and public relations department at the Ministry of Interior, said the ministry received a notice from the Ministry of Foreign Affairs urging citizens seeking to invest in Turkey or purchase property to first contact the Saudi embassy or consulate in Istanbul.
He said the aim is to record all activities and investments to protect the rights of citizens and prevent unnecessary litigation.