Brand-New or New Build in Etiler? The Differences and How to Choose

One of the questions buyers in Etiler ask most often is whether to buy a brand-new apartment or one in a building that is a few years old. Because there is almost no vacant land in Etiler and new supply comes largely from buildings renewed through urban transformation, both options are limited in number. In this article we look at the differences between brand-new and new build apartments for sale in Etiler and at the criteria that point to the right choice.

Three terms: brand-new, new build and off-plan

A brand-new apartment has an occupancy permit and has never been lived in. A new build apartment is in a building completed in recent years and may have been used. An off-plan purchase is made in a building under construction or not yet started, usually at the construction servitude stage. All three count as new, but they differ in documents, risk and price.

Documents and uncertainty

For brand-new and new build apartments, an occupancy permit and full condominium title reduce the uncertainty a buyer may face. Off-plan, the delivery date, the contractor's ability to complete the project and the commitments in the contract are decisive. In every case, check that the building was designed to the 2018 Turkish Building Earthquake Code and review the building inspection reports.

Price and room for negotiation

Brand-new apartments usually carry a premium for never having been used. An apartment in a building a few years old can offer similar construction quality while leaving more room for negotiation. An off-plan purchase can bring a price advantage at an early stage, but that advantage should be weighed against delivery time and contractor risk. In every case, compare with completed sales on the same street and in buildings of a similar age.

Moving date and day-to-day life

For a family that wants to move in straight away, a new build whose management and communal areas are settled means fewer surprises. In a brand-new apartment, the first months may involve the completion of communal areas, the setting up of the management and the fixing of minor defects, so the handover report should be prepared carefully. In a new build apartment, check for wear from previous use and for any alterations that have been made.

For buyers targeting rental income

According to our field observations, rental demand for new build apartments in Besiktas runs stronger than demand for sales. For an investor targeting rental income, an apartment that is close to delivery or recently delivered can appeal to tenants. Service charges, void periods and the cost of furnishing should still be factored in.

Building age and renewal history

Many of Etiler's new buildings have replaced older ones. The year a building was completed, how its renewal process went and the make-up of its owners can make a difference to management and shared costs. In buildings renewed through urban transformation, some owners are former right holders, which also shapes the resident profile and management culture.

A short checklist

• Occupancy permit: has it been issued?
• Title deed: full condominium ownership or construction servitude?
• Earthquake code: was the building designed to the 2018 Turkish Building Earthquake Code?
• Parking and storage: are they allocated to the unit and stated in writing?
• Management and service charge: are the management plan and what the charge covers clear?

Where is the new supply in Etiler?

New supply in Etiler is concentrated around Tepecik Yolu, in the back streets behind Dunya Goz Hospital and in the area of recently built buildings behind Akmerkez. MaaNaa Etiler blocks account for a significant share of the renewed buildings on these streets. We cover the options, delivery stages and a buyer's checklist in detail in our guide to brand-new and new build apartments for sale in Etiler.

For buying, selling and letting brand-new and new build apartments in Etiler, please get in touch with us.

Özkan ÖZEL
Strategic Real Estate Asset Management
Beşiktaş / Istanbul
ozkanozel.com

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