Available building land has become scarce and almost unaffordable. Purchasing an apartment on leasehold is an interesting alternative. You then become the ‘tenant’ of the land, but the owner of the apartment.
If you build on leasehold land or buy an apartment on leasehold, you do not have to pay for the land and can save money. While you pay a kind of lease or rent for the land, the property you acquire on it is your own. The term of the registered leasehold is 99 years, it cannot be terminated but can certainly be sold or inherited. For the land on which we build or the residential property stands, you do not have to pay a purchase price, but you pay small amounts to the owner over the period of the leasehold.
For the object you are acquiring (apartment and parking space), as well as for all other units of the residential complex, leasehold apartment ownership is ultimately established. Apartment ownership means that as the owner of an apartment ownership object (e.g., an apartment), you are granted exclusive usage and disposal rights over this object, which is legally inseparable from an ideal co-ownership share of the property (or the leasehold on the property).
Each owner of an apartment ownership object therefore acquires their corresponding share of the entire property, and all apartment owners mutually grant each other exclusive usage and disposal rights within the framework of the apartment ownership contract. These corresponding co-ownership shares are determined according to the utility value appraisal, which is prepared by an expert. This shows how many ideal shares of the property (or the leasehold on the property) correspond to an apartment ownership object. Based on the utility value appraisal, the co-ownership shares (leasehold apartment ownership) are entered in the land register. It is possible that these utility values may change slightly. The correction may be necessary due to replanning during the course of the project implementation and construction, as such changes can shift the utility values and need to be corrected. Based on the final co-ownership shares, leasehold apartment ownership of the property is established after the completion of the construction project.