Although it is relatively easy to buy property in Istanbul, you should still act carefully to make it a successful investment. You should be clear about what you want from the beginning in terms of location, property type, purchasing purpose, and budget. The real estate you will buy must meet your expectations so that you will make a good investment. Related pages; Is It Safe To Buy Property In Istanbul?

As you have a list of your expectations, the next step is to find a reputable real estate agent. Never buy a house from a genial person that you have met by chance during your stay in Istanbul. You should work with a professional real estate agent who is certified to sell real estate. A good real estate agent will save you time and money since he will guide you correctly throughout the process.

Although it is relatively easy to buy property in Istanbul, you should still act carefully to make it a successful investment. You should be clear about what you want from the beginning in terms of location, property type, purchasing purpose, and budget. The real estate you will buy must meet your expectations so that you will make a good investment. Related pages; Is It Safe To Buy Property In Istanbul?

As you have a list of your expectations, the next step is to find a reputable real estate agent. Never buy a house from a genial person that you have met by chance during your stay in Istanbul. You should work with a professional real estate agent who is certified to sell real estate. A good real estate agent will save you time and money since he will guide you correctly throughout the process.

How to Buy a Property in Istanbul?

Since 2004, Turkish Property Homes ® has delivered thousands of title deeds with zero failure as the leading real estate company in Istanbul, owned and run by Tekçe Overseas Gayrimenkul AŞ. We know exactly what our customers need in the property purchasing process in Istanbul with all our years of sector experience. So we prepared this article consisting of all steps and terms you need to know when you decide to buy a property in Istanbul.

How do I Buy a Property in Istanbul?

Professional Real Estate CompanyStep-1: Work with a Professional Real Estate Company!

The first thing we always strongly recommend is to work with a reliable and professional real estate company when buying a house. Most people do not buy a home every day, which is a demanding multi-step journey, and in this journey, it is not about just finding a home. You need to figure out financing, negotiate on price and possibly request repairs or make concessions, get the home appraised and inspected, deal with title deed transactions, and then sign the sales contract. In this scenario, we assume you have found your dream home, which is a task as difficult as legal procedures.

That’s why a real estate professional may be the best decision for buyers to make the buying process easier because we do manage home sale transactions every day. So we have full control of all the details, such as where there may be problems, what documents are required, etc. You can find more detailed information on How to Buy a Property in Istanbul Securely? Page.

WishlistStep-2: Create Your Wish list!

It is the crucial point in which you will need the assistance of your real estate agent. Firstly, you should clarify what your purpose of purchasing is. Is it for living, investment, or both? This clarity will help you with the other criteria, such as budget and location because investment properties and summer houses can be quite different in terms of price, features, etc. We have a very wide portfolio of properties in Istanbul. Check out our real estate listings page to review the properties that fit the purpose you have in mind.

In the second step, you should decide on the features of the house you want. Do you need a private garden or a swimming pool? Do you prefer a property in a large complex with rich social amenities or an apartment in the city center? There are so many questions like this. You can create your wish list for your dream home by focusing on the home features you need the most.

The next step is to choose a good location for your house. If you want to purchase an investment real estate, the location is an important factor for getting a high return on investment because the difference in value is principally a result of a home’s location. So you need to ask yourself whether you can expect this house to appreciate in the next few years, and by how much. Also, you should consider the location’s accessibility, centrality, and the proximity of amenities, transportation hubs, etc. All these details can only be discussed with a local agent because your real estate agent already knows the property, the neighborhood, etc. So if you need a recommendation, do not hesitate to ask your real estate agent!

After deciding, you should go on with drawing up your budget. Creating a spending plan for your money in the buying process ensures that you will have enough money for the cost of legal procedures, such as title deed transactions, utility connections, etc.

After deciding on the general scheme of your dream house, it’s time to get ready for the viewing tour!

Viewing TourStep-3: Property Viewing Tour and Find the Perfect Property

After specifying your wish list with your real estate agent, the next step is to view the properties that match your preferences and needs. Once you have your eye on a property and like it, we recommend learning as much as you can about it during the tour.

If you have narrowed down your options to two properties sharing almost the same features, you can consult your real estate agent to evaluate the plus and minus features of the properties and from which property you can get the maximum investment efficiency.

AgreementStep-4: Agreeing on the Terms and Preparing Sales Contract

You have found your perfect home, and now it is time to buy it. After the final price is determined and the payment plan is created clearly, a sales contract is signed by the buyer and the seller, which outlines the terms of a transaction between two parties, such as handover, transfer date, payment schedule, and downpayment.

In this case, our real estate agents take special care that the property shown to you is the same that you want, sold by the original owner, debt-free, and mutually agreed with terms and conditions.

Title Deed TransactionStep-5: Payment and Title Deed Transaction

In this final stage, the required legal procedures must be done, the final payment must be made, and all taxes and state duties must be paid. Now, the buyer and the seller will apply for the title deed transaction process. The transaction will be done in the Land Registry and Cadastre Office with all the required documents. It generally takes 1 or 2 days, depending on the work volume at the office. For more detailed info, you can check out our Tapu | Title Deed page.

After signing the title deed, you will officially be the owner of a property in Istanbul!

After Sale ServicesStep-6: What Should You Do After Buying a Property?

Tekce Overseas Gayrimenkul AŞ promises to assist buyers with every step of the process, even after purchasing a house. If you work with us through the whole process, you are going to have the privilege of benefiting from our comprehensive Before and After Sales Services. You can consult your real estate agent and get help on many issues, from property insurance to utility subscriptions for electricity, water, gas, internet, etc.

We are aiming at establishing lifetime relationships with our customers. So our after-sales services will be an ongoing process as long as you own your property.

How to Buy Property in Istanbul as a Foreigner?

The property purchasing process works the same for foreign purchasers, but it is a little more complicated on one’s own. Foreign buyers need to follow some different steps with the additional required documents.

First of all, we believe that healthy communication is an essential element in the buying process. As a foreign buyer, you should handle the process with a local real estate agent who shares the same languages as you not to deal with any miscommunication. Because of that, Tekce Overseas Gayrimenkul AS speaks your language to provide the best customer service. In our offices, we have professional native real estate agents who can speak English, Dutch, French, Swedish, Russian, German, Spanish, Arabic, Farsi, and Chinese.

TeleProperty

Another issue with buying a property abroad is the necessity of traveling in person for legal procedures. So we have entered a new era in the Turkish real estate sector with a brand-new commercial practice: TeleProperty. It allows our customers to buy a property without the necessity of coming to Istanbul in person. You can handle the whole process over the phone, from the viewing tours to sign the sales contract. To learn more, visit the TelePropety page.

TeleMortgageYou have decided to buy the house with TeleProperty, but do you think of applying for a mortgage loan in Istanbul? Tekce Overseas Gayrimenkul AS also offers foreign buyers a privileged system, TeleMortgage, which allows the buyers to complete their mortgage application process without coming to Istanbul in person. You can look at our TeleMortgage page to find out more.

Above all, if you are considering applying for Turkish citizenship, you are in the right place. As with all other points of the process, we are here to guide our customers all through the citizenship process.

Thanks to the decision published on 19.09.2018 and 07.12.2018 on the Turkish Official Gazette, you can apply for Turkish Citizenship by buying a property in Istanbul worth at least 250.000 USD or committing to a notary to buy a property worth 250.000 USD. It will also be possible by depositing 500.000 USD in Turkish banks.

Can A Foreigner Buy Property In Istanbul?

Istanbul is a popular destination for international real estate buyers and holidaymakers. Therefore, many people worldwide are trying to find the answer to one question: “Can I purchase a property in Istanbul?”.

People from almost all nationalities can buy property in Istanbul. Before 2012, people of more than 40 countries couldn’t buy properties due to the law of reciprocity. Today, after the amendments made by the Turkish government in 2012, almost all nationalities can buy properties in Istanbul except for only five countries; Syria, North Korea, South Cyprus, Armenia, and Cuba.

Who can buy property in Istanbul?

Can a foreigner buy property in Istanbul?International real estate buyers are trying to find out if there is a restriction for buying property in Istanbul. So, can a foreigner buy property in Istanbul? In short, the answer is yes. Almost all nationalities can buy real estate in Istanbul. All nationalities can buy properties in Istanbul except for only five countries; Syria, North Korea, South Cyprus, Armenia, and Cuba,

As the leading real estate company in Istanbul, we receive hundreds of phone calls from different countries every day. Some of these phoners are asking “Can we buy property in Istanbul?”. If the caller is not a citizen of the above-mentioned 5 countries, they can purchase property in Istanbul. Besides, Istanbul does not even seek the reciprocity principle for foreign property sales. So, you can buy property in Istanbul even if Turkish citizens can not buy property in your country.

Can anyone buy property in Istanbul?

People from all over the world are interested in the Turkish property market. Some of these people buy properties in Istanbul for holiday purposes, while many people seize profitable investment opportunities and a great many of them are moving to this beautiful country for a living.

When someone buys real estate in Istanbul, title deed conveyance is carried out at the land offices in Istanbul. Unlike some European countries, title deeds can not be registered at the notary public in Istanbul. Required documents for the title deed conveyance are as follows;

– Appraisal report prepared by CMB Licensed Real Estate Appraisal Companies within the last 3 months,

– Passport or identity document of the buyer and seller,

– Title deed of the real estate,

– Compulsory earthquake insurance for buildings,

– Real estate declaration value document of the property from the relevant municipality,

– Photographs of the seller and the buyer, must be taken within the last 6 months,

– Sworn translator for the parties who do not speak Turkish,

– Power of attorney if the transaction is carried out by a proxy.

For detailed information about buying real estate in Istanbul, you can read our article; How to Purchase a Property in Istanbul.

Can a foreigner buy property in Istanbul?Can foreigners buy property in Istanbul?

Although some people are searching the internet for answers to questions like; “Can I buy property in Istanbul?” or “Can a foreigner buy property in Istanbul?”, many people have already purchased their properties in Istanbul. Besides, some of these buyers purchased more than one real estate in Istanbul thanks to the great features of the country and the good return on investment rates.

Istanbul also draws the attention of the investors with the advantageous Turkish citizenship by investment program. According to law, foreigners who purchase property in Istanbul valuing at least 250.000 USD can get Turkish citizenship. Turkish citizenship program steps forth among similar practices in the world as it is an easy and quick process.

Iranians rank the first in the list of nationalities that bought the most real estate in Istanbul. In January, Iranian citizens bought 459 houses from Istanbul. Iran was followed by Iraq with 385 houses, Russian Federation with 260 houses, Afghanistan with 168 houses, and Yemen with 88 houses.

Can A Foreigner Buy Property In Istanbul?

Foreign buyers purchased more than 45.000 units in Istanbul in 2019, which shows a 15% increase compared to the previous year. Istanbul is the most preferred city by foreigners to buy real estate, which is followed by Turkish Property and Ankara respectively.

So, as a foreigner, where can you buy properties in Istanbul? Foreigners can buy any kind of real estate in all cities in Istanbul except for military zones. Related pages; Property Purchasing in Istanbul

As the leading real estate company in Istanbul, we have all kinds of properties for sale in our portfolio; apartments, villas, commercial properties, and lands. Contact us today to get further information or to arrange a viewing tour.

Advices & Pitfalls to Avoid When Buying Property in Istanbul

http://www.youtube.com/embed/yuIZU9xMjKwIf you are thinking about buying a property in Istanbul, there is a number of things to consider to make sure that you avoid any potential pitfalls in the property purchase process. Many people have been unaware of dangers in this process, so you should consider these advices. Here are 8 useful pieces of advice for those who would like to buy property in Istanbul!

8 Useful Advice for Who Would Like to Buy Property in Istanbul

Make a Deal with Professional and Reliable Real Estate Company

First of all, the most important thing is to make sure you know the company and the people you are dealing with. Many people come to Istanbul and meet a person who has a friend that is supposedly selling an apartment at a very reasonable price. The most important role of a real estate agent would be to help her/his customers avoid potential pitfalls.

So the first thing to do is to find a reputable Real Estate company that you can trust. You may google it for your search. The quality of the real estate website is the first indication of the level of competence of the company. That’s a good start for you. Also, before your potential purchases, you can search about the company to see if anyone has anything negative reviews about them.

When you find a reliable real estate company, you should call them to get a feel for the buying process. The professional real estate company must be always courteous and answer all questions in a forthright manner. Most professional real estate agents, especially ones in tourist towns, should have at least one member of staff who can speak English fluently.

Request Inspection Tours

Request Inspection Tours

After choosing some properties that you are interested in, you can send an e-mail of inquiry to the company. It is important to get to know the area and decide whether it is the right location for you.

At this point, if the company offers you cheap accommodation and a day or two property viewing tours, you can book your trip.

Save Your Money

Some people think they can save money by not dealing with a Real Estate Company and it can end up costing them a lot more. For instance, you as the buyer, have no real way of knowing the correct market value of the property as it is not controlled in the same way as it is in the UK, for example.

So, with professional real estate agents, you can avoid the long and stressful journey of buying a property in Istanbul. With a professional real estate agent, you can aware of all purchase expenses and save your money.

Get a Lawyer Support

There are also many things that can go wrong if you don’t deal with a reliable Estate Agent, another thing you can do is to get your own independent lawyer support. Remember, the estate agent is acting on behalf of the seller as well as yours, so although they can draw up contracts themselves, it is still better to have that extra layer of protection from someone looking after your interests solely.

Again, you should do your research to find a reputable lawyer with who you can converse easily within either your own language or a common language such as English. Do not go with a lawyer with who you cannot communicate at a high level as this can lead to misunderstandings and you want to avoid them at all costs.

Clarify Payment

Although the Real Estate Agent has probably checked the “Title Deeds” do actually belong to the person selling the property, it is usually also done by the lawyer as a safety measure on your behalf. They will check the seller’s information, that they own the property outright and that the property is not liable for any outstanding debts. This should be done before any deposit is paid.

At this point, you should also be asking how much are the maintenance charges for the property. If it is a simple residential property it should be quite cheap as you only pay for communal stair lighting and maybe garden cleaning but if it is a property on a site with a swimming pool, fitness area, etc then the prices will increase. That’s a weighty matter that you should be aware of before purchasing.

Buying Off-Plan Property

Another potentially huge pitfall is buying off-plan properties abroad. You can actually save a lot of money by purchasing off-plan but you have to be wary. Some companies do not have the total money required to finish the building when each person agrees to buy and invests money does the project continues. In the real estate market where there are many new buildings going up this can be very dangerous.

There are some companies that are fully solvent and they only build when they know they have the money to complete the project. You should get these types of assurances from the company if you choose to buy off-plan and of course have any penalties written into the contract, just in case they fail to deliver on their promises.

Make Sure Whole Buying Property Process

After the Title Deed (tapu) of the property has been clarified, your lawyer, Real Estate Agent, and the seller will draft a contract clearly stating all the conditions of the sale. This should be as detailed as possible, with the times of payments clearly stated and any penalties for anyone not complying with the contract written and agreed upon. This is when you should pay your deposit.

You should check that the Estate Agent is bonded to hold the deposit and be careful not to pay too much too soon. (Read more about property purchasing in Istanbul)

Critical Point

Before foreigners purchase real estate, it is necessary to obtain permission from the military authorities in the region. In the past, you had to apply to the headquarters in Ankara to do this and it used to take from 3 months up to a year. This meant that when it came to purchasing the property you would pay up to 90% to the seller and then the final 10% when you receive the title deed. However, there has been a change in the system recently and it is now done locally. So the title deed (tapu) is transferred usually between 2 and 4 weeks. This is great news for you and means you can pay a lower deposit as the seller doesn’t have to wait so long for his final payment.

Control of Right of Succession

One last thing about purchasing a property in Istanbul as you want to look into the inheritance rules that are in place as they may not be the same as your home country. It is probably a good idea to draft a will with your lawyer so that in the case of any death in the family the property will go to the person to whom you have chosen.

For instance, you could be married to someone who has a daughter neither of you has seen in 20 years for whatever reason. If your partner dies, the total property value may not automatically go to the grieving spouse but 50% of it could be due to go to the daughter. It is just something to bear in mind.

To sum up, you are cautious as long as you choose a good estate agent and lawyer and you make sure you are fully aware of every step of the procedure and ask questions as you proceed to clarify any issues. Hereafter you don’t have anything to worry about and you can just enjoy your home in Istanbul. In addition, if you consider buying a house in Istanbul, you may visit our testimonials page.

Must-Know Facts for Investors in Istanbul

As a transcontinental country, Istanbul is surrounded by seas on three sides. It has a perfect location, intersectional of Europe-Asia, bordering the Black Sea; between Bulgaria and Georgia, and bordering the Aegean-Mediterranean Sea; between Greece and Syria. Istanbul hosts many international events, interesting visitors, and international investors all year. Istanbul continues to attract the attention of the world with its trade, tourism, finance, health, technology, culture and arts activities.

Istanbul’s Economic Growth is Praiseworthy

Facts of IstanbulDescribed as an emerging market economy by the IMF, Istanbul has become the world’s 19th largest economy. Istanbul’s economy is based on the agricultural, industrial, construction and contracting, and service sectors. Since the early 2000s, new economic and social developments uplift the country’s economy and lead to increase employment and incomes. Reasonable taxes and government grants boost the private sector to stimulate the economy. Istanbul has a strong and rapidly growing private sector that plays a major role in its global position.

With 783.562 square kilometers, it has the largest land area in Western (or Eastern) Europe. Its wide and fertile land, favorable climate stimulate the country’s economy. Also, its historic background and ancient ruins enable to continuously increase the dynamics of the tourism sector and to make it a unique living space for foreigners. To be informed of the historic background of the country, here’s a summary of UNESCO World Heritage Sites in Istanbul.

The Youngest Population Among European Countries

With a population of 83 million, Istanbul has the youngest population among European countries. It has a dynamic population due to the fact that 55% of the population is under the age of 35. That means the country is extremely amenable to any advancement thanks to its youthful population.

The urban population accounts for 90% of the total population. Istanbul is the largest city having an 18,4% population residing in the country. Ankara, the capital of the country, follows Istanbul as the second-largest city with a population of 5,5 million.

Attractive Investment Hotspot of Europe

Facts of IstanbulIstanbul has become a global business center preferred by investors, with a high foreign capital that consists of 27% of the total assets of the country in the financial sector.

EY Europe Attractiveness Survey 2018 showed that Istanbul has become the 7th most popular country in Europe, regarding foreign direct investment(FDI). According to the statistics, the volume of international capital investments in the country has been expanded; increased from 5,600 in 2012 to 65,533 at the end of 2018.

A total of 7.7 million homes were sold in Istanbul between 2013-2018. A number of 1,35 million properties were sold in 2019. Compared to the previous year, foreign home buyers purchased 45,483 properties in Istanbul that year, which shows an increase of around 14.7%. Furthermore, international real estate buyers are continuing to propel Istanbul’s high-end real estate market lately, even during pandemic situations. There are some surveys that show foreign investors want to hold their properties in Istanbul after purchasing. These surveys also prove that the investment is very reliable and foreigners trust the Turkish economy.

Istanbul is on the top of international sales with 20,857 properties; Turkish Property has 8,951 property sales, follows Istanbul on foreign real estate sales statistics reports as a second city. But some cities in Istanbul such as Ankara, İzmir, Bursa, Kocaeli, and Mersin offer higher investment opportunities compared to Istanbul. With new urban transformation projects in touch with natural surroundings that wait to discover, the potentials of these cities should be evaluated too. In Istanbul, there are 23 cities with a population of more than one million.

Istanbul is well organized in the strong real estate market to foreigners. The competitive interest of different countries from all over the world shows the effectiveness and vitality of the industry. According to 2019 foreign real estate sales, 20 countries have the main role in the sector with the highest number of purchases: Iraq, Iran, Russia, Afghanistan, England, Libya, Sweden, Kuwait, Germany, Jordan, Azerbaijan, Palestine, Qatar, Ukraine, USA, Saudi Arabia, and Lebanon.

Well-Connected Air Transportation with New Routes Developments

With the increase in the number of airline companies, Istanbul’s air transportation sector has gained speed. There has been a significant rise in aircraft numbers and seat capacity. So these rapid developments have been required new routes to better connect to the whole world with each passing day. Now, there are many direct flights from different cities to over 250 cities around the world. It is possible to find a direct flight abroad from more than 15 metropolitan cities.

With its economic development that strengthens the real estate market day by day, excellent strategic location, and many more reasons, Istanbul offers great opportunities for those who are looking for investing and living. To take the guidance of a global leading real estate company that is able to navigate the local landscape has become an increasingly attractive and secure way today. We guide our customers at all stages of buying real estate in Istanbul with our comprehensive services. If you have any questions about Istanbul real estate market, get in touch with us soon!