Are you looking to buy property in Istanbul? This comprehensive guide will help you navigate the process, including insider tips on the best places to buy, a step-by-step guide to the buying process, and information on costs, required documents, and more.
Time frame:
Give yourself at least three to six months to find the right property that will be your best investment. The process of buying a property in Istanbul can take up to a week for locals, but with the right preparation, it can be done within this short period of time.
Preparing to buy:
Istanbul offers a wide range of real estate options that cater to every budget. With the Turkish Lira’s recent devaluation against major foreign currencies and a surplus of newly built properties, it’s a great time to invest in the city’s real estate market. There are also many properties that are in financial mortgage chains and are in a hurry to sell, providing opportunities for buyers to get a good deal.
Choosing the Right Location:
Your decision to buy property in Istanbul will depend on whether you want to live in or invest in the city. For those looking to live in Istanbul, the European side offers neighborhoods like Beyoglu, Sisli, Cihangir, Besiktas, and Fatih. On the Asian side, Uskudar, Kadikoy, and Moda are popular choices. For investment, the European side offers areas like Besiktas, Taksim, Sisli, and Basaksehir, while the Asian side has options like Uskudar, Kadikoy, Sancaktepe, and Cekmekoy.
Buying Process:
The process of buying property in Istanbul and Turkey is similar to that of other European countries. You will need to pay a deposit when signing the contract with the estate agent, and the final payment will be made in connection with the transfer of title deeds. Required documents include your passport, six passport-sized photos, a Turkish tax number, a bank account in Turkey, and an interpreter if you are buying through an estate agent. The costs of buying a property include a proxy fee of about €100, an interpreter fee of about €50, a transaction cost of 4% of the assessed property value, and a photograph fee of about €10.
Making the Contract:
Once you have made a final decision to purchase a property, a purchase agreement will be established. You will need to pay a deposit to the property owner, which is typically 10% of the property price. The agreement becomes binding once all parties sign and the deposit is received. If the buyer cancels the agreement, they will not be entitled to receive the deposit back, but if the property owner withdraws, the deposit will be returned, along with a penalty clause. After the agreement process is complete, the buyer and property owner will meet in person to transfer the title deed at the Land Registry Office. This process typically takes about an hour and a foreign buyer will need an interpreter to certify enrollment. Taxes and fees of about 4% of the assessed property value will need to be paid at this time.
