Here, you can find some very helpful tips on your way to make a research and find your ideal property to buy in Istanbul, including cut prices, contacts for English-speaking services, mortgage, legal checks, etc. Although we are Istanbul insiders, the information below is also very useful for both of us and for the ones living abroad and willing to buy property for sale in Istanbul.
How to buy property in Istanbul?
For many locals in Istanbul, it may take up to a weeks to buy a property from the research and finalizing phases. However, although it can be done within that short period of time, we recommend you should give yourself at least three to six months to give the right decision for the ideal property that will be your best investment.
Prepare yourself to buy a property in Istanbul
Istanbul offers wide range of great new real estate projects that are very suitable for every budget. In addition to the new projects on the many popular districts and neighborhoods of the city, the urban transformation projects also provide great opportunities for the sector. The renewed buildings for sale ensure houses and flats in very affordable prices.
In addition, the Turkish Lira’s about 40 percent devaluation against the major foreign currencies since a year, make it a great opportunity for investors to benefit from this situation. And if we add the crisis on the real estate sector by means of millions of new built residences, houses and flats are waiting their potential buyers since 2 years with decreased prices, you can benefit twice from this point of view. Same for the second property owners that they decreased the prices and wait their buyers.
There are also lots of properties that are not being sold during this period and both the companies and locals are involved with a financial mortgage chain, which means that they are in big hurry to sell their properties. And so you can get a good bargain.
Choosing the proper location
It depends on why you want to buy a property in Istanbul. For living or for investing?
Best places to live in Istanbul
If you are a true enthusiast of metropolitan city life, enjoy the city’s lively nights, vibrant streets, being in the city center, ideally among walking distance to all necessary facilities, and on the transportation hub, than we recommend you the below districts and neighborhoods. If you are working, it should be close to your work to avoid yourself from Istanbul’s world famous traffic jam.
European side
Asian side
Best places to invest in Istanbul
If you are a true enthusiast of metropolitan city life, enjoy the city’s lively nights, vibrant streets, being in the city center, ideally among walking distance to all necessary facilities, and on the transportation hub, than we recommend you the below districts and neighborhoods. If you are working, it should be close to your work to avoid yourself from Istanbul’s world famous traffic jam.
European side
- Besiktas, Taksim, Sisli, Bakirkoy, Basaksehir, Beylikduzu, Arnavutkoy (near IST airport), Bahcelievler, Kucukcekmece
Asian side
- Uskudar, Kadikoy, Sancaktepe, Cekmekoy, Umraniye, Atasehir, Bostanci, Maltepe, Kartal, Pendik
Process of buying a property in Istanbul and Turkey
The process of buying a property in Istanbul and also in whole Turkey is very similar to the one in several European countries.
- You’ll need to pay a deposit upon contract signing with the estate agent.
- The final payment is given in connection with the transfer of title deeds (Tapu in Turkish).
The required documents
- Your passport plus photocopy of your passport,
- Six photos in passport size,
- Bank account in a bank located in Turkey,
- Turkish tax number,
- A state employee with a notary if you are buying the property via estate agent.
Costs of the purchase
- Proxy about € 100
- Interpreter about € 50
- Photograph about € 10
- Transaction Cost about 4 percent of the assessed value of the property
Making the Contract
* Upon you give your final decision to purchase the property, a purchase agreement will be established. And you’ll need to pay a deposit to the property owner at that time.
* The amount of deposit varies from property to property, but as a general rule, it is up to 10 percent of the property price.
* Upon all parties sign the agreement and receiving the deposit, the agreement becomes binding.
* Keep in mind that if you decide to cancel your agreement later, than you won’t have a right to get the deposit back. However, if the property owner withdraws from the agreement, than you’ll take the deposit back, also a penalty clause will apply in such an event.
* Upon completion the agreement process, the buyer and property owner (or its power of attorney) will meet in person for the transfer of title deed at the official Land Registry Office. This process mostly takes about an hour. Foreign buyers are also required to have an interpreter with them to certify enrollment.
* You’ll need to pay the taxes and fees (about 4 percent of the assessed value of the property) of the property, defined by the law, before the final deed is signed. Upon all parties sign the contract, the purchase process is complete.
* Signing of the contract and getting the title deed means that the property and the ownership has now been transferred to you and you’ll be registered in the Land Registry.
* Upon the transfer of the title deed, you’ll need to pay the remaining price of the property you bought to the seller.
Professional help when buying a property
If this is your first time property buy in Istanbul, or you wish to buy a property from abroad/overseas, we recommend you to find a trusted realtor to help you find your ideal property in Istanbul and speak your own language.
