Guide to buying a house in Istanbul

Guide to buying a house in Istanbul

Table of contents

Details of the guide to buying a house in Istanbul

Buying a house in Istanbul: the complete guide

Buying a home in Istanbul is an attractive opportunity for investment in the global real estate market. For this reason, you need a comprehensive guide to purchasing property in Istanbul. The city, with its strategic geographic location and a variety of housing options, ranging from modern apartments to luxury villas, offers diverse choices for buyers. Being aware of the laws and consulting with real estate experts is essential for a successful purchase and to take full advantage of the benefits of residency and Turkish citizenship.

This article explores investment opportunities in the Istanbul real estate market, a city with a strategic geographic location and a thriving housing market offering diverse options, from modern apartments to luxury villas. It also emphasizes the importance of consulting with real estate professionals and benefiting from the advantages of Turkish residency and citizenship. This guidance allows buyers to make more informed decisions and take full advantage of optimal investment opportunities in Istanbul.

When thinking about buying property in Turkey, the most common option is purchasing an apartment in Istanbul. Buying a home in Istanbul, as a large and densely populated city, may come with its own set of challenges, but it is certainly possible.

 

The complete steps of buying a home in Istanbul, as told through images.

The expert team at 4K Group has prepared a comprehensive video for you, in which all the steps of purchasing property in Turkey are clearly explained. By watching this video, you can plan your trip to Istanbul effectively and be informed about the time required for the property purchase process. We recommend watching this video before traveling to Istanbul so you can have a precise schedule.

the main steps for buying a home in Istanbul:

  • Determining the Purpose of Purchase
     
     

To buy a home in Istanbul, the first step is to define your purpose for the purchase. That is, whether you are buying to obtain Turkish citizenship or for tourist residency. You can refer to the article on the differences between Turkish residency and citizenship for more details. Additionally, consider whether the property you are purchasing is important for investment purposes or just for residency in Turkey. Defining your goal clearly will help you make the best choice.

  • Determining the Area and Location
     
     

Next, you need to determine the area and location based on your specific needs and access requirements. For example, decide whether you want to purchase property on the Asian side or the European side of Istanbul.

  • Determining the Budget
     
     

  Identify your budget for purchasing property and, based on that, visit various projects. 4kGroup has curated the most valuable and finest properties in Turkey. For this reason, a complete list of luxurious apartments and homes tailored to your style and preferences is fully prepared to ensure the perfect match for you. For example, you can choose anything from buying an apartment to purchasing a villa in Istanbul.

If your list of requirements is ready, we will arrange a viewing tour for the next step. Our representatives will continue sending you additional suggestions to help finalize your list of preferences.

Visiting Construction Projects

Visiting Construction Projects

 

Our experts will gather information about your preferences and budget to arrange visits to projects that match your tastes. You will have the opportunity to visit each project in person and explore them up close.

Payment of a Deposit to Reserve the Desired Property and Drafting the Initial Contract

After selecting the property you wish to purchase, the final price will be determined, and a clear payment plan will be established.

To commit to purchasing a property in Turkey and reserve it, an average deposit of $5,000/€5,000 is required. This involves drafting an initial contract between the buyer and the seller. For detailed information about the conditions and steps for paying the deposit to purchase a property in Istanbul, you can refer to the article “How Much Should the Deposit for Buying a Home in Turkey Be?”

An important point to note is that in this type of transaction, the buyer and seller communicate directly with each other without any intermediaries. We ensure that all details are thoroughly reviewed and mutually agreed upon before signing the contract. Our Turkish-speaking lawyers will be with you from the beginning, ensuring you can purchase your desired property without any concerns.

Initiating the Administrative Process of Purchasing Property

The main stages of buying a house in Istanbul

Obtaining a Turkish Tax Number: Certain official steps are required to finalize the property purchase. First, you will need a Turkish tax number. Your passport will be sufficient to obtain this number. Our experts will handle this process for you by obtaining the tax number from the nearest tax office.

Opening a Bank Account in Turkey: Another essential step is opening a bank account in Turkey, which will be facilitated by 4kGroup experts. After purchasing the property, the payment must be transferred from your personal account to the seller’s account. To open a bank account, you will only need a copy of your passport and a utility bill or invoice showing your address in your country of residence.

**Property Appraisal Report:** To confirm the true value of the property, obtaining an appraisal report is mandatory for all real estate sales to foreign buyers in Turkey. At 4kGroup, we collaborate with government-approved partners to ensure a precise and reliable evaluation.

If for any reason you are unable to be physically present in Istanbul, you can grant power of attorney to a trusted person or our official immigration lawyer. As your legal representative, we will handle the process on your behalf. This allows you to confidently proceed with the property purchase process without the need for physical presence.

– Signing the Property Deed and Moving In

Home Purchase Contract in Istanbul

We’ve reached the final and most beautiful stage. You are now ready to receive the deed to your property and move into your dream home. Once again, there’s no need for you to be physically present to obtain the deed to your property.

Reaching this stage means that all final payments have been completed and all taxes have been paid. Congratulations! You now own a property in Turkey. After completing this process, we will continue to assist you with our after-sales services.

Attractions of Buying a Home in Istanbul

The buying and selling of homes in Istanbul have attracted the attention of many Iranian and foreign investors due to the rapid increase in prices and the investment opportunities available. Istanbul, as one of the most popular destinations for buying homes and investing in residential real estate, offers a variety of opportunities for buyers.

This city, with its unparalleled urban amenities, high investment returns, and thriving real estate market, is an ideal destination for both domestic and foreign investors, especially Iranians. For Iranians, buying a home in Istanbul is attractive not only due to the financial and economic benefits but also because it offers the opportunity to obtain residency and Turkish citizenship. Additionally, Istanbul, with its cultural and geographical proximity to Iran, modern and diverse living options, and a simpler property-buying process compared to other European countries, is a preferred choice for Iranian investors.

Another reason why buying a home in Istanbul is attractive for Iranians is that by purchasing property in Istanbul, they can gain the necessary qualifications to obtain Turkish citizenship.

According to the new regulations for property purchases in Turkey, individuals can obtain Turkish citizenship by purchasing a home in Istanbul worth $400,000 USD or more, which grants them the opportunity to acquire a Turkish passport.

Additionally, obtaining Turkish citizenship makes property ownership in Turkey much simpler and easier for Turkish citizens. It also provides benefits such as access to all public services and amenities, the right to vote in elections, freedom to travel to most countries, and more. If you would like to know which countries you can travel to without a visa with a Turkish passport, you can watch the relevant video through this link.

The Attractiveness of Buying a Home in Istanbul for Iranians

Considering all these points, buying a home in Istanbul presents itself as an excellent opportunity for investment, immigration, and residence in Turkey. Obtaining Turkish citizenship as an investor is extremely valuable.

If you plan to live in Turkey, obtaining citizenship can help you easily achieve your goals. Additionally, by acquiring Turkish citizenship, you can benefit from tax and trade exemptions. Despite all these advantages, obtaining Turkish citizenship is not easy. You must gather the necessary details and documents, and after completing the registration process (Bashoro), you will need to go through several steps.

Why Invest by Buying a Home in Istanbul?

Buying Homes, Apartments, and Villas in Istanbul, Turkey

Buying a home in Istanbul can be a great investment. Istanbul, as one of the largest and most populous cities in Turkey, is an important financial and commercial hub. Due to its tourist attractions, business opportunities, and economic growth potential, purchasing a property in this city appears to be an attractive long-term investment.

This city has experienced urban growth and the development of various infrastructures over the years, which can contribute to the appreciation of property values in the future. Additionally, Istanbul, as one of the world’s most popular tourist destinations, offers many opportunities to utilize properties as vacation homes or to rent them out to tourists.

Given the economic growth and influx of tourists, buying a home in Istanbul offers the potential for good returns on investment over time. However, for a successful investment, thorough research, legal and financial advice, and a careful assessment of the property and the real estate market in Istanbul are necessary.

Especially if you are not present in Turkey, working with reputable and specialized representatives in this field can ensure a safe and successful home-buying process. Different areas of Istanbul, with their excellent service facilities, transportation connections, and suitable commercial spaces, offer great appeal for foreign residents.

Current Real Estate Market Analysis in Turkey!

The main stages of buying a house in Istanbul

Given the increased demand for homes in Istanbul, property prices are also rising. However, buying a home in Istanbul remains attractive due to its lower prices compared to other European cities. Additionally, considering Turkey’s economic situation and the increasing value of the local currency, investing in the Turkish real estate market has become one of the best options for investors and new buyers.

When buying a home in Istanbul, understanding the city’s real estate market is crucial. Information about prices, popular areas, and key investment locations can help you make an informed decision. Property prices in Istanbul vary depending on the area, size, and amenities of the property. Central areas like Taksim have the highest prices, while suburban and more distant areas offer lower prices. Understanding these differences and choosing popular areas for investment can be highly effective when purchasing a home in Istanbul.

Property Prices in Istanbul 2024-1403

Property Prices in Istanbul 2024-1403

In general, property prices in Istanbul are lower compared to major European and American cities, making it an attractive option for investors with a limited budget. The real estate market in Istanbul is currently thriving, and it is expected that this trend will continue, making property purchases in the city a reliable investment.

According to Trade News analysis, the average property prices in Istanbul in 2023 were lower than in Tehran. Currently, the average price per square meter of property in Istanbul in 2024 is around 100,000 Turkish Lira (equivalent to 200 million Toman).

Cheap Homes in Istanbul

While buying a cheap home in Istanbul may seem appealing at first, it’s important to note that lower prices are usually not without reason. Purchasing inexpensive property can come with some drawbacks that should be considered:

 
Weak and Remote Neighborhoods: Many cheap properties in Istanbul may be located in weak and remote neighborhoods. This could mean limited access to public services, transportation facilities, and job opportunities.

Old Buildings: Cheap homes may be in older buildings that require repair and renovation. This condition could lead to additional costs for refurbishment and improving the property’s quality.

 
Legal and Ownership Issues: In some cases, buying cheap properties may come with legal and ownership complications. Therefore, it is essential to carefully review and verify all necessary documents and permits for ownership before purchasing any property.

As a result, before deciding to buy a cheap home in Istanbul, it is important to consider these aspects and seek advice from real estate experts to avoid potential problems. Before making a decision to purchase an affordable home in Turkey, it’s advisable to conduct thorough research and visit the property in person. Additionally, professional consultation from Turkish real estate specialists can assist you throughout this process.

Affordable Homes for Sale in Istanbul

The law of civil residence in Türkiye

Based on the real statistics published in 2024 by an official and reliable source in Turkey, we can get a sense of the average property prices in Istanbul in Iranian currency. From these prices, we can conclude that to purchase a 100-square-meter apartment in a mid-range neighborhood in Istanbul, one would need approximately 7.5 billion Toman, which is equivalent to 38,622 Turkish Lira or around 120,000 US dollars.

Of course, the price of purchasing second-hand apartments in Istanbul may be somewhat lower than the usual prices. This price difference depends on various factors, including the year of construction, the floor level, the presence of an elevator and parking, access to public transportation, and proximity to schools, universities, and shopping centers. These factors can significantly impact the overall value of a property.

In general, it should be noted that the foundation of a successful investment is based on having proper knowledge and accurate information. Accurate information definitely comes from knowledgeable sources and official references. Sometimes, we see ads in social media promoting homes at tempting or very low prices. While there may be properties available at prices much lower than the average market rate, it’s essential to conduct thorough research before purchasing such properties. Never make a hasty decision based solely on an advertisement. Properties offered at prices lower than real market values almost certainly have underlying issues. These issues may include poor location or even missing documentation.

Affordable Homes for Sale in Istanbul

The up-to-date and accurate property prices in Turkey, dated 27.04.2024, are based on the report from the reliable website of the Turkish Statistical Institute. Please note that the conversion of prices into Toman is calculated based on a conversion rate of 2000 Iranian Toman per Turkish Lira. These data provide valuable insights into the Turkish real estate market and are highly useful for investors seeking investment opportunities in Turkey’s property market. By using this information, you will be able to make more informed decisions about purchasing and investing in properties in Turkey.

Turkish Residency with the Purchase of an Affordable Home in Istanbul

Many people aim to obtain Turkish residency by purchasing an affordable property. However, it’s important to know that buying an inexpensive property in Turkey comes with its own challenges. Currently, according to the latest changes in Turkish residency laws, the minimum amount for purchasing a property in Istanbul to qualify for residency is $200,000. Individuals seeking cheaper properties or installment-based apartment purchases in Istanbul often fall victim to misleading advertisements and may proceed with buying a home without being fully aware of the laws regarding property purchases in Istanbul. Little do they know, without completing the full payment and receiving the title deed, they will not be able to apply for residency.

Price of Small Apartments in Istanbul

Turkish Residency with the Purchase of Affordable Property

Due to the rapidly growing population and the increasing demand for housing in Istanbul, the prices of small apartments in the city have risen significantly. However, in general, areas close to the city center and universities still have high prices. In these areas of Istanbul, small apartments are more attractive to buyers due to their easy access to public services, green spaces, shops, and commercial centers.

Despite the rise in prices, purchasing apartments in Istanbul remains attractive. These types of units are considered an investment opportunity due to their relatively affordable price. Many investors purchase small apartments and then rent them out to tenants. This process allows them to generate a steady rental income while also benefiting from the potential future appreciation of their property.

Therefore, in the market for small apartments in Istanbul, the tendency to invest and buy homes in the city remains very common due to the affordability of prices. However, it is important to note that the geographical location and other characteristics of each area also have a significant impact on pricing and the attractiveness of the apartments.

Price of a 50-square-meter Apartment in Istanbul

The price of a property per square meter in Istanbul

The price of a 50-square-meter apartment in Istanbul varies depending on the area it is located in. Generally, in large cities like Istanbul, Ankara, Izmir, and Antalya, property prices are higher. If the apartments are located in smaller cities, their cost will be lower. Due to recent price fluctuations, providing an exact price is not possible at the moment.

In the Istanbul real estate market, housing prices increased by 2.87% last month. As of April 20, 2024, the average price per square meter for residential properties in Istanbul is 38,991 Turkish Lira, calculated for a 17-year repayment period.

For a 50-square-meter apartment in Istanbul, you can generally consider about half of the mentioned price per square meter. It’s important to note that the price of small apartments in Istanbul, whether new or second-hand, varies just like in any other country. Factors like the property’s age, condition, location, and amenities significantly impact the price. Newer apartments typically come at a premium compared to older ones, but the location and demand also play crucial roles in determining the final price.

The average price of a property in Istanbul

according to the Turkish Ministry of Housing, has been growing significantly in recent years, making it an attractive investment for many investors. This trend is also reflected in official statistics. According to the comprehensive report published by the Turkish Statistical Institute in April 2024, the average price per square meter in Istanbul is 38,622 Turkish Lira, which is equivalent to approximately 77.334 million Iranian Toman.

It is important to note that the exchange rate used for converting Turkish Lira to Iranian Rial is based on the rate of 2,000 Toman per Lira, as of Saturday, 10th of Farvardin, 1403 (April 2024). Additionally, Iranian investors have consistently held the record for property purchases in Turkey over several years, which indicates that buying real estate in Istanbul has been not only attractive but also profitable for Iranian investors.

Important points when buying property in Istanbul

Key considerations when purchasing real estate in Istanbul

Choosing a reputable real estate agent: Given the complexities and risks of buying a property in Istanbul, it is essential to use a reliable and experienced real estate agent. Selecting a trustworthy agent will help you purchase a property at the best price and conditions while ensuring the validity of the documents. Some unreliable agents may provide incorrect information, so be sure to choose one who holds the necessary licenses from the Turkish government.

Legal review of the property: Before purchasing a property in Istanbul, you must ensure that the property has no legal issues and that all its documents are valid. For this purpose, you can seek help from a reliable lawyer or legal advisor in Turkey who can review all the documents related to the property and guide you regarding its legality.

Setting a proper budget: Before starting the process of buying a property in Istanbul, it is essential to carefully calculate your budget and choose a property that aligns with it. You should also consider additional costs such as taxes, lawyer fees, and real estate consultant charges.

Checking construction quality: One of the important aspects when buying a property in Istanbul is to assess the quality of construction. To ensure the property’s quality, you can consult an experienced real estate agent who can guide you on construction quality, maintenance condition, and any potential issues with the property.

Property location: The location of the property is one of the key factors when buying a home. The property should be in a safe area with easy access to public amenities such as schools, hospitals, and shopping centers.

Property condition: Before purchasing, make sure to check the physical condition of the property. The property should be in good condition and should not have any structural issues that may incur additional repair costs.

Purpose of purchase: If your goal is investment, you should choose a property that is suitable for renting.

Property price and cost calculation: The property price should align with your budget. Before making a purchase, carefully assess your budget and choose a property whose price is within your financial capacity. Remember that in addition to the property’s purchase price, additional costs such as taxes, transfer fees, etc., also need to be paid.

Construction permit: If you plan to purchase a property under construction, make sure to check its construction permit. Ensure that the property has the necessary legal permits and that the construction is being carried out in accordance with laws and regulations.

Proper method of transferring the property amount: For purchasing a home in Istanbul, foreign buyers must transfer the purchase amount to the seller’s account through a bank. Additionally, they need to obtain a foreign exchange certificate called “Döviz Alım Belgesi” from the bank and deposit the equivalent amount in the desired currency. For better guidance, you can use the services of 4kGroup consultants to simplify the buying process for you.

Before buying a house in Istanbul, do these things!

  1. Before purchasing a property in Istanbul, make a field visit to the desired property and familiarize yourself with the area and local amenities.

  2. Real estate service providers can assist you in the property-buying process. Be careful when selecting a real estate agent in Istanbul and take advantage of their experience and knowledge of the housing market.

  3. Thoroughly review the legal status of the property and its related documents before making a purchase. Also, ask your real estate agent to guide you through the legal procedures and property transactions.

  4. Study and compare property prices in your desired area. This comparison can help you determine a fair price for your property.

 

Advantages of buying a house in Istanbul.

Investment by purchasing a house in Istanbul
  • – Easy access to public services: Istanbul offers a wide range of service facilities that make life more convenient for its residents.
  • – Sustainable growth of the housing market: The housing market in Istanbul is stable and thriving due to economic growth and high demand for housing.
  • – Tourist and recreational areas: The presence of tourist and recreational attractions enhances the appeal of the city for property investment.
  •  – Cultural diversity and local communities: The cultural diversity and the presence of various local communities make living in Istanbul appealing for expatriates.
  • – Strategic geographical location: Istanbul, situated at the crossroads of Europe and Asia, serves as a significant hub for commerce and tourism.
  • – Diverse medical and educational services: Istanbul boasts modern hospitals and reputable international schools, enhancing the quality of life.
  • – Investment opportunities in the housing market: Due to high demand and limited housing supply, property prices in Istanbul are likely to rise.
  • – Developed infrastructure: Istanbul features a well-established public transportation network, shopping centers, and adequate urban infrastructure.

Disadvantages of buying a house in Istanbul

Buying a house in Istanbul can be attractive and exciting, but it also comes with its own set of challenges and drawbacks. Some of the disadvantages of purchasing property in this city include:

  • High prices: Istanbul is one of the most expensive cities for purchasing property. Prices vary greatly depending on the area and property amenities, and they are generally high, which can be challenging for some investors.
  • Intense competition: High demand for property in Istanbul leads to fierce competition in the market. This competition can drive up prices and result in a shortage of suitable properties.
  • Legal issues: The property purchasing process can be complex and may require legal advice to ensure that all documents and paperwork are legal and in order.
  • Political and economic changes: Shifts in government policies and economic conditions can impact the real estate market, leading to fluctuations in prices and changes in buying and selling conditions.
  • Infrastructure issues: Some areas of Istanbul may face infrastructure problems such as heavy traffic, lack of parking, and poor quality of public services like water and electricity.
  • Culture and language: Lack of familiarity with the local culture and the Turkish language can be challenging for foreign buyers and may require additional guidance.

Risks of buying a house in Turkey

Changes in the property residency law in Turkey Guide to buying a house in Istanbul

The main risk when buying a house in Turkey is that the title deed may not be in the seller’s name. This is because land registration in Turkey has not yet been fully computerized, making it difficult to confirm who the actual owner is. Additionally, there may be restrictions on foreign ownership of property in certain areas of Turkey, so buyers should ensure they are aware of such restrictions before making a purchase.

Another risk to consider is that the property may be subject to seizure, meaning the seller may have taken out a loan against it, and the lender could have a claim on the property. It is important to check this before purchasing, as it could affect the buyer’s ability to obtain a mortgage or other financial resources.

Finally, buyers should also be aware that some properties in Turkey may be subject to inheritance tax, meaning the buyer may have to pay a percentage of the purchase price to the government. This is not common in other countries, so buyers should ensure they are aware of any such taxes that may apply.

Changes in the property residency law in Turkey

Benefits of buying a house in Istanbul
 
 

According to the recently passed property residency law in Turkey, individuals interested in purchasing property in the country after October 16, 2023, must buy a property valued at over $200,000, provided that the Central Bank has declared the dollar exchange rate on the date the property title deed is issued. For specialized information, you can refer to the article on the latest law regarding property purchase in Turkey with an amount of $200,000.

The property value is solely assessed based on the rate stated in the title deed by the immigration office, and no appraisal will be conducted. Individuals who purchased property in Turkey after April 26, 2022, will not be affected by this change in the property residency law in Turkey. This means that the property value must be greater than $75,000 in major cities and more than $50,000 in smaller cities.

Currently, according to the new regulations, there will be no distinction between large and small cities. This new change in the property residency law in Turkey applies uniformly to all cities.

An important point to note is that the property purchased must be residential and habitable, and the word “Konut” (meaning residential) must be mentioned in the title deed. Additionally, the property must have an occupancy certificate (İskan) and be approved for residential use.

Additionally, if the father, mother, and children under 18 years old, or dependent adult children, have a share in the property title, they can apply for residence in Turkey through the purchase of this property. These factors are important to ensure the legality and compliance of the property with the regulations related to residency.

In this case, you can apply for residence through property purchase in Turkey. As for obtaining Turkish citizenship, the amount of $400,000 is still recognized, and no new official updates have been announced.

The official advice of the “4kgroup” lawyer for secure investment:

Legal lawyer of  4kgroup

Buying a house in Istanbul has its own advantages and disadvantages. Before making a decision, it is recommended to conduct thorough research and seek proper legal and financial advice to make the best choice.

The real estate market in Turkey offers a wide range of options, from modern apartments to luxury villas. For a secure purchase, it is essential to work with specialized lawyers and professional real estate advisors to ensure the buying process is legal and fully secure. Ultimately, by gathering information and consulting with experts, you can make the best decisions for investing in the Turkish real estate market.

4kgroup Holding, with its official licenses in the real estate sector and the presence of professional experts and a legal lawyer from Turkey, is ready to provide services to you in the areas of: investment, property purchase, obtaining tourist residency, acquiring Turkish citizenship and passport, company registration, and work permits.

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