Things You Need To Consider To Buy Turkey Houses For Sale Istanbul
Land Registry Law No. 2644 was enforced in May 2012, per Article 35; it was amended by Law No. 6302, enforced on 18 May 2012. Before this law, foreigners had to face the condition of reciprocity if they wanted to buy property in Turkey. In 2018, we also had the citizenship by property investment program to attract foreigners to purchase an apartment in Istanbul to buy property abroad. Here are essential things you need to consider to buy property in Istanbul.
First Things First
It’s essential to set clear objectives first. Why do you want to Buy Apartments In Istanbul Turkey? People do it for various purposes. You also need to analyse:
- Do you want to stay in the property to live in Istanbul?
- Do you want to rent it out?
- Do you wish to invest in the property to get a Turkish passport?
So, only with this objective clear should you aim to buy a property. For example, when you want to purchase real estate in Istanbul to rent your property, you need to select from properties for sale in Istanbul which are the best for renting. Check the right property and part of Istanbul where you should invest to active your purpose.
2. Choose from Multiple Options.
See the various options you have. Do not settle for the first few ones that come to your notice. Also, you need to take your full time to view a property. Sometimes, you come to know the exact situation only after seeing different properties. The reality may be quite different from how a property has been advertised. You need to view the property to get the best property. So, you need to look at the maximum number of properties to make a final decision.
3. An Eye into the Legal Formalities.
You might find many properties in Istanbul to be attractive. However, the glitch occurs when they do not have the correct paperwork to support ownership. They may have paperwork, including the zoning and planning permissions, to give the condominium rights, but the proper paperwork involving TAPU (title deed) is not done, making it useless work and a waste of time.
4. All Services Are not Equal.
The growing Turkish real estate market has many properties and an excessive number of agents. But, this large number of properties In Istanbul for sale is not helpful because excess properties in the market mean lowering the market equilibrium. So, just one wrong step is enough to reduce the value of your investment in the Istanbul property market. Additionally, all real estate companies and agents in Istanbul are not equal. You need to find the best agency that understands the ins and outs of the market and how to match it with your needs.
5. A Lawyer Can Prove Helpful.
A lawyer will ensure that your home’s built complies with legal requirements. Also, the property should have the necessary documents allowing you to own the property. For example, it should have military clearance. Having a lawyer by your side speeds up buying and owning the right property.
6. Do Not Hesitate to Negotiate the Terms and Price.
Rember, people in Turkey love to bargain. And that is why make sure you ask your agent to negotiate well to give you the best deal, which means looking for the extras, guarantees, payment schedule, and the right price!
7. Get a Translator.
Besides having an English-speaking lawyer, you also need a translator knowing the ins and outs of property purchases. A translator will help you in preparing and translating your documents.
8. Get a Turkish Passport, Spending 400,000 Dollars.
As per Turkish law, there are various criteria to obtain Turkish citizenship. One of them is purchasing Turkish real estate. The Turkish government allows foreigners to acquire Turkish citizenship from 2018 through real estate minimal investment of 400.000 US dollars on either a single or multiple properties. The purchased real estate needs must have completed and ready title deeds (TAPU). Application for citizenship needs to be made through a lawyer.
As you apply for citizens sip through real estate purchase, a surveyor gets sent by the government for evaluation of the purchased real estate property. The amount spent on the title deed is the investment, and the officials verify the purchase. On accepting the application, The Turkish government will place a charge on the title deed, according to which this property can’t be sold for three years. But, after three years, one can resell the property. The entire application process requires 3 to 6 months on the whole. After completing this process, the buyer, the spouse, and any kids in their family below 18 get Turkish citizenship.
Buying property in Istanbul also involves a bureaucratic process. It is entirely worth the effort to buy property in Istanbul, though you may not find it as easy to buy a home in Istanbul as in your native country. But, a little effort will help you accomplish what you want to achieve. Make sure you focus on the different options you must carefully inspect for their profitability. Istanbul offers real estate buyers many property options, but they are not equal. You need the discretion to select the most suitable property for you.