How to Buy Property in Istanbul
If you are wondering how to buy property in Istanbul, the process is quick and easy. That is one aspect that attracts foreign buyers to Turkey because unlike other countries, buyers can become property owners in as little as three weeks if all financing and paperwork are in order.
Since Istanbul is Turkey’s most significant and busiest city, you may think the real estate market is mayhem. Indeed, the constant ever-revolving circles of buyers and sellers happens in all 39 official districts, but in this article, we break down the process into eight easy-to-understand steps to navigate it like a pro.
How to Buy Property in Istanbul
1: Know Your Budget: Include Purchasing Costs
It helps if from the start you know your exact budget and include extra purchasing costs. These include a lawyer, notary, taxes, and translator fees. The title deeds tax to pay is 4%, and the rest of the costs add up to 4.5% of the purchase price. If you are still to put finances in place, remember Turkish banks have a high interest on mortgages. A more suitable option that benefits buyers is the new and off-plan developments. Many of them are available on a 25 to 50% deposit with monthly interest-free payment plans ranging between 1 to 3 years.
2: Types of Property
It helps to know your reason and purpose for buying. For example, for a holiday home, choose one of many properties close to the sea that come with on-site communal facilities like a swimming pool, landscaped gardens, gyms, saunas and cafes or restaurants. Types of property include off-plan, new build, and resale homes. Off-plan properties sell at discounted prices while choosing to buy a resale home often saves on furniture costs because many are sold furnished.
3: Get to Know the Istanbul Real Estate Market
This is the fun part of getting to know the market, and the best place to start is by browsing our portfolio of apartments and villas for sale in Istanbul. Each listing includes essential details like the price, location, home information, and payment plans. You can also use the search function or filters to find specific properties within your budget and criteria. Use the enquiry form to find out more, or for ease, download our app for mobile phones.
4: Arrange Viewing
Once you have found properties that have potential, arrange a viewing date and time. For buyers from other countries, we can recommend a hotel and pick you up from the airport. During the viewing time, we show properties and neighbourhoods. Hence, you can get to know all the important details to help you decide, like transport links, shops, schools, places of worship, cafes, and banks.
5: Contract, Deposit, Tax Number and Bank Account
Once you have found the home to buy, we will draw a contract up between both parties. Both people will attend the notary office, where a translator outlines the critical points before the office recognises the document. You will also pay a deposit. We recommend all transactions should take place via a Turkish bank account and we help you open one. We also help get a tax number necessary to complete the process.
6: Title Deeds Application
At this stage, your lawyer will get involved with the process. We have already done due diligence on all properties to ensure they do not have any debt and all legal paperwork is in order, so your lawyer will start the application process for the title deeds. Turkish real estate law says it is unnecessary to use a lawyer, but we recommend you do. We can also give a long list of independent lawyers who speak foreign languages.
7: Sign for the Deeds and Utilities
Once the application is approved, the big day arrives. Before arriving at the title deeds office, we assist you in getting the legal earthquake insurance. Once there, we meet with the translator who will outline the process before you sign. After taking ownership, we then help get utility connections or change them into your name, as in the case with a resale home. You are now a homeowner in Turkey and can enjoy your wise investment. If you have bought the property as a buy-to-let; we can advise on marketing and property maintenance.
8: Keep in Touch
We pride ourselves on excellent customer service and stick around after the sale should our customers need advice or information about any aspect of owning property and living in Turkey. As an official homeowner, we recommend following market news by connecting with us on Facebook, Twitter, or YouTube. At this stage, we can also advise anyone who has purchased a home worth 250,000 USD or more, about the citizenship by investment program.
Also of Interest
When learning how to buy property in Istanbul, it is also helpful to know the current trends and popular areas of which one is the Basin express route. Sitting on the European side, buyers are flocking there thanks to excellent transport links, the new infrastructure, affordable prices, and impressive lifestyle residences. This article about the Basin Express talks about it in more details.
Istanbul Area Guides: Breaking the city down into the European and Asian sides and city centres, these area guides are useful for anyone looking to get to know Istanbul better. Including information on shopping, nightlife, transport, and local events, it can also help house buyers decide which is the best area to buy.