Your guide to buying apartments in Istanbul
Here you can find some very useful tips on your way to do a search and find your ideal property to buy in Istanbul, including discounted rates, contacts for English speaking services, mortgage, legal checks, etc. The information below is also very useful for those who live abroad and are ready to buy property for sale in Istanbul.
How to buy property in Istanbul?
For many Istanbul locals, it can take up to weeks to purchase a property from the search and completion stages. However, although it can be done within that short period of time, we recommend that you give yourself at least three to six months to make the right decision on the ideal property that will be the best investment for you.
Prepare yourself to buy property in Istanbul
Istanbul offers a wide range of wonderful new real estate projects to suit every budget. In addition to new projects in many of the city's popular neighborhoods, urban transformation projects also provide great opportunities for the sector. Renovated buildings for sale guarantee homes and apartments at very affordable prices.
In addition, the Turkish lira's nearly 40% devaluation against major foreign currencies a year ago, makes it a great opportunity for investors to take advantage of this situation. And if we add the crisis to the real estate sector with millions of new built housing, houses and apartments that have been waiting for potential buyers for two years with lower prices, you can benefit twice from this point of view. The same for the second property owners that they lowered prices and waited for their buyers.
There is also a lot of real estate that has not been sold during this period and both companies and locals are involved in the mortgage financial chain, which means that they are in a hurry to sell their property. Thus you can get a good deal.
Choose the right place
It depends on why you want to buy property in Istanbul. To live or to invest?
Best places to live in Istanbul:
If you are a true enthusiast of urban city life, enjoy the lively city nights, lively streets, being in the city center, within walking distance of all necessary amenities, and from the transportation hub, we recommend the areas and neighborhoods below. If you work, you should be close to your work to avoid yourself from the world-famous traffic jam in Istanbul.
On the European side
Beyoglu, Sisli, Cihangir, Besiktas, Ortakoy, Sariyer, Bakirkoy, Selkoy, Fatih
Asian side
Uskudar, Kadikoy, Moda, Acibadem, Bostanci, Atasehir, Saudi, Maltepe
Best places to invest in Istanbul
European side
Besiktas, Taksim, Sisli, Bakirkoy, Basaksehir, Beylikduzu, Arnavutkoy (near IST Airport), Bahcelievler, Kucukcekmece
Asian side
Uskudar, Kadikoy, Sancaktepe, Shemikoy, Umraniye, Atasehir, Bostanci, Maltepe, Kartal, Pendik
The process of buying property in Istanbul and Turkey
The process of buying real estate in Istanbul as well as in Turkey is all very similar to that of several European countries.
You will need to pay a deposit when signing the contract with the real estate agent.
The final payment in connection with the transfer of title deeds will be made later
Required Documents
Your passport plus a copy of your passport,
Six passport size photos,
A bank account in a bank located in Turkey
Turkish tax number
Government employee with a notary if you are buying property through a real estate agent
Purchase costs
Agent about 100 euros
Interpreter about 50 euros
Photo about 10 euros
The transaction cost is about 4% of the appraised value of the property
Contract writing
important information
- When you give your final decision to purchase the property, a purchase agreement will be entered into. You will need to pay a deposit to the landlord at that time
- The amount of the deposit varies from property to property, but as a rule, it is up to 10% of the property price
- When all parties sign the agreement and receive the deposit, the agreement becomes binding
- Keep in mind that if you decide to cancel your agreement at a later time, you will not have the right to refund the deposit. However, if the property owner withdraws from the agreement, the deposit will be refunded, a penalty clause will also apply in such an event.
- Upon completion of the agreement process, the buyer and the property are owners
- You will need to pay taxes and fees (about 4 percent of the assessed value of the property) for the property, which is determined by law, before signing the final contract. When all parties sign the contract, the purchase process is complete.
-Signing the contract and obtaining the title deed means that the ownership has now been transferred to you and you will be registered in the Land Registry
- When you transfer the title deed, you will need to pay the remaining price of the property you purchased to the seller.
Professional help when buying a property
If it is your first time buying property in Istanbul, or you want to buy property from abroad, we recommend that you find a reliable realtor to help you find your ideal property in Istanbul
The process varies from city to city and from one real estate category to another. Therefore, you should always collect information, verify and ask about all procedures and papers. You can use an agent as long as you take his fee into account. In general, these procedures are easy and clear compared to many countries of the world and especially Europe, so you will not find any trouble.
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