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Buying an apartment in Istanbul
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₺3,290,000 — ₺57,640,000
We are all looking for a place for secure and future-proof investment. Buying an apartment in Istanbul is an attractive and golden opportunity for investing in the global real estate market, which has become increasingly popular among many people. If you are considering purchasing an apartment in this unique city, we recommend that you stay with us until the end of this article.
Why is Istanbul an ideal option for buying an apartment?
There are several factors that have made Istanbul an ideal choice for buying apartments and investing. Here are some of the advantages of purchasing an apartment in this city:
- Secure Investment: If you are looking for a secure investment in Turkey, buying an apartment in Istanbul could be a great option for you. The construction industry in Turkey has seen significant growth in recent years, and with proper consultation, you can buy a good apartment in a suitable area within your budget.
- Increase in Property Value: The value of properties in Istanbul is steadily increasing, and by investing in this sector, you can appreciate your investment over time. Additionally, considering the high property prices in Iran and the relatively lower prices in Turkey, as well as the close proximity of the two countries, buying property in Turkey offers an opportunity to own a home in Europe at a more affordable price compared to Iran.
- Immigration to Turkey: Due to its geographical proximity to our country, leading tourism industry, favorable climate, and excellent amenities, Turkey is becoming a preferred destination for many people looking to migrate. One of the relatively easy ways to immigrate to Turkey is by purchasing property. By doing so, you and your family can obtain Turkish permanent residency.
- Renting Out Your Apartment: One of the major sources of income in Turkey and Istanbul is the tourism industry, with millions of people visiting the city every year. If you purchase a property in Istanbul, you can rent it out when you’re not using it. Alternatively, you can rent out the apartment after purchasing it, which allows you to generate income from it.
The most expensive neighborhoods in Istanbul to buy an apartment
Obtaining citizenship by buying a property in Istanbul
The costs of the process of buying an apartment in Istanbul
Buying an apartment in this city comes with a series of costs and taxes, including:
- Transfer Tax: This is one of the most important types of tax that property buyers in Istanbul must pay. The amount is 4% of the total property price, and it is usually split equally between the buyer and the seller. This tax must be paid at the time of signing the sales contract and completing the transaction.
- Tax Exemptions for Foreigners and Turkish Citizens on Larger Properties: Property tax in Turkey varies depending on the usage type and size of the property. For properties with a net area of less than 150 square meters, no value-added tax (VAT) is applied. However, for properties larger than 150 square meters and with a specific usage type, a VAT of 10% to 20% is applied. Foreign nationals who wish to buy property in Turkey may be eligible for tax exemptions under certain conditions, such as bringing their capital from outside Turkey (this must be documented and proven to the tax office), not owning property before the exemption request, and having resided outside Turkey for six months. By meeting these conditions, foreign nationals and even Turkish citizens can be exempt from these taxes. For more information about tax exemptions and conditions, you can refer to the relevant post through this link.
- Rental Income Tax: If you intend to rent out the apartment you purchased, rental income tax applies, and you must pay this tax. For individuals, the tax rate ranges from 15% to 35%, depending on the rental income, which must be paid annually to the government. For legal entities, the rate is fixed at 22%. Some costs, such as property maintenance and repair, can be deducted from the rental income tax.
- Property Tax: This tax must be paid annually and can be paid in two installments, one in May and one in November. The amount of property tax is 1% of the property value for residential areas and 2% for commercial properties. In urban areas, the amount is approximately double this rate.
Factors affecting the price of apartments in Istanbul
Various factors affect the price of an apartment in Istanbul, the most important of which are described below.
1- Location
The first factor affecting the price of an apartment in Istanbul is its location. It is clear that the better the area in which the property is located, the higher its price. For example, the European parts of Istanbul, such as Beşiktaş, are more expensive compared to other areas. On the other hand, areas that are farther from the city center tend to have lower prices. Similarly, buying a villa in Istanbul is generally more expensive than purchasing an apartment.
2- Amenities
The amenities available in an apartment directly affect its price. These amenities can include various features such as parking, a swimming pool, green spaces, or 24-hour security. Apartments that offer such amenities generally have higher prices compared to others.
3- Access to public services
Public services include various amenities such as schools, hospitals, metro stations, bus stops, and universities. Neighborhoods with easier access to these services generally have higher prices.
4- The year the apartment was built
The year of construction of an apartment is another factor that affects its price. Newer buildings generally have higher prices compared to older ones. Furthermore, new properties feature a more modern appearance and advanced amenities, which directly impact their price. It is also important to note that properties under construction typically have a lower price compared to when they are completed and handed over.
5- Housing market trends
As you know, the supply and demand ratio can also impact the price of apartments. Generally, when demand in the market is high, the price of apartments in Istanbul tends to rise. Conversely, a decrease in demand can lead to a reduction in prices. Another factor that can affect the real estate market is political changes in the country and region or a decrease in bank interest rates, which can lead to an increase in property prices.
What is the average price of an apartment in Istanbul in Iranian money?
The price of homes in Istanbul varies greatly depending on the area and the factors mentioned earlier. In 2024, the average size of homes in Istanbul is approximately 115 square meters, and the average price per square meter in Turkish Lira is around 25,931. The price of these homes can be easily calculated in Iranian Rials based on the current exchange rate. On average, the price per square meter in Istanbul is 15,000 Turkish Lira, which is approximately 30 million Iranian Rials.
If we compare Istanbul with Tehran in terms of property prices, homes in Istanbul are more affordable. Moreover, it can be a profitable investment with a bright future, as owning a property in Istanbul allows you to obtain Turkish citizenship and travel visa-free to 71 countries.
Golden tips for buying an apartment in Istanbul
Before purchasing an apartment in Istanbul, it is essential to be aware of certain important points and pay close attention to them. Here are some key considerations to keep in mind before buying an apartment in Istanbul:
1- Studying the rules and regulations
Before purchasing a property in Istanbul, it is crucial to familiarize yourself with the rules and regulations governing real estate transactions in Turkey to make a well-informed investment. For example, if your goal is to obtain residency, you must purchase the property from a Turkish citizen, not from a foreign national. Additionally, the property you intend to buy should not be located near security or military zones. These are just some of the important legal considerations to keep in mind.
2- Checking the property document
Examining the property deed is one of the most critical steps to consider when purchasing real estate. Be sure to thoroughly inspect the deed to ensure its authenticity. In Turkey, the property deed is called “Tapu”, which is issued by the Turkish Land Registry and Cadastre Office. The Tapu contains essential information, such as the exact address of the property, its area, type of property, ownership details, and more.
3- Inquiry from the municipality
Be sure to check with the municipality of the area to confirm that the property you intend to purchase has the necessary building permits and a certificate of occupancy.
4- Inquiry from the tax office
It is also necessary to inquire with the Tax Office when purchasing property in Istanbul to ensure that the property has no outstanding tax liabilities.
5- Having a currency account
To make the payments related to purchasing an apartment in Turkey, you need to have a foreign currency and international bank account. Without it, making payments is not possible unless you use the foreign account of another person.
How can I get a property document inquiry?
There are two methods to verify property details, which are explained below:
Verifying Property Deed via the e-Devlet Website
The e-Devlet website is a government portal that allows you to perform necessary property verifications before purchasing.
- Log in to the website using your Turkish ID number (Kimlik) and password.
- Go to the services section, select Tapu ve Kadastro Genel Müdürlüğü, and then choose Tapu Bilgileri Sorgulama.
- Enter the property address to access the required information.
Verification from the Land Registry Office
You can also verify property details by visiting one of the offices of the Land Registry and Cadastre Directorate.
Provide documents such as a notarized copy of the property deed and a valid original ID card. The office will provide detailed information about the property.
Guide to buying a house in Istanbul
Buying a House in Istanbul: A Complete Guide
Buying a house in Istanbul presents an exciting opportunity for investment in the global real estate market. For this reason, having a comprehensive guide to buying property in Istanbul is essential. The city, with its strategic geographical location and diverse housing options, offers a wide range of choices for buyers, from modern apartments to luxurious villas. Understanding the legal aspects and consulting with real estate experts is crucial for a successful purchase, as well as benefiting from the advantages of Turkish residency and passport.
This article explores the investment opportunities in Istanbul’s real estate market, a city with a strategic location and a booming housing market that offers diverse options, from modern apartments to luxury villas. Additionally, the importance of consulting with real estate professionals and taking advantage of Turkish residency and passport benefits is emphasized, enabling buyers to make informed decisions and capitalize on the optimal investment opportunities in Istanbul.
When thinking about purchasing property in Turkey, the most considered option is buying an apartment in Istanbul. Buying a house in Istanbul, being a large and densely populated city, might present its unique challenges, but it is definitely achievable.
The main stages of buying a house in Istanbul
Defining the Purpose of the Purchase
Before buying a house in Istanbul, it’s crucial to define your goal. Is the purchase for obtaining Turkish citizenship or for tourist residency? Additionally, you need to determine whether the property is primarily for investment purposes or just for living in Turkey. Defining your objective will help you make the best decision.
Defining the Area and Location
Next, select the area and location based on your needs, such as accessibility. For example, would you prefer to purchase a property in the Asian side or the European side of Istanbul?
Defining the Budget
Identify your budget for purchasing property and visit various projects accordingly. Forky Group has gathered the best and most valuable properties in Turkey, so we can provide you with a full list of luxurious apartments and homes that match your style and preferences. Whether you’re looking to purchase an apartment or a villa in Istanbul, we can assist you in making the right choice.
Once your list of requirements is prepared, we will arrange a tour for you. Our representatives will continue to send you offers to help finalize your list of preferences.
Visiting Construction Projects
Now is the time to plan your trip to Turkey and experience what it feels like to live here.
Our experts, based on your needs and budget, will coordinate the visits to projects that align with your taste. You will have the chance to personally visit and evaluate each project.
Paying the Deposit to Reserve the Property and Signing the Preliminary Contract
After selecting the property you wish to purchase, the final price will be determined, and the payment plan will be clearly established.
To commit to the purchase and reserve the property, a deposit of approximately $5,000/€5,000 will be required. A preliminary contract between the buyer and seller will also be signed.
For more details about the deposit conditions and payment steps for purchasing property in Istanbul, you can refer to the article “How Much Should the Deposit Be for Buying a House in Turkey?”
It’s important to note that in this type of transaction, the buyer and seller communicate directly with each other, with no intermediary. We ensure that all details are reviewed and agreed upon before signing the contract. Our Turkish-speaking lawyers will be with you from the beginning, ensuring a worry-free purchase.
Starting the Official Process for Property Purchase
Main Steps for Buying a House in Istanbul
- Obtaining a Turkish Tax Number:
Some official steps are required to finalize the purchase. First, you will need a Turkish tax number, which can be obtained with just your passport. Our experts will get this number for you from the nearest tax office. - Opening a Bank Account in Turkey:
Another requirement is opening a bank account in Turkey, which will be done by our experts at Forky Group. After purchasing the property, the payment must be transferred from your personal bank account to the seller’s account. To open the bank account, you will only need a copy of your passport and a utility bill showing your address in your home country. - Property Valuation Report:
To confirm the real value of the property, a valuation report is mandatory for all property sales to foreign buyers in Turkey. We collaborate with government-approved partners to provide accurate and reliable property assessments.
If, for any reason, you are unable to be physically present in Istanbul, you can grant power of attorney to a trusted person or one of our official lawyers as your legal representative. This enables you to proceed with the purchase process confidently without being physically present.
Signing the Property Deed and Moving In
Now we have reached the final and most exciting step: receiving your property deed and moving into your dream home. Again, you don’t need to be here in person to receive the deed.
Reaching this stage means that all final payments have been made, and all taxes have been paid. Congratulations! You now own a property in Turkey. After completing the process, we will continue to support you with our after-sales services.
Attractions of Buying a Home in Istanbul
Buying and Selling Property in Istanbul: A Lucrative Investment Opportunity
The rapid rise in property prices and the attractive investment prospects in Istanbul have drawn significant attention from both Iranian and foreign investors. As one of the most popular destinations for purchasing homes and investing in residential real estate, Istanbul offers a variety of opportunities for buyers.
With its unmatched urban amenities, high investment returns, and a booming housing market, Istanbul is an ideal destination for both local and international investors, especially Iranians. For Iranians, buying a home in Istanbul is particularly appealing because, in addition to financial and economic benefits, it offers the possibility of gaining Turkish residency and citizenship. Moreover, due to its cultural and geographical proximity to Iran, modern and diverse living options, and a simpler property purchasing process compared to other European countries, Istanbul is a preferred choice for Iranian investors.
Another major advantage for Iranians is that purchasing a property in Istanbul can provide the necessary qualifications to obtain Turkish citizenship.
New Regulations for Turkish Citizenship through Property Purchase
According to recent regulations, individuals can acquire Turkish citizenship by purchasing a property in Istanbul worth at least $400,000 USD. This process grants not only citizenship but also access to the benefits of Turkish nationality, making property ownership much simpler and more accessible.
With Turkish citizenship, individuals enjoy various privileges such as access to all public services, the right to vote in elections, the freedom to travel to many countries, and much more.
The Appeal of Buying a Home in Istanbul for Iranians
Considering all these benefits, purchasing a home in Istanbul is an excellent opportunity for investment, immigration, and residence in Turkey. Acquiring Turkish citizenship is especially valuable for investors.
If you plan to live in Turkey, gaining citizenship can significantly help you achieve your goals. Additionally, Turkish citizenship allows you to benefit from exemptions from financial and commercial sanctions. Despite all these advantages, obtaining Turkish citizenship is not an entirely straightforward process. You must gather the required documents and go through multiple steps, including registration (called “Bashuro”) before completing the necessary procedures.
In conclusion, Istanbul remains a top choice for Iranians seeking to invest in real estate, secure a second citizenship, and enjoy the many perks that come with Turkish nationality.
Why invest by buying a house in Istanbul?
Buying a House, Apartment, or Villa in Istanbul, Turkey
Buying property in Istanbul can be an excellent investment opportunity. As one of the largest and most populous cities in Turkey, Istanbul is a major 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.
Over the years, Istanbul has experienced significant urban growth and infrastructure development, which can help increase property values in the future. Moreover, as one of the most popular tourist destinations in the world, Istanbul provides many opportunities for using properties as holiday homes or renting them out to tourists.
Given the city’s economic growth and influx of tourists, buying a house in Istanbul offers the potential for good returns on investment over time. However, for a successful investment, it is crucial to conduct thorough research, seek legal and financial advice, and carefully assess the property and the real estate market in Istanbul.
Especially if you are not physically present in Turkey, working with reputable and experienced agents in this field can ensure a secure and successful property purchase. Various districts in Istanbul, offering excellent services, transportation connections, and commercial spaces, are highly attractive for foreign residents and investors.
Current Real Estate Market Analysis in Turkey!
Main Steps for Buying a House in Istanbul
Given the increasing demand for housing in Istanbul, property prices are also on the rise. However, buying a home in Istanbul remains attractive due to its lower prices compared to other European cities. Furthermore, considering Turkey’s economic situation and the rising 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 house in Istanbul, understanding the real estate market is crucial. Information about prices, popular districts, and key investment areas can be very helpful. Property prices in Istanbul vary depending on the area, size, and features of the property. Central districts, such as Taksim, tend to have the highest prices, while suburban areas and those farther from the city center offer more affordable options. Recognizing these differences and choosing popular areas for investment can significantly impact your property purchase in Istanbul.
Property Prices in Istanbul 2024-1403
Property Prices in Istanbul 2024-1403
Overall, property prices in Istanbul are lower compared to major European and American cities, making it an attractive option for investors with limited budgets. 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 analysis from Tejarat News, property prices in Istanbul in 2023 were generally lower than in Tehran. Currently, the average price per square meter of property in Istanbul in 2024 is around 100,000 Turkish Lira (approximately 200 million Iranian Toman).
Cheap Homes in Istanbul
While buying an inexpensive home in Istanbul may initially seem attractive, it is important to note that low prices are often not without reason. Purchasing cheap property can come with some drawbacks that should be carefully considered:
- Weak and Remote Neighborhoods: Many inexpensive properties in Istanbul might be located in weaker, more remote neighborhoods. This could mean limited access to public services, transportation facilities, and job opportunities.
- Old Buildings: Affordable homes may be older properties that require repairs and renovations. This condition could lead to additional costs for rebuilding and improving the property’s quality.
- Legal and Ownership Issues: In some cases, buying cheap property may come with legal and ownership issues. Therefore, before purchasing any property, it is crucial to thoroughly check and verify all documents and ownership permissions.
As a result, before deciding to buy a cheap house in Istanbul, you should carefully consider these factors and seek advice from real estate professionals to avoid potential issues. It’s also recommended to conduct thorough research and perform in-person visits to the property you’re interested in. Additionally, consulting professionals in Turkish real estate can assist you throughout this process.
Affordable Homes for Sale in Istanbul
Real Estate Residency Law in Turkey
Based on the official and reliable data published in 2024, we get a clear understanding of the average home prices in Istanbul in terms of Iranian currency. From these prices, it can be concluded that for purchasing an approximately 100-square-meter apartment in a moderate neighborhood in Istanbul, you would need around 7.5 billion Iranian Tomans, equivalent to 38,622 Turkish Liras, or 120,000 US Dollars.
However, the price for second-hand apartments in Istanbul may be somewhat lower than the average market prices. This price difference depends on several factors, such as the age of the property, floor level, presence of an elevator and parking, proximity to public transportation, and closeness to schools, universities, and shopping centers. These factors can significantly affect the overall value of a property.
Generally, it is important to understand that the foundation of a successful investment lies in having accurate and reliable information. Accurate information is obtained from trusted sources and official references. Sometimes, in online advertisements, we see homes being sold at enticingly low prices. While there may indeed be properties priced much lower than the market average, it is essential to conduct thorough research before purchasing such properties. Never rush into a decision just based on a tempting advertisement. Certainly, properties offered at prices below the real market value tend to have issues, such as poor location or even missing documents.
Selling Cheap Homes in Istanbul
The up-to-date and accurate real estate prices in Turkey, dated April 27, 2024, were compiled from the reputable Turkish Statistics Agency. Please note that the conversion of prices into Iranian Tomans was calculated based on the exchange rate of 1 Turkish Lira = 2,000 Iranian Rials. This data provides in-depth and practical insights into the Turkish real estate market, which can be incredibly valuable for investors seeking opportunities in the Turkish property market. By using this information, you will be able to make more informed decisions about buying 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 cheap properties, but it’s important to understand that buying inexpensive property in Turkey comes with its own set of challenges. According to the latest updates in Turkey’s residency laws, the minimum purchase amount for a property in Istanbul to be eligible for residency is 200,000 USD.
Individuals seeking cheaper properties or installment-based apartments in Istanbul may fall prey to misleading advertisements. Without proper knowledge of the laws surrounding property purchases in Istanbul, they may make impulsive decisions. However, they may not be aware that unless the full payment for the property is completed and the title deed (Tapu) is obtained, they will not be able to proceed with their residency application.
It is crucial to fully understand the legal requirements and ensure all conditions are met before making a property purchase for residency purposes in Turkey.
Price of Small Apartments in Istanbul
Residency in Turkey with Cheap Property Purchase
Given the increasing population and the growing demand for housing in Istanbul, the price of small apartments in the city has risen significantly. However, in general, areas closer to the city center and universities still have higher prices. These areas of Istanbul are particularly attractive to buyers due to easy access to public services, green spaces, shopping centers, and commercial areas.
Despite the price increases, buying apartments in Istanbul remains attractive. These units, due to their relatively affordable prices, are seen as good investment opportunities. Many investors purchase small apartments and then rent them out to tenants. This strategy allows them to generate stable rental income while benefiting from the potential future appreciation of their properties.
Therefore, investing in small apartments in Istanbul remains a popular choice due to the relatively reasonable prices. However, it is important to note that the geographic location and other features of each area have a significant impact on property pricing and attractiveness.
Price of a 50-square-meter Apartment in Istanbul
Price of Apartments per Square Meter in Istanbul
The price of a 50-square-meter apartment in Istanbul varies depending on the area in which it is located. In general, properties in larger cities like Istanbul, Ankara, Izmir, and Antalya tend to be more expensive compared to those in smaller cities. However, due to recent price changes, it is challenging to provide an exact price at the moment.
In Istanbul’s real estate market, housing prices increased by 2.87% last month. As of April 20, 2024, the average price per square meter of residential property in Istanbul is 38,991 Turkish Lira, calculated over a 17-year repayment period.
According to the 2024 Real Estate Index report and regional analysis, the average price of a 100-square-meter home in Istanbul ranged from 2,924,298 Lira to 4,873,800 Lira.
For a 50-square-meter apartment in Istanbul, the price can roughly be half of the above amount. It is important to note that the price of small apartments in Istanbul, whether new or second-hand, can vary significantly, just as it does in other countries.
The average price of a property in Istanbul
Investment in Turkey’s Real Estate Market: A Focus on Istanbul
Investing in Turkey’s real estate market, especially buying property in Istanbul, has become highly attractive due to the remarkable growth it has experienced in recent years. This appeal is evident in the statistics provided by Turkey’s Ministry of Housing. 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, equivalent to 77.334 million Iranian Tomans.
It’s important to note that this conversion is based on the exchange rate of 2,000 Iranian Tomans per Turkish Lira, as of Saturday, February 10, 2024. Additionally, Iranian investors have been the top buyers of real estate in Turkey for several consecutive years, which further underscores the attractiveness and profitability of investing in property in Istanbul for Iranian investors.
Important points when buying property in Istanbul
Important Considerations When Buying Property in Istanbul
- Choosing a Reliable Real Estate Consultant: Given the complexities and risks involved in purchasing property in Istanbul, it’s essential to work with a reputable and experienced real estate consultant. A reliable consultant ensures that you purchase property at the best price and under favorable conditions, while also verifying the authenticity of the documents. Be cautious of unreliable consultants who may provide misleading information. Always select one who holds the necessary licenses from the Turkish government.
- Legal Verification of the Property: Before buying a house in Istanbul, you must ensure that the property is legally sound and that all documents are valid. It’s highly advisable to seek assistance from a legal consultant or a lawyer in Turkey to review all related documents and guide you through the legal aspects.
- Determining a Suitable Budget: It’s crucial to accurately calculate your budget before beginning the home buying process. Make sure the property you choose aligns with your financial capability. Additionally, take into account additional costs such as taxes, legal fees, and consultation charges.
- Quality of Construction: One of the key factors in buying property in Istanbul is the quality of the construction. To ensure that the property is built to a high standard, consider consulting an expert who can help you evaluate the construction quality, maintenance status, and potential issues with the property.
- Property Location: The location of the property is a critical factor when making a purchase. Ensure that the property is situated in a safe area with easy access to essential services like schools, hospitals, and shopping centers.
- Physical Condition of the Property: Before purchasing, make sure to inspect the physical condition of the property. It should be in good shape with no structural issues that could lead to additional repair costs.
- Purpose of the Property: If you are buying property as an investment, ensure that the property is suitable for rental purposes. Properties located in well-connected and desirable areas tend to perform better in terms of rental income.
- Price of the Property and Additional Costs: The price of the property should align with your budget. Be sure to assess your financial capabilities carefully before making a purchase. Remember, besides the purchase price, you will also need to cover additional costs such as taxes, transfer fees, and other administrative expenses.
- Building Permit: If you plan to purchase a property under construction, make sure to verify that the building has the necessary permits. Ensure that the construction complies with all legal regulations and permits issued by the local authorities.
- Proper Transfer of Funds: For foreign buyers, the purchase amount must be transferred from a bank account to the seller’s account. It’s important to obtain a currency conversion certificate from the bank, known as “Döviz Alım Belgesi,” to ensure that the transfer is done correctly. For a smoother experience, you can consult with agencies like Four Key Group to simplify the buying process.
By following these essential steps, you can ensure a smoother and more secure property purchase experience in Istanbul.
Before buying a house in Istanbul, do these things!
Before buying property in Istanbul, make sure to conduct an on-site visit to the property and get familiar with the area and local amenities.
Real estate services can assist you in the property buying process. When choosing a real estate agent in Istanbul, be careful and rely on their experience and knowledge of the real estate market.
Thoroughly check the legal status of the property and the relevant documentation before purchasing. Also, ask your real estate agent to guide you through the legal procedures and transactions.
Study and compare the prices in your desired area. This comparison can help you determine a fair price for the property.
Advantages of buying a house in Istanbul.
Investment by Purchasing Property in Istanbul
- Easy Access to Public Services: Istanbul offers extensive public services that make life more convenient for its residents.
- Sustainable Growth in the Real Estate Market: The real estate market in Istanbul is stable and thriving due to economic growth and high demand for housing.
- Touristic and Recreational Areas: The city’s tourist attractions and recreational facilities increase its appeal for property purchases.
- Cultural Diversity and Local Communities: The cultural diversity and the presence of various local communities make living in Istanbul attractive for migrants.
- Strategic Geographic Location: Istanbul, situated at the crossroads of Europe and Asia, serves as an important commercial and tourism hub.
- Diverse Medical and Educational Services: Istanbul is home to modern hospitals and reputable international schools, enhancing the quality of life.
- Investment Opportunities in the Real Estate Market: Due to high demand and a decrease in housing availability, property prices in Istanbul are likely to increase.
- Developed Infrastructure: Istanbul has a well-developed public transportation network, shopping centers, and suitable urban infrastructure.
Disadvantages of buying a house in Istanbul
Buying property in Istanbul can be attractive and exciting, but it also comes with its specific challenges and drawbacks. Some of the disadvantages of purchasing property in this city include:
- High Prices: Istanbul is one of the more expensive cities for real estate. Prices vary significantly depending on the area and amenities, and they are typically 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 result in rising prices and a shortage of suitable properties.
- Legal Issues: The process of buying property may be complicated and require legal consultation to ensure that all documents and records are legally correct and valid.
- Political and Economic Changes: Changes in government policies and economic conditions can impact the real estate market, causing fluctuations in prices and buying/selling conditions.
- Infrastructure Issues: Some areas in Istanbul may face infrastructure challenges, such as heavy traffic, limited parking, and suboptimal public services like water and electricity.
- Cultural and Language Barriers: Lack of familiarity with the local culture and the Turkish language can be challenging for foreign buyers, potentially requiring additional guidance and assistance.
Risks of buying a house in Turkey
Changes in Property Residency Law in Turkey
The main risk when buying property in Turkey is that the title deed may not be in the seller’s name. This is because the land registry in Turkey is not fully computerized, making it difficult to confirm the actual owner. Additionally, there may be restrictions on foreign ownership of property in certain areas of Turkey, so buyers need to ensure they are aware of such restrictions before purchasing.
Another risk to consider is that the property may be subject to seizure, meaning the seller may have borrowed money against the property, and the lender could have a claim over it. It’s important to verify this before purchasing as it can affect the buyer’s ability to secure a mortgage or other financial resources.
Lastly, buyers should 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 a common practice in other countries, so buyers need to be sure they are aware of such taxes that might apply.
Changes in the property residency law in Turkey
Advantages of Buying Property in Istanbul
New Property Residency Law in Turkey: Minimum Investment Raised to $200,000!
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 more than $200,000 USD, provided that the Central Bank declares the exchange rate of the dollar on the date of the property title issuance. For more detailed information, you can refer to the article on the latest law regarding property purchases in Turkey with an investment of $200,000.
The property’s value is assessed solely based on the price written on the deed, as stated by the immigration department, and property evaluations will not be considered. This new law does not apply to those who purchased property in Turkey before April 26, 2022. Therefore, the property value must be above $75,000 USD in major cities and above $50,000 in smaller cities.
Currently, according to the new law, there is no distinction between major and small cities; this change applies uniformly across all cities.
Key Points to Note:
- The purchased property must be residential, and the word “Konut” (meaning residential) must be listed in the deed.
- The property should have an occupancy report (İskan) and be approved for residential use.
- If parents, children under 18, or dependent adult children have a share in the property deed, they can apply for residence through this property purchase.
Additionally, for those seeking Turkish citizenship, the requirement for obtaining a passport remains at $400,000 USD, and no new announcements have been made regarding changes to this.
Legal Advice from “For K Group”: Before making a decision, it is recommended to conduct thorough research and seek appropriate legal and financial advice to ensure you make the best choice.
The real estate market in Turkey offers a variety of options, from modern apartments to luxury villas. Working with specialized lawyers and professional real estate consultants is essential to ensure that the property purchase process is legal and secure. Ultimately, gathering information and consulting experts will enable you to make informed investment decisions in Turkey’s real estate market.
For K Group Holding, with official licenses to operate in the real estate sector, is ready to provide services in investment, property purchase, tourist residency, obtaining Turkish citizenship and passport, company registration, and work permits.
Summary
If you are looking for the best and most reputable website to purchase an apartment in Istanbul, Turkey, you can rely on For K Group Holding. Our company is one of the most experienced and active centers in this field, capable of helping you achieve your goal in the shortest time and with the best possible service.
Frequently asked questions
Here is the translation:How long does it take to get permanent residency in Turkey through property purchase? If you buy a property in Turkey and stay in the country for at least 185 days every year for 5 consecutive years, you can apply for citizenship and a Turkish passport based on Law 5901, Article 11, after this period.Can you get residency in Turkey by purchasing a shared property? No, the property deed must be in one person’s name, and residency cannot be requested for shared properties.Is it possible for foreign nationals to build in Turkey? Yes, foreign nationals can build on land that is outside of military zones and has a construction permit.Let me know if you need further assistance!
