Buy property in Istanbul in the real estate market in Turkey has become the favorite market to the foreign investors.
The real estate market in Istanbul is characterized by providing high profitable returns, and it is an active market.
Istanbul has witnessed in recent years a wide urban renaissance. Hundreds of modern residential and commercial projects with a modern design have been established.
Why Istanbul?
Istanbul has attracted the attention of foreign and local investors to buy property in Istanbul, due to its important strategic location and being the economic and tourist capital of Turkey. In addition to its large population, which provides a large segment of consumers and labor. Infrastructure projects undertaken by the Turkish government in Istanbul also greatly affect the real estate market such as Istanbul Third Airport and Canal Istanbul
Which is considered a qualitative leap in the history of Istanbul, as the project plays a major role in the rise in land and property prices in the city in general and on apartment prices in Istanbul in the areas surrounding the canal project.
The best areas to buy property in Istanbul:
Kagithane in Istanbul:
Kagithane district is located on the European side of Istanbul and is surrounded by Sisli, Eyup, and Beyoglu districts. This area is considered one of the best areas for the real estate investment in Istanbul.
Kagithane is a historical area with many monuments and its history stretches back to the Byzantine period.
The opening of the famous Biala Pasha Tunnel, the metro line project and the valley reclamation project in it also contributed to making it one of the most important strategic and central places in the city.
It is one of the most attractive areas for local and foreign investors who interested in real estate investment in Istanbul, and want to buy property in Istanbul.
Başakşehir in Istanbul:
Başakşehir is one of the most prestigious areas in Istanbul. One of the most prominent features of its strategic location overlooking the Istanbul Canal project, which constitutes a qualitative leap for the region after the project is ready.
Başakşehir has a strong transportation network serving the region, including public transport buses, metro line, and minibuses. It has a connecting station that facilitates access to all places in Istanbul.
The municipality of Başakşehir is interested in establishing infrastructure projects that advance the region, such as the Botanic Park, which is the largest botanical garden in Turkey, and the largest cafe in Turkey was also opened.
Beylikdüzü:
Beylikdüzü is a central area of New Istanbul, this is due to its strategic location and being a new region with rapid growth and development in all sides.
It has a lot of features, the most important of which are:
It is located near the airport, and there are many universities in it (Fateh University, Beykent University, Oceanus University. Beylikdüzü is also characterized by its abundance of shopping malls, such as the famous Marmara Park Mall.
In addition, public transportation services in the region, (Metrobus, which is one of the fastest means of transportation in Istanbul, which connects Beylikdüzü to all areas of the city on the Asian and European sides).
It overlooks the Marmara Sea, and because it was previously an agricultural area through the ages, and despite the architectural expansion in the region, it still preserves the beauty of its green nature, which in turn made it an area that attracts tourists and foreigners.
Among the most prominent tourist places in it are the Rasasi Palace or Sultan Suleiman’s Palace, the Buyukcekmece Bridge, which is a magnificent architectural monument, and the Kulusi House, which was built by Sultan Suleiman the Magnificent and was restored to become one of the most important tourist attractions in the region.
Investment value:
In the last ten years, Luxury apartment compound built and extensive urban activity occurred in Beylikdüzü. This urban renaissance contributed to attracting foreign businessmen and local investors Where property prices in Beylikdüzü are reasonable and suitable for investors who want to buy property in Istanbul
On the other hand, buy property in Istanbul in Beylikdüzü provides high profit returns of about 8% annually.
If you want to buy property in Istanbul sea view with a strategic location and an upscale area that provides high investment returns, we recommend you to buy property in Istanbul in Beylikdüzü area.
Besiktas:
Besiktas is located on the European side of Istanbul between Ortakoy and Kabatas, and is considered one of the most important and famous areas in Istanbul.
Besiktas overlooks the Bosphorus, and there are cafes, restaurants and large commercial markets. Besiktas is famous for its wide square, where the Republic Monument is located. It is also considered the cultural center for the local population as it includes many important cultural historical monuments, universities and schools in Istanbul.
buy property in Istanbul Besiktas:
Besiktas is also a destination for foreign investors who want to buy property in Istanbul to obtain Turkish citizenship and investment.
It is worth noting that property prices in Istanbul in the Besiktas region are constantly rising, and this is what makes the investment in buy property in Istanbul in the Besiktas region a successful and safe investment.
Uskudar district in Istanbul:
Uskudar is located on the Asian side of Istanbul, overlooking the Bosporus. It is considered one of the most beautiful tourist areas in Istanbul because of its archaeological sites such as towers, palaces and mosques, which extend from the Greek era to the Ottoman era, in addition to many parks located on high hills overlooking the city and the strait.
buy property in Istanbul Uskudar:
Property in the Uskudar region is characterized by its diversity in terms of residential and commercial properties.
Buy property in Istanbul in Uskudar region is an ideal opportunity for housing or investment, due to the importance of the region in terms of the strategic location in central Istanbul and on the tourism level, as it includes the most beautiful tourist places in Istanbul.
Istanbul We must note in this context that properties prices in Istanbul, the Asian side, in the Uskudar region are high compared to the prices of apartments in Istanbul, the European side.
Buy property in Istanbul in Buyukcekmece:
Buyukcekmece is located to the west of Istanbul, bordered to the east by Beylikdüzü and Esenyurt, to the west by Silivri, to the north by Çatalca and Arnavutkoy, and to the south by the Sea of Marmara.
The area extends over an area of 360 km, and its population is estimated, according to the latest government statistics, about 250 thousand people.
The projects in Buyukcekmece:
Büyükçekmece, in terms of its urban design, is considered a city of villas.
There are 15,000 villas, and 35,000 villas will be built according to the new reconstruction plan.
The reconstruction plan includes rebuilding old buildings and converting them into modern housing and high residential towers.
According to the plans of Buyukcekmece Municipality, the Disneyland project will be established to be the first resort and amusement park of its kind in Istanbul.
It is worth noting that the Büyükçekmece region is one of the most fortunate regions in Turkey in the distribution of green spaces. About 65% of its area is green spaces.
Real estate investment buy property in Istanbul :
If you want to buy property in Istanbul and looking for sea view villa in Istanbul on the European side, either for living or for investment and get Turkish citizenship, we are at Homes and Beyond group provide you the best offers in Istanbul. We have many projects under construction and ready to move in Istanbul. You can buy sea view apartment in Istanbul in Büyükçekmece area in a good price. All what you need to do contact us to get our offers.
Arnavutkoy district in Istanbul:
Arnavutkoy is located on the European side of Istanbul, northwest of the city, next to the Black Sea. It is adjacent to the Sultan Eyup district to the east, Başakşehir and Esenyurt to the southeast, Buyukcekmece to the south, and Çatalca to the west.
The Arnavutkoy region extends over an area of 160 km, and borders the Black Sea coast at a distance of 22 km.
There are also restaurants and cafes that are famous for serving delicious seafood dishes. It is one of the most important tourist areas in Istanbul, as it attracts tourists looking for calm and comfort in the lap of nature, away from the hustle and bustle of the city.
buy property in Istanbul Arnavutkoy:
Arnavutkoy is the incubator for mega infrastructure projects (Canal Istanbul project, Istanbul Airport, the largest airport in the world, Istanbul Third Bridge). Which made it a new investment destination for local and foreign investors, who are interested in buy property in Istanbul, and looking for land for sale in Istanbul.
The Turkish government has recently been focusing its attention on the reconstruction of Arnavutkoy mega projects, and encouraging an increase in the proportion of real estate investments in them.
It is worth noting that property prices in Istanbul in the Arnavutkoy area are considered low compared to the prices of apartments in Istanbul in other areas.
buy property in Istanbul Bagcilar:
Bagcilar is located in the north of the European part of Istanbul, between the two main highways of the city E5 and TEM.
It is bordered on the west by Küçükçekmece Lake, on the north by the Başakşehir and Arnavutköy districts, on the south by the Bahçelievler and Yeni Bosna district, and on the east by Gazi Osman pasha district.
In the past, it was a village belonging to the Mahmoud Bey area, where the Greeks lived during the period of Ottoman rule in the fifties of the last century.
With the advent of the nineties, it was greatly expanded and included wide and organized streets, and the expansion project is still going on today.
Buy property in Istanbul:
Bagcilar contains important archaeological and historical areas, such as the Imam Bukhari Mosque, which is one of Istanbul’s tourist attractions, and includes many recreational places such as theaters, parks and cafes.
In addition to commercial centers and malls, such as the “Port Outlet 212” Mall, Mall of Istanbul, which is located on Basin Express Road.
There are the most famous hospitals, such as Medipol Hospital.
The region includes major construction projects, especially those overlooking the Basin Express Road, which provides a distinguished investment opportunity due to the importance of the region.
Most of the construction companies in Bagcilar also offer rental guarantees for apartments.
Frequently asked questions about buy property in Istanbul:
if you want to invest in the real estate market and buy property in Istanbul, you have to know these important information.
What are the best Turkish cities to buy a property?
Istanbul is one of the most important Turkish cities as it is the economic and tourist capital. If the goal of the purchase is an investment, we advise you to buy property in Istanbul, and if you are looking for apartments for sale in Turkey for holidays and recreation, we recommend that you choose the tourist areas with beautiful nature, away from the hustle and bustle of the city.
How do I pay to buy property in Istanbul?
The price of the property is often paid by bank transfer from the buyer’s account to the account of the company that created the property or the owner of the property. Bank transfers are the safest method for the buyer and seller.
Is a foreigner entitled to buy more than one property in Turkey?
The Turkish government has made many amendments to the decisions of foreign who want to buy property in Istanbul, as it lifted the ban on some nationalities that were not entitled to own property in Turkey, and made it easier for investors to purchase and the possibility of owning more than one property.
Can the property owner obtain a residence permit in Turkey?
A property owner in Turkey can obtain a two-year renewable residence permit by buy property in Istanbul.
What are the conditions for obtaining Turkish citizenship?
A foreigner has the right to obtain Turkish citizenship by buying apartments in Turkey worth 400 thousand dollars and above, and he is not entitled to sell the property until after three years.
What is the tax of buy property in Istanbul ?
The value of the property registration and transfer tax is 4% of the property price and is paid only once and is often divided equally between the seller and the buyer.
Can the property be resold?
A foreign property owner can sell his property at any time he wants.
We advise our valued customers, when they intend to sell their property, to coordinate with one of the trusted real estate companies, and we can assist them in this through the Homes and Beyond Real Estate Investment Group, where we provide property management services.
Is a foreigner entitled to buy a property in any Turkish city or buy property in Istanbul only?
Foreigners have the right to own property in Turkey in any city, and we advise our clients who want to buy apartments in Turkey to buy property in Istanbul, where the ingredients for a successful investment are available.
What are the conditions for buy property in Istanbul for foreigners?
If the investor wants to buy apartments in Istanbul, for example, he has the right to own more than one property, whether it is a residential or commercial property, without restrictions or any conditions.
If the investor wants to buy and reclaim land, he must submit his project and reclaim the land within two years.
Can foreigners insure property with Turkish insurance companies?
A foreign property owner in Turkey can insure his property, and there are many globally recognized insurance companies and Turkish local institutions that provide property insurance services.
How to subscribe to service establishments (gas, electricity, and water)?
When buy property in Istanbul, the value of insurance and connection of gas, electricity and water services is paid for one time by visiting the relevant institutions, which are simple procedures that we at Homes and Beyond can help you by providing all the necessary services.
Who manages the compound and what are the fees to be paid monthly?
Each compound has an administrative committee specialized in management matters whose mission is to provide all services to the residents of the compound, maintain the security and cleanliness of the compound, and carry out maintenance and care for gardens and service facilities within the compound.
As for the monthly fees, they are simple fees paid for the services provided by the compound management and are determined according to the total area of the apartment.
Real estate terms:
If you want to investing in Turkey and buy property Istanbul, you have to take a look over important real estate terms in Turkey.
Down payment and reservation amount:
The reservation is the deposit that is paid to confirm the serious intent to buy the apartment in Turkey, before paying the full price of the apartment.
If you want to buy property in Istanbul and prefer to pay in installments, you have to pay a down payment of the price of the property, and it is calculated on the principle of a percentage of the total price of the property. In Istanbul projects, the initial payment is between 35-50% of the property price. Pay the installments monthly for three years or more, according to the plan determined by the construction company.
buy property in Istanbul costs:
It is the amount paid by the buyer after signing the contract to start the procedures for transferring the property to his name. It includes the fees for documenting contracts with the notary public, and fees for registering the property in the name of the buyer and obtaining the title deed. These fees amount to 4% of the property value and are paid equally between the buyer and seller.
There are also insurance fees, subscription fees for gas, water, electricity and internet services. It is paid as insurance to the relevant institutions.
Insurance fees against earthquakes and natural disasters:
It is an annual tax paid by the property owner in Turkey and who buy property in Istanbul to secure his home against natural disasters. It is equal to $2 for every square meter of the apartment. The value of the natural disaster insurance tax varies depending on the location of the property.
Municipal Tax Fee:
Turkish municipalities impose on property in the area under their service an annual fee of 0.03% of the property value, which is equivalent to $30 per year for a property whose price is $100,000. It should be noted that this tax is paid for the services provided by the municipality to the area.
Apartment sample:
It is a design for the apartments model within the project while it is under construction. So, if you want to buy property in Istanbul in under construction project you can take a look over the apartment sample before you buy property in Istanbul.
Real estate companies send photos and videos of apartments type for foreign investors before they come to Istanbul to take an idea about the shape and design of the apartment to be purchased.
finishing:
It is the process of completing the requirements of buy property in Istanbul after the completion of construction work such as painting and installing shelves, kitchen cabinets, bathroom fixtures, floors, doors, windows, etc…
It is worth noting that the construction companies in Turkey deliver the apartment ready to move, and some companies deliver the apartment with electric kitchen appliances (oven, air intake, gas), and the owner remains to buy the furnishings.
Property evaluation:
In March 2019, the Turkish Ministry of Housing issued a decision requiring the presence of a real estate expert recognized by the Ownership Department
His mission is to evaluate the price of the property and issue an evaluation report for the property price to complete the purchase process and register the property in the Land Registry.
What is a notary’s bond?
The title deed registered with the notary public is a legal document.
The property is registered with the notary when the purchase is in installments. After all payments are made by the owner of the apartment, it is registered in his name in the Land Registry and he obtains the title deed.
Construction companies resort to registering the property with the notary in order to guarantee their legal right and the right of the investor who buy property in Istanbul.
Real estate easement deed:
The property is registered with an easement title deed when you buy property in Istanbul as part of a project under construction.
The easement deed is the title deed in which each section of the property is registered separately. In other words, when the construction company plans the project and lays out the plan to build on the plot of land, and gets approval for construction.
The project is divided into sections (number of apartments within the building), and each apartment is organized with a special document showing the location and area of the apartment and the information about it.
Upon completion of the construction work, the full title deed is granted.
title deed:
When you buy property in istanbul real estate market 2023, ready for delivery, you are given a full title deed, which proves the ownership of the apartment and preserves your legal right.
It should be noted that the real estate registry of the apartment must be disclosed before purchasing.
This is to find out if the property is subject to restrictions such as seizure or mortgage, and the Land Registry Department must be reviewed to detect the property, because the restrictions, if any, are not mentioned in the title deed.
the taxes of buy property in Istanbul:
Title deed Tax:
This tax is imposed when the title deed is registered in the Land Registry Department in Turkey, and its value is equivalent to 4% of the property price specified in the sales contract, and is usually paid equally between the buyer and seller.
Municipal Tax Fee:
Turkish municipalities impose on properties established within the area under the municipality’s service, an annual fee of 0.03% of the value of the property in Turkey real estate market 2023, which is equivalent to $ 30 per year for a property whose price is 100 thousand dollars. This tax is paid for the services provided by the municipality to the area.
Earthquake and Natural Disaster Insurance Fees:
It is an annual tax paid by the property owner who buy property in Istanbul, to insure his home against natural disasters, and is equal to the value of 2 dollars per square meter of the apartment area. The value of the natural disaster insurance tax varies depending on the location of the property.
What is a foreign currency exchange certificate?
A foreign exchange certificate is a document showing the sale of foreign currency to a bank operating in Turkey to be sold to the Central Bank.
In other words, the foreign investor must deposit the foreign currency “dollars, euros, and others” in one of the banks operating in Turkey, which in turn transfers the amount to the Central Bank of Turkey to exchange it into Turkish lira and transfers the amount to the investor’s account and grants him a foreign currency exchange certificate.
This document has become mandatory, as without it the investor cannot go to the real estate registry and transfer the ownership of the property to his name.
How much foreign currency must be exchanged to obtain the certificate?
According to the third article of the new law, the foreign currency is replaced by the equivalent of the price of the property. If the price of the property is one million Turkish liras, the investor must exchange the equivalent value of the amount according to the exchange rate from the foreign currency to the Turkish lira.
which mean, there is no specific limit for obtaining a foreign exchange certificate, the issue is related to the price of the property you want to buy.
Turkish citizenship:
Bank deposit
The bank deposit amount has been reduced from 3 million US dollars to 500 thousand dollars.
This came after the amendments made by the Turkish government to the law on granting Turkish citizenship to foreigners.
Where you can obtain Turkish citizenship by depositing the equivalent of 500 thousand US dollars in a Turkish bank for a period of three years.
Establishing a company and hiring Turks:
A foreign investor can obtain Turkish citizenship by establishing a company, factory or any institution and employing 50 Turkish people, and the number has been changed from 100 to 50 Turkish employees.
Real estate investment:
You can get the Turkish citizenship by real estate investment in Turkey and buy property in Istanbul in amount 400 thousand US dollars.
It is worth noting in this context that one of the most important conditions for obtaining Turkish citizenship by buying apartments in Turkey is a pledge not to sell the property for three years.
After the three years have passed, the owner of the property who obtained Turkish citizenship can sell his property if he wants to.
However, it is not permissible to sell it to another investor of the same nationality. For example, if the investor with Turkish citizenship is British, he is not entitled to sell the property to another British investor.
Documents required to obtain Turkish citizenship by buy property in Istanbul:
The law on granting Turkish citizenship by buy property in Istanbul includes the property owner and the wife/husband, and citizenship is granted to children under the age of 18.
The investor is required to submit the following documents:
• A copy of the passport translated by the sworn translator, and certified by the notary public.
• 4 personal photos (for each family member)
• A document showing the civil status (proving the property owner’s relationship with the wife and children), marriage contract, children’s birth certificates.
• Residence Permit in Turkey
• Health certificate
• Title deed document
• Evaluation expert report
• A bank document of the transfers that were paid to pay the price of the property through the bank.
Buy Property in Istanbul:
The real estate market in Istanbul is divided into three sections:
high value property:
These properties are located in the central areas of the city and are often characterized by a view of the Bosphorus, and their prices are high because they are areas where archaeological and tourist sites are located, in addition to being commercial centers in Istanbul.
Medium value property:
if you want to buy property in Istanbul by medium value You can find these properties in lively and upscale places, but they are far from the center and closer to Ataturk Airport and Istanbul Third Airport.
Cheap value:
You can buy property in Istanbul cheap one in the new and developing areas, where all service facilities are available and feature new buildings.
When buy property in Istanbul, you must specify the budget, and if your budget qualifies you to buy a cheap apartment in Istanbul, do not consider that your choice is wrong, because Istanbul properties prices are always on the rise, so wherever you choose your apartment according to your budget, your choice will be right.
types of property investment:
property investment options in Istanbul vary, as you can choose several types of apartments, such as:
hotel apartments:
The hotel apartments system is quick to rent, since Istanbul is an important tourist city and tourists visit it throughout the year, so choosing the apartments of the hotel system will be a successful investment. Most of the construction companies for hotel compound offer a rental guarantee for several years with an excellent profit return.
In recent years, Istanbul has witnessed a wide activity in building hotel apartment projects for the most famous international hotel chains. The construction companies offer a rental guarantee for several years with a high profit return. We at Homes and Beyond Real Estate Investment offer our valued customers the best hotel apartments in Istanbul.
Home office:
Home office provide high profitability and these properties are easy to rent with a long-term contract. This is because the tenant establishes an office and his stay in it will last for years so as not to lose his clients who are accustomed to the location of his office.
We advise you to buy property in Istanbul in projects under construction, where the price is much lower than the price of the property after the completion of the construction work, and therefore the return on resale will be large between 25% and 35%.
The shops:
Buying a shop in Turkey is a successful investment option. This depends on the fact that the shops are always on demand, quick to rent and provide very high annual profits compared to residential properties.
In order for your investment to be successful, we recommend that you choose a store in a large mall, as the opportunity to rent it is much faster than a separate store on the corner of the street.
Steps to buy a property in Istanbul:
Real estate advice:
Real estate advice is the first and most important step in the procedures for buying apartments in Turkey, especially for a foreign investor who does not have sufficient information about this market.
We recommend that you choose a real estate advisor carefully. Because the real estate advisor is the one who helps you get advice and offers you the best investment opportunities and offers available from construction companies, and keeps you up to date on property prices in Istanbul and the status of the real estate market, which helps you choose the best investment.
Determine Purchasing Objectives:
The real estate market in Turkey has witnessed a great demand from foreign investors and has become an open and well-known market for many.
Buyers were divided into two groups, one group preferring to buy property in Istanbul for investment and benefit from the profitable returns, and another group preferring to search for apartments for sale in Turkey for housing.
When you make the decision to buy property in Istanbul, you must determine the purpose of the purchase.
If the purpose is for housing, you must choose the location of the property in a residential area where all services are available.
if the goal is to invest, you have to choose the strategic location that serves your investment goal.
capital:
The capital allocated to the purchase plays an important role in the procedures for buying a property in Turkey.
It is worth noting in this context the great diversity of properties prices in Turkey. Where you can buy property in Istanbul cheap in a lively area within a high-end residential compound.
And you can buy an apartment in the high-value city center, whose price may reach the price of four apartments in another area.
When you want to buy property in Istanbul, you must determine the financial portfolio first and share your budget with your real estate advisor so that he can provide the appropriate offers for you.
Visiting projects:
After completing the first stages of the purchase steps, you now need to move to the practical steps and work on the ground.
Your real estate tour begins with a visit to the projects that your real estate consultant showed you about, which suits your purchase goals and capital. Visit no more than three projects a day, so you don’t get confused. If you visit a large number of projects, it will be difficult to make a right decision.
Property reservation:
When you reach the step of booking a property in Turkey, you are now about to own the property.
Among the customs of the Turkish market, the buyer should pay an amount to reserve the apartment in order to show his seriousness in buying. We must note the possibility of refunding the reservation amount within a week in the event that the investor changes his opinion.
Signing of the contract:
The investor must sign the contract with the seller, in which all the details of the property are mentioned in terms of area, floor height and number of rooms with the total price of the property.
If you do not have a bank account in Turkey and a tax number, you must open a bank account and obtain a tax number to complete the purchase steps.
It is worth noting that a law has been issued requiring that the amount “the price of the property” be deposited in the buyer’s bank account in one of the Turkish banks.
Contract documentation:
The buyer must notarize the purchase contract at the Turkish notary in order to guarantee his legal right. Notary offices are located in all regions of Turkey.
property registration in the real estate registry:
In order to receive the title deed, you must register the property in the title deed department. If you buy the property from the construction company here, the company will be able to carry out the procedures for extracting the title deed in your name.
It is worth noting that you must pay the property registration tax, which is 4% of the property price, to be paid equally between the seller and the buyer.
Subscribe to services:
When buy property in Istanbul, the value of insurance and connection of gas, electricity and water services is paid for one time by visiting the relevant institutions, which are simple procedures that we at Homes and Beyond can help you by providing all the necessary services.
