Guide to Buying Property in Istanbul
You may have lots of questions in your mind about how to buy property in Istanbul. Don’t worry when you need us, we are here to help you with every step of buying property in Turkey from property search to deciding on the right investment and all the paperwork. But until then, we have prepared this buyer’s guide for you in order to answer all your early step questions. If you have further questions please feel free to reach us by filling the contact form, phone or e-mail. We hope that you enjoy and find an answer to most of your questions in this buyer’s guide.
1-Why should I buy property in Istanbul?
Istanbul is one of the most promising cities in the world. Many reasons can be listed for that but mainly, unique location between Europe and Asia, tourism potential, rapid economic growth and new government investments such as New Istanbul Airport and Kanal Istanbul (Channel Istanbul) are the important reasons for Istanbul’s rise. Also, real estate is the leading sector in Turkey. That’s why buying property in Istanbul is one of the best investments in comparison with the other investment instruments. In the last 5 years Return of Investment (ROI) for real estate investment in Istanbul has reached to %173 in certain areas…
2-Where to buy apartment in Istanbul?
There are millions of apartments for sale in Istanbul. You need to review your expectations and your budget in order to answer to this question. The area where the old town, Taksim Square and the Golden Horn is accepted as the heart of Istanbul. Areas nearby to the heart of Istanbul is counted as Central Istanbul. Most popular areas to buy apartment in Central Istanbul is Beyoglu, Sisli, Sariyer and Besiktas. Most of the real estate projects in these 4 areas have nice Bosphorus (sea) view and luxury apartments. If you wish to buy flat in central Istanbul with lower budgets, Kagithane, Eyup, Zeytinburnu areas more convenient for you. For family living and large social areas, West Istanbul (Basaksehir, Bahcesehir, Esenyurt, Beylikduzu, Kucukcekmece) and for a near coast life Kadikoy (Asian Side) can be preferred to buy property…
3-How to buy property in Turkey?
Buying property in Turkey is a process that starts with the property search and ends with the tittle deed registration. Most crucial part of buying property is to find the right property. Since there are lots of real estate projects and areas, you should make your preferences clearer to not confused along the process. Buying process doesn’t have too much bureaucratic difficulties but it must be taken serious at the same time. Both for locals and foreigners it’s usually a 1-day process and almost people from the all the countries can own property in Turkey… Read more
4-How much is the cost of buying property in Turkey?
Cost of buying property in Istanbul changes between %2,2 – %4,2 depending on the seller’s status. Because some of the expenses are covered by the developer, cost of buying apartment is around %2,2 in the transactions with developers. But in the re-sale transactions which means properties for sale from its owner, expenses can reach up to %4,2. There is list of expenses that must be paid off in the sales transaction. These expenses are,
-Tittle Deed Fee – %2
-Land Registry & Stamp Duty – 327 TL
-Translator & Notary Fees – 1000 – 1500 TL
-Property Appraisal Fee – 1000 – 1500 TL
-Real Estate Brokerage Commision – %2
-Utility registration – 1174 TL
Earthquake insurance – 250 TL
5- Can foreigners buy apartment with installments in Turkey?
Yes, they can. Customers who are willing to buy property with installments can either buy property from developers who apply internal payment plans or they can apply to mortgage in some of the private Turkish Banks. Usually developers offer payment plans with %35-%50 down payments and 24-60 months installments. For bank mortgages you can create your own payment plan with minimum %20 down payments and maximum 120 months installments.
6-How will I manage my apartment?
If you do not live in Istanbul, you may need a professional property management and maintenance service. Especially, when renting your home to a new tenant, several services required such as painting the internal spaces, repairment, cleaning etc. Also, rent collection, following up your taxes and utility bills are the services that property owners require. You can check our property management services in after sales services to have more information about the how the property management must be done professionally.
7- Can I apply to Turkish citizenship by Investment
According to no. 5901 Turkish Citizenship Law, Foreign investors who purchased 250.000 USD equivalent property, can apply for Turkish Citizenship. You can also apply for your spouses and under underage (18) children with the same investment. Obtaining the Turkish citizenship usually takes to 2-6 months. In this period, you will be given a residence permit which makes you able to exit and re-enter to Turkey. There are several points that you need to look up carefully such as buying a suitable property for Turkish Citizenship.
8- Can I apply to residence permit in Turkey as a property owner
Law no.6458 allows foreigners who own a real estate in Turkey to obtain a short-term residence permit. Short term residence permit is for 1 year and it could be renewed every year as long as you are possessing your property. Requirements for foreigners who want to apply for residence permit in Turkey are,
– Applying to short-term residence permit to Immigration Department and claiming the required documents.
– Not having an entry ban to Turkey
– Having a legal document as passport or equivalent document
– Having a housing condition which is compatible with security and health standards
– Medical record from a home country in case it is asked.
– Declaration of legal address