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.. 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.
Additionally, 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 newly built homes 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 are also a lot of properties that have not been sold during this period and both companies and locals are involved in the mortgage financial chain, which means they are in a hurry to sell their property so you can get a good deal.
You need 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.
You have multiple options:
Look at each property separately. The reality is often different from how the property is advertised and viewers can document how realistic the offer is; Luxury apartments, villas, or apartments within residential complexes, compound housing, or investment within local hotels, commercial real estate, shops, studios, or within malls. You will find many options within Istanbul, so determine your goal.
Avoid Last Minute Problems:
Some properties in the Istanbul real estate market may lack the correct papers of their owners. Such paperwork might include zoning and planning permissions, and property rights, which would prevent you from getting a title deed (TAPU) and make the whole process a waste of time.
Be aware of booming market and excessive number of agents:
The Turkish real estate market is booming with an oversupply of real estate development. This is not always good news because oversupply in the real estate development market will lead to lower prices and upset the balance in the market. This means that a wrong move in the real estate market in Istanbul may cause your investment to dwindle. The huge amount of real estate on offer in Istanbul also brings in a large number of real estate agents. It is also essential to find the right agency that knows the market and understands your needs.
You don't have to find a lawyer - but you must!
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.
Always 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.
By spending 250.000 USD you will get a Turkish passport:
- As of 2018, the Turkish government allows foreigners to obtain Turkish citizenship
- by real estate investment of at least 250.000 USD.
- The purchased property must have title deeds (TAPU) completed and ready.
- The citizenship application must be made through a lawyer.
- After the application is accepted, the Turkish government charges the title deed fee which makes the property unsellable for 3 years. After 3 years, the property can be sold again.
When asking or searching for the cheapest apartment prices in Istanbul, we recommend looking for appropriate options in areas that are currently experiencing a new real estate revolution.. such as nearby residential projects or areas adjacent to the landmarks and upcoming major Istanbul projects. Due to the popularity among Turkish and foreign buyers; Istanbul is Turkey's number one home sales destination. But why is this housing market emerging and what other benefits can buyers expect? Each of them has a goal; each has personal goals that will inevitably benefit him by choosing this city over others for investment or housing.
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