How to Buy a Property in Istanbul?
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – There is not a residence permit requirement for foreigners to own real estate in Turkey. You can obtain information about citizens from which countries can buy property in Turkey at embassies, consulates, and the General Directorate of Land Registry and Cadastre.
Foreigners can buy a maximum of 30-hectare immovable property and obtain limited property rights in Turkey. The maximum size of the property that a foreigner can own is 30% of the district the immovable is located in.
Buying or renting a property in security zones, particularly in the military zone is not possible unless special permission is granted.
Owning an Istanbul property is everyone’s dream. However, investors financially struggle when buying a house in Istanbul due to the increasing housing prices. Especially housing prices in older districts in the city are dramatically increasing -yet it is possible to find reasonably-priced houses in the developing areas such as Esenyurt, Sancaktepe, Beylikdüzü, and Arnavutköy.
Prepare Yourself to Buy an Istanbul Property
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – The recently announced “crazy project” the Istanbul Canal project and others such as the third airport, the third bridge, and Northern Marmara Highway are attracting investors due to their location further away from central areas. When evaluating the surface area of these projects, one can see that they complement each other in proximity, which is suggestive of a promising future in the northern part of the city with an airport, bridge, coastal line, and residential areas available.
Those who prioritize transportation facilities when investing in an Istanbul property can rest assured because it is evident that Istanbul will see convenient transportation networks built at every corner. Regarding the railway alone, there are many metro projects in construction, along with more than 20 new projects on the İBB agenda.
Real estate experts suggest the northern part of the city is the new attraction center in Istanbul with significant developments affecting the industry, such as the third airport, third bridge, new city projects, and gentrification areas.
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – Experts also highlight that the current building and residential density in Istanbul will shift towards the northern areas, and the land prices in Çatalca, Arnavutköy, Sarıyer, Ümraniye Sancaktepe, Tuzla, and Pendik will dramatically increase when the new projects are fully complete. Investors planning to buy an Istanbul property can shift towards these areas.
Best Places to Live in Istanbul
We suggest you evaluate in detail the following areas: Kuzguncuk, Moda, Erenköy, Feneryolu, Acıbadem, Balat, Cihangir, Arnavutköy, Emirgan, Tarabya, Etiler, Ulus, Sarıyer, Beşiktaş, İstinye, and Kuruçeşme.
Best Places to Invest in Istanbul
According to the industry experts, Arnavutköy is the leading district in Istanbul regarding the number of constructions. Due to its proximity to the third airport and its location near the conjunction roads for the third bridge, Arnavutköy draws significant attention and experiences a considerable increase in the land prices.
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – Sarıyer, too, is a district on the third bridge’s route and that turns head recently. It is also regarded as the most earthquake-resistant zone in Istanbul and therefore an ideal place for those who don’t want to compromise on either luxury or safety when buying an Istanbul property.
Experts reckon that Zekeriyaköy and Uskumruköy will be gaining in popularity due to the property development and tunnel construction taking place there.
Process of Buying an Istanbul property and a Turkey property
When buying an Istanbul property, investors should carry out the whole process in compliance with the legislation. Irregularities may cause future problems for the buyers and sellers. Therefore, following the legislation in the transactions handled both in the municipality and the land registry office is a must.
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – There are two different processes the buyers will go through transactions in the municipality and land registry operations.
The Required Documents
- Documents to prepare for the buyers:
- The original and copy of the identity card
- The power of attorney (If the real estate agent will handle the land registry transactions, buyers should submit the power of attorney given to the agent.)
- Documents to prepare for the property owners:
- The original and copy of the identity card
- The document obtained from the municipality and shows the current market value of the property tax
- Documents obtained from the municipality and that shows there is no tax debt on the real estate
Costs of the Purchase
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – Buyers with middle and low income are advised to evaluate the newly developing areas such as Halkalı, Başakşehir, Esenyurt, Beylikdüzü, Arnavutköy, Sultangazi, and Çatalca on the European side and Çekmeköy, Sancaktepe, Tuzla, and Pendik on the Anatolian side. Finding an affordable Istanbul property is easier in these areas.
Making the Contract
If all the documents are prepared and expenses such as title deed fees are paid, the land registry transfer is complete within the same day.
The title deed fee is equal to 4% of the sale price in 2021. Buyers and sellers share the fee in half. Buying a workplace, too, requires paying the same amount of title deed fee.
The transfer expenses also include a working capital fee, which is ₺385 as of 2021.
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – Unemployed people, housewives, relatives of martyrs, retired people, veterans, widows, and orphans do not have to pay property tax, provided that they do not have an additional income and the property in question is not bigger than 200 square meters.
Professional Help When Buying a Property
For buying property in Turkey, working with professional real estate agencies will bring you expert guidance above all.
They help you compare houses, find the ideal Istanbul property, operate legal processes, and make all the procedures easier for you. Experts are capable of acting more quickly, carrying you to the very end in a shorter time and offering you more options.
Our Property Finding & Consultancy Services
Buying property in Istanbul process – Istanbul property – Buy property in Istanbul Turkey – A true real estate expert with valuable experience will help you evaluate each Istanbul property objectively.
When you get frustrated and disappointed in the process or miss an opportunity, real estate professionals will support you. Many of them will continue to assist you in the after-sale process too. True experts have the information you will need and act as a middle man regarding the legal or house reparation process. If you decide to rent your house after you buy it, you can get in touch again with agencies and continue your business relation.
You can contact Realista Turkey’s professional sales team and ask any questions and you may have in mind. And also, you can buy property in Turkey according to your needs thanks to a professional team.
How to Buy a Property in Istanbul? We Help You To Choose …