Feb 5, 2023

Tips for Istanbul Real Estate First Time Buyers

Buying a house in Istanbul as a foreigner may not be as easy as buying in your home country. Aside from the slow bureaucratic side of the process, alternatives must be carefully examined based on how profitable they are. Istanbul offers hundreds of thousands of real estate options and not all of them are suitable for investment.

If you are buying in Istanbul for the first time, Istanbul first time buyers, we will tell you how it goes here and you just have to follow the tips carefully.

Prepare yourself to buy a 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 popular neighborhoods of the city, urban transformation projects also provide great opportunities for the sector. Renovated buildings for sale guarantee homes and apartments at very affordable prices.

Furthermore, the devaluation of the Turkish Lira against foreign currencies presents a significant opportunity for investors to capitalize on this situation. With the ongoing crisis in the real estate sector resulting in millions of newly built housing units, houses, and apartments awaiting potential buyers at reduced prices, Istanbul first time buyers can benefit twice from this standpoint. The same applies to second property owners who have lowered prices and are eagerly awaiting buyers.

Moreover, there are numerous properties that have remained unsold during this period, with both companies and locals involved in the mortgage financial chain. This means that they are eager to sell their properties, offering potential buyers an opportunity to strike a favorable deal. With the market offering such diverse options and advantageous conditions, now is an opportune time for investors and homebuyers alike to explore the real estate market in Istanbul.

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Make a clear decision:

First of all, you need clear goals. Are you looking to buy in Istanbul to live in the property - or want to rent it? Is it an investment or is it to get a Turkish passport? The answers will determine which property and which part of Istanbul is right for you, as not all properties are a good investment and not all properties are ideal apartments for rent. Istanbul first-time buyers must carefully consider their objectives and priorities before making any decisions.

You have multiple options:

Istanbul real estate is distinguished by its many different options. Istanbul first-time buyers should take a closer look at each property separately. The reality is often different from how the property is advertised, and a viewer can document how realistic the offer is. You will find luxury apartments, villas, penthouses, duplexes, ordinary houses or apartments within residential complexes. You will also find investment in tourist hotels, commercial real estate, shops, studios, or commercial units within malls. You will find many options within Istanbul real estate, and each type has its own features that distinguish it from the other, so determine your goal.

Avoid last minute problems:

There are many problems that may arise at the last minute of the purchasing process, especially those related to official papers. Istanbul first-time buyers should be aware that in many cases, some properties in the Istanbul real estate market may lack the correct papers of their owners. Such paperwork may include zoning and planning permits, and property rights, which would prevent you from obtaining a TAPU (title deed) and make the whole process a waste of time. Therefore, it is crucial to conduct thorough due diligence and ensure all necessary documents are in order before finalizing any property purchase in Istanbul.

Be aware of the market and real estate agents:

Istanbul real estate market is booming with increasing supply in real estate development. Istanbul first time buyers should be aware that this is not always good news because oversupply in the real estate development market will cause prices to fall and upset the market balance. This means that a wrong move in the Istanbul real estate market could cause your investment to diminish. The huge amount of real estate supply in Istanbul also brings in a large number of real estate agents. It is also essential for Istanbul first-time buyers to find the right agency that knows the market and understands your needs.

Consult a lawyer:

The attorney will help you confirm if your future home is legally built, has all the necessary documents, and that there is no debt on the property. Applying for a government permit to live and keeping you updated with the purchase procedures is another advantage.

Negotiate price and terms:

Turks love to bargain over everything, and buying real estate is no exception. You have to make sure that your agent negotiates and helps you get a better deal. It is not only about price, but also about extras, guarantees and payment schedule.

You will need a translator:

Regardless of having an English speaking attorney, you will need to find a translator who is knowledgeable about purchasing real estate. The translator will be helpful in translating and preparing your personal documents.

Choose real estate revolution regions:

When asking or searching for the cheapest real estate prices in Istanbul, we advise Istanbul first-time buyers to look for appropriate options in areas that are currently witnessing a new real estate revolution, such as nearby residential projects or areas adjacent to major upcoming Istanbul landmarks and projects, such as areas near the New Istanbul Canal project, including the Kucukcekmece area, Avcılar, and the areas adjacent to the new Istanbul Financial Center such as Atasehir and Umraniye. These areas' real estate prices increased significantly after the announcement of both projects.

How can you obtain a Turkish passport:

In 2018, the Turkish government allowed foreigners to obtain Turkish citizenship through real estate investment of at least 250,000 US dollars. However, in 2021, the price of the property that qualifies for obtaining Turkish citizenship through investment was raised to 400 thousand dollars. Through this decision, the investor’s spouse and his/her children under the age of 18 obtain Turkish citizenship within a period not exceeding 90 days, provided that the property is purchased from a Turkish citizen, and the property is not sold for 3 years.

In 2023, the Turkish government also issued a decision stipulating that purchasing a property worth $200,000 qualifies for real estate residence permit. Noting that an investor who has a real estate residence permit can apply for Turkish citizenship five years after obtaining the residence permit.

In conclusion of this article, it can be said that purchasing Istanbul real estate for the first time represents an important and exciting step in the life of every real estate investor. Istanbul first time buyers should note that the Istanbul real estate market is a diverse and active market, offering many great opportunities for new investors.

To ensure the success of purchasing a property in Istanbul for the first time, novice investors should do good research and planning before making a purchase decision. They should check the reputation of real estate companies and developers, visit the site personally, and consult a professional to get personalized and helpful advice.

By following the right guidelines and making constructive decisions, Istanbul first-time buyers can greatly benefit from the Istanbul real estate market and achieve sustainable success in their real estate investments. We hope that this experience will be the beginning of a fruitful, profitable, and successful investment journey in the world of Istanbul real estate.

If you want to know more about real estate investment in Istanbul, do not hesitate to contact us via WhatsApp, here. Our real estate consultant will contact you as soon as possible.

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