Buying property in Istanbul is a process that involves number of steps. For both Turkish citizens and foreigners, regulation of buying property is the same. However, for foreign buyers, there are additional steps and processes that is must be completed. Although it seems complicated, once you fulfilled the requirements, the transaction of buying property does not take longer than 1 day.
How long does it take to buy a property in Turkey?
Usually, the entire process takes 1 week in total, for foreign customers. This period may show differences according to your local bank which you will do the money transfer to your Turkish account. If we examine the process step by step by days;
1st day, Property Tour: Once our customer arrives to Istanbul, we make a tour to the properties that we already determined by presentations before their arrivals. Usually, since we already narrow down the options by discussing our customer before they arrive and they are given all the details about the projects, they decide on the property end of the first day.
2nd day, Closing the sales and Opening the bank account: In the 2nd day, we go to the real estate project that our customer decides on buying. We do the final negotiation. If we can shake hands, we make the contract and take the reservation form in the sales office.
After we left from the sales office, we take a tax number on behalf of our customer and open their Turkish bank account. Once the Turkish bank account is opened, our customer gives a transfer order from their local bank account to the Turkish bank account.
3rd – 4th days, other paperwork: We go through with the other required documents with our customer such as passport translation, notarizing the documents and initiating the expertise report if it is required (for the customers who buy for citizenship purposes expertise report is mandatory)
5th day, sales day: At the fifth day, if our customer’s money reached to their Turkish bank account (usually it reaches within 3 working days). We apply to the tittle deed office for sales transaction with developer’s firm lawyer. Before the day finishes, our customer transfers the amount to the developer firm and gets their tittle deed from the tittle deed office.
Is it safe to buy property in Turkey 2020?
Yes, buying property in Turkey is safe due to the regulations and laws. All of the risks are eliminated and the process is %100 transparent. Firstly, since all the money transactions are done via bank, everything is traceable and provable. Secondly, the expertise report and tittle deed office must indicate that whether the property that you buy has a debt on it or not. And finally, for the on-going real estate projects, even though you pay the full amount to the developer, you have a right to take a refund by showing no reason. All these rights are protected by Turkish laws. So, it is safe to buy property in Turkey.
Is buying property in Turkey a good investment?
According to the Central Bank real estate price index, average price increase in Istanbul is 25% since 2017 and for Antalya 38%. However, according to Tuik (Turkish Statistics Institution) some areas in Istanbul increased %110 within past 5 years. In addition to this, when the rental ROI (which is average %5 per annum) is calculated, buying property in Turkey looks like a very good investment. Of course, having the right consultancy and selecting the right property is the most important element. You can have a look at our content for deeper understanding about the return of investment rates in different locations in Istanbul.
What is the cost of re-selling my property?
There are several costs that you need to consider while you sell back your property.
1-) Brokerage fee and tittle deed registration fee
If you decide to list your property with a real-estate broker or an agent, the amount that you need to pay is %2.
The tittle deed registration fee is %4 in total as in %2 from the buyer and %2 from the seller.
2-) Income Tax: If you sell your property back within the first 5 years, you need to pay an income tax for your profit. You can see the income tax rates by clicking here. After 5 years, you can sell your property tax free.
Notice: Properties that are bought for citizenship purposes cannot be sold for 3 years.
We as Century21 Sinerji gladly here for our customers to conduct entire property buying process safely and directing you to the most solid investment options.