Property for sale in Istanbul
Property for sale in Istanbul
When you buy a house or property in Istanbul, you are not just becoming the owner of a piece of land or a house in Turkey; instead, you are investing in the Turkish economy. Therefore, before buying a house in Turkey or any other foreign country, it is necessary to consider its economic situation and growth rate.
If the country in question has experienced steady economic growth over the past few years, don’t hesitate to invest and buy a home in the country.
The same is true for Istanbul, Turkey. Istanbul is not only a beautiful and dreamy city to live in, but also one of the safest and best places in the world to invest in real estate and housing. As mentioned earlier, buying property in Istanbul and investing in Turkish real estate is not a new issue, but it has seen unprecedented prosperity over the past few years.
Types of Property Buyers in Turkey
In total, applicants for buying a house and an apartment in Turkey fall into three categories:
The first group of applicants to buy a house in Istanbul, which is also the largest population of applicants for a house in Turkey, are applicants for a villa and a house in Turkey and Istanbul.
After a trip to Istanbul and Turkey, these people usually fall in love with the beauty and enchanting atmosphere of life in Istanbul. By buying a villa in Istanbul, Turkey, they look for a second home for vacation and entertainment.
The second group of applicants to buy a house in Istanbul are those who buy a house in this city for life or retirement. These people who buy property in Istanbul are more interested in living in a safe economic environment, with appropriate welfare, medical and educational services, and a warm and Mediterranean climate to spend their time.
The third category of applicants to buy a house in Istanbul also includes buying a house in Istanbul for business and investment and investing in Turkish real estate.
You should know that pre-purchasing units can be very profitable.
Real Estate for Sale in Istanbul
Sales of various types of real estate in Istanbul, especially residential apartments, have increased dramatically since the beginning of this year. Among all Turkish provinces, Istanbul ranks first in terms of real estate sales.
One and a half million properties were sold in Turkey in the first seven months of this year.
According to data published by the General Directorate of Tapu and Cadastre of Turkey (Property and Deeds Registration), the number of properties sold throughout Turkey during the first seven months of this year (2021) amounted to 1,494,165 properties. The cost of the Tapu document (ownership document) amounted to 10 billion 221 million 875 thousand 369 Turkish lire.
The sale of real estate throughout Turkey and real estate in Istanbul in July of this year amounted to 231 thousand 317 properties.
The cost of the title deed resulting from the sale of these properties in Turkey during the month was 1 billion 858 million 277 thousand 853 lire.
Residential apartments were the best-selling real estate in Turkey.
All cities in Turkey have the opportunity to pre-purchase property.
Among the best-selling real estate in Turkey during the first seven months of this year (2021), residential apartments with 639 thousand and 646 units took first place. In second place were agricultural lands, of which 409,959 lands were sold during the mentioned period.
Construction land also came in third with sales of more than 267,714 plots; meanwhile, commercial real estate ranked fourth with sales of 67,710 properties.
Istanbul tops all Turkish provinces in terms of real estate sales.
Regarding the details of real estate sales in Istanbul in the first seven months of this year, the province of Istanbul ranked first among all Turkish states. The number of sales of different real estate types in this state during the mentioned period was 189,256 properties.
This sales in Istanbul is 12.6% of the total sales of Turkish real estate during the seven months. The Turkish capital, Ankara, came in second with 99,857 properties sold, accounting for 6.7% of total real estate sales throughout Turkey. Izmir Province came in third with 67,705 properties sold, accounting for 4.7 percent of Turkey’s total real estate sales during the period.
How to Find a Suitable Property for Yourself in Istanbul?
1. Research the Neighborhood: Before making a purchase, it’s important to research the neighborhood where the property is located. Look for information on nearby amenities and facilities, such as grocery stores, restaurants, schools, and hospitals. This will help you determine whether the property is located in a convenient and desirable area.
2. Check the Condition of the Property: When viewing a property, be sure to check for any damages or repairs needed. Look for signs of water damage or mold, cracks in the walls or ceilings, and any other issues that may need to be addressed. If you’re unsure about the condition of the property, consider hiring a professional inspector to conduct a thorough inspection.
3. Evaluate the Transportation Options: Consider the transportation options in the area, such as public transportation, bike lanes, or walking paths. If you plan to commute to work or school, make sure the property is located near a transportation hub or major road.
4. Compare Prices: To ensure that you’re getting a fair price for the property, compare the price lists of similar homes in the same area. Keep in mind that price analysis can be complicated when it comes to slight differences in key factors, such as size, number of rooms and bathrooms, and the condition of the property.
5. Hire a Reputable Real Estate Agent: Working with a reputable real estate agent can make the property search process much smoother. Look for an agent who has experience working with foreigners and who can provide references from previous clients. Make sure to clarify their commission and fees upfront.
6. Understand the Buying Process: Before making a purchase, make sure you understand the buying process in Turkey. This may involve obtaining a residence permit or tax number, opening a bank account, and obtaining a notary public or translator. It’s important to know the legal requirements and timelines involved in the buying process to avoid any issues or unexpected delays.
By following these tips, you can ensure that you find a suitable property in Istanbul that meets your needs and budget. Good luck with your property search!
How to Get More Information about Buying Property in Istanbul?
If you have a budget under $400,000 and are looking to acquire a $100,000 apartment in Istanbul, then you may still be eligible for a permanent residence card for yourself and family members under 18. However, since the property value is below the eligibility threshold, you will not be able to obtain citizenship in Turkey. To be eligible for Turkish citizenship through property investment, you must purchase a house or an apartment, or multiple properties with a minimum total value of $400,000 in Istanbul or other Turkish cities.
This process allows you and your family members to obtain a permanent residence card, Turkish citizenship, and passport within 2 to 3 months, enabling you to purchase real estate in Istanbul.
It is crucial to ensure that the property you plan to purchase has an official Turkish document called Tapu. You must verify all documents or seek legal counsel to do so. Maria, for instance, fell in love with Antalya while vacationing and decided to purchase a villa there. She engaged an agent through a friend of a friend and signed a contract without fully comprehending the terms and conditions. The agent informed her that she could receive a discount if she paid in cash, so she withdrew all her savings and paid in full.
It was later revealed that the property had legal issues, and she could not acquire full ownership of it. She tried contacting the agent, but they vanished. As a result, she lost all her savings and had to leave Turkey. It was a painful lesson for her, and she regrets not conducting more research and seeking legal advice before making any payments.
The fees for buying property in Turkey include:
- Property purchase tax (4% of the property’s appraised value)
- Stamp duty (0.948% of the property’s appraised value)
- Land Registry fee (2% of the property’s appraised value)
- Notary fees (around 1% of the purchase price)
- Real estate agent commission (3% of the purchase price)
- DASK insurance premium (depending on the size of the property)
Timeline for obtaining the necessary documents for buying property in Istanbul
- Obtain a tax number – Day 1
Before you can buy property in Istanbul, you’ll need to obtain a tax number from the local tax office. This can be done on the same day you visit the tax office, as long as you have the necessary identification documents with you. You’ll need to provide your passport or residence permit, and your tax number will be issued on the spot.
Find a property and sign a sales agreement – Days 1-30
The next step is to find a property that meets your needs and budget. Once you’ve found a property that you like, you’ll need to sign a sales agreement with the seller. The sales agreement should outline the terms and conditions of the sale, including the purchase price, payment schedule, and any other relevant details.
- Obtain a property appraisal – Days 7-30
To obtain a mortgage or loan for your property purchase, you’ll need to obtain a property appraisal. This is a valuation of the property conducted by a professional appraiser. The appraisal process can take anywhere from a few days to a few weeks, depending on the availability of appraisers and the complexity of the property.
- Apply for a military clearance certificate – Days 10-30
In Turkey, all property purchases must be approved by the Turkish military. To obtain this approval, you’ll need to apply for a military clearance certificate. This process can take anywhere from 10 to 30 days, depending on the location of the property and the workload of the military authorities.
- Obtain a property deed transfer permit – Days 15-45
Once you have your military clearance certificate, you can apply for a property deed transfer permit from the local land registry office. This process can take anywhere from 15 to 45 days, depending on the workload of the land registry office.
- Transfer the property deed – Days 30-90
Once you have your property deed transfer permit, you can transfer the property deed from the seller to yourself. This process can take anywhere from 30 to 90 days, depending on the workload of the land registry office and the complexity of the property transfer.
- Obtain a residence permit – Days 60-90
If you’re a foreigner buying property in Turkey, you’ll need to obtain a residence permit to stay in the country for more than 90 days. This process can take anywhere from 60 to 90 days, depending on the workload of the immigration authorities.
Where to buy property for sale in Istanbul
Istanbul is a vast and diverse city with many different districts, each with its own unique character, attractions, and lifestyle. Here are brief descriptions of some of the most popular districts in Istanbul:
- Taksim: Taksim is a bustling district located in the heart of Istanbul. It is known for its vibrant nightlife, shopping, and cultural attractions, including the iconic Taksim Square and Istiklal Avenue. Taksim is well-connected to the rest of Istanbul via a network of buses, metro, and funicular lines.
It is home to many international hotels, restaurants, and shopping centers. Local amenities include hospitals, schools, and universities. There are several parks in the area, including Gezi Park.
- Besiktas: Besiktas is a lively district located on the European side of Istanbul, overlooking the Bosphorus. It is home to many popular tourist attractions, including the Dolmabahce Palace and the Besiktas Fish Market.
Besiktas is easily accessible by bus, metro, and ferry, and it is a major transportation hub connecting the European and Asian sides of Istanbul. It is home to many international schools, universities, and hospitals. Local amenities include shopping centers, restaurants, and cafes. There are several parks in the area, including Yildiz Park.
- Kadikoy: Kadikoy is a vibrant district located on the Asian side of Istanbul. It is known for its hip cafes, restaurants, and bars, as well as its lively street markets and historic buildings.
Kadikoy is well-connected to the rest of Istanbul via a network of buses, ferries, and metro lines. It is home to many local and international schools, universities, and hospitals. Local amenities include shopping centers, cafes, and restaurants. There are several parks in the area, including Fenerbahce Park.
- Bebek: Bebek is an upscale district located on the European side of Istanbul, overlooking the Bosphorus. It is known for its luxurious villas, trendy cafes, and high-end shops.
Bebek is well-connected to the rest of Istanbul via buses and taxis. It is a high-end residential area, and local amenities include luxury shops, cafes, and restaurants. There are several parks in the area, including Bebek Park.
- Sisli: Sisli is a diverse district located on the European side of Istanbul. It is known for its shopping malls, luxurious hotels, and upscale residential areas.
Sisli is well-connected to the rest of Istanbul via buses, metro, and metrobus lines. It is home to many international schools, universities, and hospitals. Local amenities include shopping centers, restaurants, and cafes. There are several parks in the area, including Macka Park.
- Uskudar: Uskudar is a historic district located on the Asian side of Istanbul. It is known for its Ottoman-era architecture, traditional markets, and stunning views of the Bosphorus.
It is well-connected to the rest of Istanbul via buses, metro, and ferry lines. It is home to many local and international schools, universities, and hospitals. Local amenities include shopping centers, restaurants, and cafes. There are several parks in the area, including Fethi Pasa Korusu.
- Fatih: Fatih is a historic district located on the European side of Istanbul. It is home to many iconic landmarks, including the Blue Mosque, Hagia Sophia, and the Grand Bazaar.
Fatih is well-connected to the rest of Istanbul via buses, trams, and metro lines. There are several parks in the area, including Gülhane Park.
These are just a few of the many districts in Istanbul, each with its own unique flavor and attractions. When considering buying property in Istanbul, it is important to explore different districts and find the one that best fits your lifestyle and needs.
Renting a house in Istanbul
Renting a house in Istanbul can be a good option for those who do not want to commit to buying a property. The process of renting a house in Istanbul is fairly straightforward, and there are many different types of properties available for rent, from furnished apartments to villas and houses.
The cost of renting a house in Istanbul can vary depending on the location, size, and type of property. In general, the average cost of a one-bedroom apartment in Istanbul can range from 1,500 to 3,500 Turkish Lira (approximately $180 to $420) per month, while the cost of a three-bedroom apartment can range from 3,000 to 7,000 Turkish Lira (approximately $360 to $840) per month.
When renting a house in Istanbul, it is important to work with a reputable real estate agent or landlord, and to carefully review the terms of the lease agreement before signing.
Investing in Rental Properties
Investing in rental properties can be a good option for those who want to earn income from their property. Istanbul is a popular tourist destination, and there is a high demand for rental properties, particularly in areas with high tourist traffic.
Investing in rental properties can be a good way to generate passive income, but it is important to carefully consider the costs and risks involved. The cost of purchasing a rental property in Istanbul can vary depending on the location, size, and type of property. Additionally, investors should factor in the costs of property management, maintenance, and taxes.
When investing in rental properties, it is important to work with a reputable real estate agent or property management company, and to carefully research the local rental market to ensure that the property is priced appropriately and will generate a good return on investment.
Overall, renting a house in Istanbul can be a good option for those who do not want to commit to buying a property, while investing in rental properties can be a good option for those who want to earn income from their property. However, it is important to carefully consider the costs and risks involved in both options and to work with reputable professionals to ensure a successful investment.
Legal guide to buying property in Istanbul
- Necessary documents: When buying property in Turkey, foreigners must obtain a “Property Title Deed” (known as “Tapu” in Turkish) from the Land Registry Office. To apply for a Tapu, you’ll need to provide your passport or ID card, a tax number, and proof of payment for the property. If you’re buying property through a company, you’ll also need to provide additional documents such as a company registration certificate and a power of attorney.
- Fees: The fees involved in buying property in Turkey include the purchase price, which is negotiated between the buyer and the seller, as well as additional costs such as the Land Registry Office fee, which is generally 2% of the purchase price, and the real estate agent’s commission, which is typically around 3% of the purchase price.
- Taxes: There are several taxes involved in buying property in Turkey, including the Property Purchase Tax (4% of the purchase price), the Title Deed Fees (1.5% of the purchase price), and the Value Added Tax (VAT), which is 18% for new properties and exempt for resale properties.
- Legal requirements: Before buying property in Turkey, it’s important to do your due diligence and research the property thoroughly.
You should also work with a reputable real estate agent and lawyer who can assist you with the necessary paperwork and ensure that the transaction is legal and transparent. It’s also recommended to have any contracts and documents translated by a certified translator and to seek legal advice before making any payments or signing any contracts.
- Restrictions: Foreigners are generally allowed to buy property in Turkey without any restrictions, except for properties located in military zones or areas of strategic importance. Some countries may also have restrictions on the amount of land that foreigners can own in Turkey, so it’s important to check with your country’s embassy or consulate.
By understanding the legal requirements and fees involved in buying property in Turkey, potential buyers can make informed decisions and avoid potential pitfalls. It’s also recommended to seek professional advice and assistance to ensure a smooth and transparent transaction.
FAQ (Frequently Asked Questions)
Property investment in Istanbul offers a range of benefits, including high potential for capital appreciation, high rental yields, strategic location, economic growth, cultural and historical significance, and government incentives.
foreigners can buy property in Istanbul and other cities in Turkey, subject to certain restrictions in some areas. The Turkish government has made it attractive for foreign nationals to invest in the country’s real estate market by offering various incentives and privileges.
According to recent data, the average price of a residential property in Istanbul is around 2,500 Turkish Lira per square meter (approximately $300 per square meter). This means that a 100 square meter apartment in Istanbul would cost around 250,000 Turkish Lira (approximately $30,000).
Overall, the cost of buying property in Istanbul can range from a few hundred thousand Turkish Lira to several million Turkish Lira, depending on the location and type of property. It is recommended that potential buyers work with a reputable real estate agent or lawyer to understand the costs and fees associated with buying property in Istanbul.
While the cost of real estate in Istanbul may not be the cheapest in the world, it is still relatively affordable and offers good value compared to other major cities in Europe.
Foreign nationals who purchase property in Turkey are eligible to obtain a residence permit. The duration of the residence permit may vary depending on the type of property purchased and the purpose of the stay.
The cheapest cost of property in Istanbul is dependent on various factors, including the location, type, and condition of the property. However, potential buyers can find affordable properties in some of Istanbul’s suburban areas, which may offer good value for the price.
The cost of living in Istanbul can vary depending on the individual’s lifestyle and the area they choose to live in. Generally, Istanbul is considered to be an affordable city compared to other major cities in Europe, but the cost of living can still be relatively high in some areas.