7 questions to help you own a suitable property in Istanbul

Created: 2022-05-13
Last Updated: 2024-04-26
Views: 1790

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Important questions asked by the real estate consultant:
The 7 common questions asked by most investors who are looking to buy a property:

Often, once an investor decides to buy a property, a number of questions come to his mind, especially if this is his first time to own a property in Istanbul, even if this person has visited the city several times and has limited knowledge of the city's districts, and whether his visit is to spend his vacation or to manage his business, these visits are not enough to know the city completely, most of them communicate with one of their friends here to consult him or contact with a real estate agent who can help him choose the right property for him in the area that suits him, in this article we will answer most common questions that most of investors ask about to buy a property in Istanbul.

When you contact a real estate agency, you will have to answer a number of questions that the real estate consultant will ask you:

Important questions asked by the real estate consultant:

1- Type of property:

The contact person will ask you what type of property you want to buy. As Istanbul is rich and full with various options, whether it is a villa, an apartment, a shop, a store, or a student residence.

2- The Purpose of buying the property

You must be very specific when you answer this question. There is a close goal, which is whether the property is intended for housing, because there are families who move from their countries and come to Istanbul to complete their lives or complete the education of their children, or for the purpose of investment. As there are investors who are looking to buy a property that bring him a fixed income whether monthly or annually for profit.

There is also a farther goal, is the property to obtain Turkish citizenship for you and your children, or do you just want to obtain a real estate residence?

3- The area of the property

This question is based on the previous question, as it is resulting to know the investor’s need. If it is for housing, so you must determine the number of rooms and the required space according to the number of your family members. Is it a room and a hall or two rooms and a hall or more, but if you want the property for the purpose of investment, it will be the best options for you 1+0, 1+1 or 2+1 at most, that if the property is an apartment, but if it is a villa, you must specify the number of rooms starting from 4+1 up to 12+2.

4- Status of the property

It means if the property is ready to move or under construction, as many investors buy the property while it is in the construction phase because it is less expensive compared if it is finished, they wait a year until the completion of construction to resell it and get profit at the price difference, as ready to move project is more expensive than the project in the construction phase.

5- Preferred district

This question is understood in several ways, sometimes it understands that the contact person asks you about the name of a specific area in Istanbul, such as Basaksehir, Sisli, or Beylikduzu. also it may be understood that he asks about the location of the property in the European or Asian side, or is the required property close to the sea, close to a university, or In a crowded residential area or quiet at the outskirts of the city.

6- The budget

This question is one of the most common questions and the most important for real estate consultants. According to your answer, the location of the property will be specified in any area in Istanbul. You cannot ask for a villa, for example, in the Basiktas district with a budget of 900 thousand dollars, or an apartment in the Fatih area with 50 thousand dollars, as each area in Istanbul has its own price, and this price is come according to its importance if it is tourist or investment area. Areas such as Beyoglu, Sisli and Besiktas are in fact first-class tourist areas that differ in nature from an area such as Avcilar residential district, and also differ from an area such as Basin Express or Maslak, which are investment areas where the headquarters of multinational and local companies are located.

The nature of the area also plays a big role in the price of the property even in one area, for example, the prices of apartments with sea views are higher than those located in the same area away from the sea, as well as its proximity to public facilities or transportation. Apartments near the metro are more expensive than apartments in the same neighborhood but far from the metro

For this, the investor must specify his budget allocated to the property, because according to the budget, the real estate consultant can choose the best options for him. You also have to specify the preferred payment mechanism. There are those who want to pay an advance and pay the rest of the amount in installments, and there are investors want to pay the full price of the property in and receive the Tapu in order to apply for Turkish citizenship or real estate residence.

These are the most common questions that a real estate consultant will ask you, but on the other hand, there are questions that most investors ask about before buying properties and in this article we Ramzy Real Estate will answer:

The 7 common questions asked by most investors who are looking to buy a property:

1- Is it possible to buy a property in Turkey with installments?

Yes, the investor can buy real estate with flexible payment terms, whether in installments or cash, and there are many projects that offer the possibility of paying in installments with a simple down payment of no less than 35% of the property value and for periods starting from 6 months to 36 months.

2- Is it possible to obtain Turkish citizenship by buying a property?

Yes, if the property price is 250,000$ or more, it is expected that the value of Turkish citizenship will be raised officially to be 400.000$, but if the property price is lower, you can obtain real estate residency until you buy another property to complete the amount of citizenship, for more details about Turkish citizenship and its terms please click here.

3- is there any restrictions on buying a property in Turkey for foreigners?

No, it is very easy that most nationalities can own real estate in Turkey easily, with the exception of Syria, Cuba, North Korea and Armenia, but there are restrictions about the location of the property, especially if the property is near to military and sovereign institutions such as airports and embassies, and a foreigner who wants a property in an area close to these areas requires obtaining the approval of the relevant security authorities.

4- What are the taxes and costs should be paid when buying a property?

• There is a tax about 4% of the value of the real estate price written on the title deed. It is a one-time fee should be paid to the state when transferring the ownership of the property from the seller to the buyer in the title deed department to register the property in the name of the new property owner.

• Value-added tax, which is 1% of the real estate price, except in the case of commercial real estate, such as shops, villas, or apartments with large areas, where the net area is more than 150 meters, so the real estate tax will be 18%.

• Fees required for opening the water, electricity and gas meters.

5- What are the required documents to own a property in Turkey?

• The original passport with a copy of it translated and certified by the Notary.

• The investor should have a Bank account to transfer the price of the property to the seller.

• The title deed (Tapu) that includes the details of the real estate unit.

• An earthquake insurance policy (DASK).

• A 4 x 6 biometric photo of the property seller, and two photos of the buyer.

• An interpreter in case of one of the parties does not speak Turkish.

6- Is it possible to obtain the title deed of the property and still pay the installments?

No, to obtain the title deed of the property, you must have paid all the installments related to the property, and if the company agrees to give you the title deed, it will be marked that this property still has unpaid payments, and in this case you will not have the right to sell the property unless you complete the payments. But once you complete paying the rest of instalments you can transfer the title deed to regular Tapu without tags or marked signs so you can dispose of it or sell it if you want.

7- Is it possible to inherit the property after death?

Yes, according to Turkish law, the property is inherited to the family of the died, for his wife and children only, not to the brothers, uncles or parents, if the investor holds Turkish citizenship, but if the investor does not hold Turkish citizenship, in this case the property is bequeathed to the family of the deceased according to the law of the investor's country.

At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice .
- Property Management.
- After-sales services .
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.

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7 questions to help you own a suitable property in Istanbul