All the steps and stages that you need to follow when buying an apartment in Istanbul
The real estate market in Turkey is witnessing a wide development and a large turnout of foreigners to own real estate in Istanbul, as it is the economic capital rich in investment and development projects.
However, despite the facilities granted in Turkey for foreign ownership, it requires sufficient knowledge of the background of real estate ownership laws in Turkey and the procedures necessary to complete a successful and safe purchase at an appropriate price and sound procedures.
If you want to buy an apartment in Istanbul legally, here is the detailed article:
Through the following paragraphs, you can see and learn about the steps of buying an apartment in Istanbul specifically:
First of all, you must determine the goal or purpose of buying the apartment in Turkey. Is it for ownership, investment, making profits, joining the Turkish real estate market, or with the intention of obtaining Turkish citizenship or real estate residence?
The characteristics of the construction play a very important role in the selection. If you want to buy with the intention of investing, you should buy a property under construction, as these properties are witnessing development and a rise in prices until they are completed. But if you want a property with a modest budget, you should stay away from the city center, real estate in places crowded with vital buildings and population is expensive compared to other real estate.
Also, when buying a property, you must calculate the budget, so as not to be surprised by expenses that are not taken into account, and in order to make sure that your financial balance is sufficient to cover all costs without the need to borrow.
Also, to ensure that you are not defrauded, as the property may in fact differ from the specifications displayed, or you may pay excessive amounts and later discover that the property is not in the described condition, so you must choose a real estate company or real estate agent known in terms of credibility, commitment to dealing with the customer and skill in negotiating to obtain appropriate prices .
The greatest reliance on your real estate agent in terms of explaining the specifications of the property and the legal situation, as it includes lawyers to preserve the rights of clients and follow up all legal procedures until obtaining the title deed
In addition to the ease of dealing with these companies due to the presence of a team specialized in languages, the client does not suffer from the difficulty of dealing with the Turkish language in terms of contracts and procedures.
As for the wages of these companies, the Turkish law sets the real estate agent's fees at 2% of the seller and buyer independently of the actual sale price of the apartment.
The issue of the real estate agent is the biggest difference between the Turkish citizen and the foreigner. Turks always prefer to do their transactions themselves in order to save money in addition to their knowledge of the laws and procedures of ownership, while the issue is different for the foreigner because of his lack of knowledge of the Turkish language and the necessary procedures.
After that, you have to go to visit the real estate sites included in the offers and check their specifications and match the offer with the construction in reality
After visiting real estate in Turkey or the available offers, you must reserve the property by paying a deposit to the owner, which is a specific percentage commensurate with the total property value. In this way, the seller is committed to the sale process, regardless of developments or changes in the exchange rate, especially in light of the very strong competition between foreigners in the Turkish real estate market.
The fifth step, you have to start preparing your papers to complete the purchase, most notably obtaining a tax number from the real estate department in Istanbul, where the Turkish government imposed this procedure on every foreigner who does not have Turkish citizenship to facilitate the legal transactions necessary to transfer ownership to the buyer, Also, a bank account must be opened in one of Istanbul's banks to facilitate the transfer of funds and payment of the property price from the buyer's home country to Turkey
It is not possible to complete the process of buying an apartment in Istanbul and owning a foreigner except by paying for it through banks.
After completing the formal steps of a deposit and extracting papers, the contract is signed between the owner and the foreign buyer in both Turkish and the mother tongue of the foreign buyer, where the contract clarifies the conditions agreed upon between the two parties.
The necessary step to complete the purchase is to pay the property tax, as it is paid according to Turkish laws equally between the seller and the buyer, and its value is 4% of the value of the property, but the common custom is that the buyer bears it in full.
One of the papers necessary to buy a property in Istanbul is the so-called real estate appraisal document, which is a report that accurately determines the value of the property in order to avoid price manipulation, such as paying more than the amount the property is entitled to, and it is easily extracted not more than a week and is valid for a period of time not exceeding three months, according to the Turkish Fees and Expenses Law, the evaluation transaction fee is paid at a specific percentage of the popular value of the apartment, which is used when paying the real estate tax as well.
After that, we are faced with the procedures that take an average of about two months, where the official papers are sent to obtain security approvals to complete the purchase of the property, and after the security approval is issued, we go to the Real Estate Department in Istanbul and complete the registration process and transfer ownership to the foreign buyer
Obtaining the title deed or title deed is the last step in the process of buying an apartment in Istanbul, where the title deed is the main and first guarantee of ownership in Istanbul and is obtained after paying the full price of the apartment and if the payment is in installments, you get it after the last payment.
In order to get more information about the real estate market in Istanbul, you can follow our website constantly or contact our real estate consultant to provide you with the details you need.
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