Urban transformation projects in Istanbul have created a great opportunity for people who want to buy a property in Istanbul. Turkey’s largest city has become a very popular to invest in property as the brand new apartments are affordable and available at every budget. The process of buying a property in Istanbul might seem exhausting, but it takes two to four weeks maximum. Here’s how you can find the right property for yourself in Istanbul.
Searching For the Right Property
Buying property in Istanbul is a compelling task because of the procedures involved. Before starting the process officially, you must learn how to search for a property in this city. There are two major websites, sahibinden.com and hürriyetemlak, along with less popular ones; zingat, lameta, remax, emlaksitem.
When searching through any of these websites, create filters according to your preference. For instance, you can filter results on the basis of districts, price, number of bedrooms, etc. With just one click, you will have various options to choose from. Each property listing has a contact number for you to call and get an appointment to view the property.
Another option is walking street by street and consulting with real estate agencies. Make sure you explain your criteria about the property, and they will take you to the available properties so you can decide.
Negotiating with the Seller
Negotiation is a Turkish culture and is necessary if you are going to buy property in Istanbul. Every property for sale has been posted with a negotiation margin as the seller is aware of the bargaining culture. When finalising your property deal, try your best to make a good bargain before signing to make sure you have the best price in Istanbul.
Paying the Deposit and Fixing the Price
Let’s suppose that you’ve found the best property for yourself and you’ve got a great deal. What’s next? Deposit is required to reserve the property for you and to freeze its price. This deposit is non-refundable even if you withdraw from the contract, so make sure that the amount is not high.
Preparing Your Documents
Following are the required documents when buying a property in Istanbul.
- Passport or Turkish ID and their copies
- Six photos in passport size
- Bank Account from a bank in Turkey (Money should be in the bank account)
- Turkish Tax Number (can be obtained from any Tax Office)
- If you are not literate in Turkish an interpreter will be required.
Making a Contract
This is where the official paperwork starts. Once you decide upon a property, a sales of contract for property has to be signed by both parties. It is where you need to pay the deposit mentioned above. Paying the deposit makes the contract binding as there will be a notice on the contract indicating the deposit has been paid. If you withdraw from the contract, the deposit will not be refunded. If the counter-party withdraws from the contract, then your deposit will be paid back.
You are all set and ready to pay. Now, you have to meet with the seller and go to the official Land Registry to investigate if there are any obstacles on the property, and to do the transfer transaction. The Transfer transaction is to get the title deed prepared on your behalf. Once you have the title deed in your name, you need to pay the rest of the price.
Taxes and Fees
Following taxes and fees are applicable when buying a property in Istanbul.
- Floating Capital Fee – TL 178,5
- Title Deed Fee – 4 percent of the property value (shared between the buyer and the seller)
- If you are buying the property from a real estate agency usually 3 percent of the property value must be paid to the agency
- If you are not literate in Turkish, an official interpreter should accompany you.
Please Note: Taxes and fees are subject to change according to the government’s decision.
Become a Resident
Turkey is the ideal place to invest and make your home. Why not become a citizen?