Feb 5, 2023

Important Tips When Buying Real Estate in Istanbul

Turkey is distinguished by its real estate projects and luxury residential complexes, which are equipped with all kinds of services and luxury. Istanbul Real Estate, in particular, stands out with its diverse offerings, blending modern architecture with rich historical surroundings. If you look at their prices, you will be surprised that they are very cheap compared to real estate prices in other countries. There is no doubt that Turkey is a prosperous and developed country, and everything in it makes you wish to live in it and own an apartment for yourself.

Buying an apartment in Istanbul is a dream of many, whether in Turkey or outside it, and it is an easy thing, but it needs full attention to the purchase details and the necessary procedures for this, in terms of steps, prices, and appropriate ways to buy property in Istanbul. Istanbul Real Estate transactions involve a variety of choices, and understanding the market trends is crucial. In addition, it is essential to know the best area to buy an apartment in Istanbul, considering factors like accessibility, amenities, and future growth potential.

The most important points that may attract you to buy a property in Istanbul

Istanbul is one of the vital cities suitable for businessmen and investors, and those wishing to open commercial and investment projects. Istanbul Real Estate, with its strategic location and thriving economic environment, becomes a prime target for this category. Therefore, this group considers Istanbul real estate as a crucial investment, and owning an apartment in Istanbul is an important matter to facilitate their stay there. It provides them with a safe and quiet atmosphere while they navigate their business endeavors in this dynamic city.

The population of Istanbul is increasing significantly, and the need for housing and stability there is self-evident, which encourages investors to own and rent real estate in Istanbul. Istanbul Real Estate market caters to this growing demand, offering diverse options for both residents and investors. Whether one is looking for a place to settle, study, or work, the conditions of life in Istanbul are very encouraging, making it an attractive destination for those seeking a vibrant and dynamic city lifestyle.

However, the most important factor of all is that Istanbul is moving towards globalization with its strategic projects that it launches year after year, which attract investors of different nationalities to Istanbul real estate. These projects include: the New Istanbul Canal, the New Financial Center, the medical city in Basaksehir, and many others.

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Advantages of buying real estate in Istanbul

Istanbul shines with its unique charm among the cities of the world and its cultural and civilizational diversity. It is considered one of the most beautiful and attractive cities in the world, especially in the real estate market. Istanbul real estate combines its rich history of civilizations with its modern lifestyle, giving investors a set of exceptional advantages. We mention below many of the features of Istanbul real estate that make it an ideal destination for housing or investment:

It contains all the real estate options that any property seeker in Istanbul desires.
The strong and advanced infrastructure of Istanbul, which contributes to improved real estate prices and significantly higher growth rates of real estate prices.
Real estate prices in Istanbul, compared to the civilized development of the city and lifestyle similar to European life, are encouraging, competitive and diverse.
Facilitating procedures for real estate ownership. In every municipality of Istanbul, there are institutions and government agencies that manage real estate ownership, fix the title deed, and all the legal procedures necessary to complete ownership of a property in Istanbul.

Fees you need when buying a property

Real estate appraisal fees:

Before you buy the property and transfer the ownership, you must go to an approved appraisal company to send a licensed appraiser and write an integrated report on your property and check whether it is legal or not, whether it has debts or not, and how much its real price.

Tapu transfer fees (title deed)

The Tapu is transferred to the General Directorate of Land Registry with your presence and the presence of the seller, and you pay a tax of 4% of the total real estate price to transfer the Tapu.

Real estate agent fees

When buying a resale property in Turkey, a commission of 3% must be paid to the registered and licensed real estate agent, in addition to the value added tax. Sometimes, the property seller may charge the real estate agent's fee to offer his property at the best price. Thus, there is no need for the buyer to pay it.

Property tax

There is a property tax that must be paid to the government agencies, in order to improve the area's services such as water, sewage, electricity, security, fire services, etc. The annual tax value is usually 0.01% to 0.05%, depending on the type of property, whether it is residential or commercial, and depending on the nature of the area, whether it is urban or non-urban. It also depends on the municipality of the area.

Monthly maintenance fee

When buying an apartment in luxury and shared apartment complexes or buildings, monthly maintenance fees for utilities and services, such as escalators, surveillance cameras, swimming pools, security guards, cleaning workers, garden maintenance, etc., must be paid. It is a simple fee and its value depends on the residential complex and the services provided. There is no fixed price.

Things to take into consideration when buying a property:

Location:

Investors must precisely determine the location of the place they want to live or invest in, and study the place in terms of proximity to public transportation lines and services.

The right time to buy:

The buyer must be careful before purchasing a property, by studying the most appropriate time to purchase. For example, in time of the political and economic stability in the country, or not committing to a short or limited period of time, which gives them the opportunity to obtain extensive real estate offers that may be closest to their goal of purchase.

Financial planning for other post-purchase expenses:

Buyers must provide the after purchasing expenses, which are usually furnishings and appliances, any improvements that you may want to make to the new property after moving, and the expenses of opening electricity, water, gas, and internet lines. Therefore, an integrated financial plan must be made that includes all stages of purchasing the property.

Inspect the property before purchasing:

Buyers must inspect the property before starting the purchase procedures, in order not to be misled by the seller by concealing the property’s defects that are not apparent, such as repairs to sewage, electricity lines, and connections, which require a real estate inspector to inspect, examine, and evaluate their quality. The costs of repairs and renovation incurred by the buyer.

Define the type of property:

The type of property that a person wants to own must be determined from the beginning of thinking about purchasing, due to the variety of the patterns available that start from (0+1) to (6+2), and the types available as well including an independent house, a building, a residential complex, or a villa, and this step is important because it makes it easy to obtain the appropriate property for one’s needs without incurring high financial losses and costs.

Objectives of purchasing the property:

One of the most important steps in buying a property among Istanbul real estate is defining its purpose. Each goal has its own characteristics and requirements, for example some buyers want to buy a property for the purpose of housing, investment, and trade, such as resale and rental.

Ask a real estate consultant:

The real estate consultant in Istanbul real estate helps you with all the available offers that are closest to your goal, based on the location and surrounding services that are most suitable for your choice. Some people avoid asking a real estate consultant in order to reduce costs, which in fact will add additional financial burdens to them. Yet, what do not know is that the consultation service is provided free to the clients in addition to the visit of the site and the project preview in person.

Verifying licenses, project capital and ownership:

Buyer must not blindly trust the company or the real estate consultant they deal with. They must visit the project site to ensure the credibility of the construction, real estate company work and the project’s identification documents. If the purchase is online, they must seek the help of a real estate broker.

Each area of Istanbul is suitable to be the best area to buy real estate in, but these areas are differentiated according to the buyer's desire. For example, if you want to buy an apartment for your family, you must go to certain areas and the best options for that are Bahcesehir or Beylikduzu and Basaksehir. If you want to take A real estate for investment purposes, there are also suitable options for this direction, the most important of which are the Fatih and Bagcilar areas. Yet, if you want to own an apartment in an upscale area, you should go to Sisli or Sariyer.

As for those who want to buy a cheap apartment in Istanbul, they can find their request in Esenyurt or in the neighborhoods of the Asian side of Istanbul.

In brief, Istanbul is one of the most important cities that are targeted in terms of the real estate purchase. It witnesses a heavy demand which contributes to increasing competition in the real estate market, as it is the focus of attention for many who wish to own a property in one of the best cities in this field.

If you would like to know more about buying real estate in Istanbul or real estate investment in Turkey, do not hesitate to contact us via WhatsApp, here. Our real estate consultant will respond to your inquiry as soon as possible.

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