How to buy an apartment in Istanbul

Before we start talking about How to buy a property in Istanbul Let’s take a look at how to get into Turkey And what are the types of visas and how to obtain them.

Turkish visa

Visa or entry visa can be defined It is the document that is placed on the passport when you enter a certain country, and it enjoys being for a certain period, and it gives its owner the right to enter the country he wants to travel to.

What are the types of visas that can be obtained?

There are many types of visas:

  • Tourist Visa
  • Transit visa
  • Student visa
  • Visa at the border gate
  • work visa

What are the ways to extract the Turkish visa?

Those wishing to enter Turkish territory from investors or those coming with the aim of education in Turkish universities, or seeing the tourist attractions that the Turkish geographical nature enjoys from tourists can extract a visa so that they can enter Turkey, and the entry visa can be extracted to Turkey through the following methods:

  • Apply for a visa through the Turkish embassy in the country in which you live.
  • Apply for an electronic Turkish visa online.
  • Obtaining the Turkish visa at the border gate.

After submitting the application to extract the visa to the concerned party, the documents required to extract the Turkish visa must be secured.

What are the documents needed to extract a visa to Turkey?

Those wishing to obtain a Turkish visa can secure the following papers:

  1. A valid passport.
  2. 2 recent personal photos.
  3. The insurance required according to the type of visa to cover accommodation expenses.
  4. Bank account statement.
  5. Visa application document.
  6. Fee payment receipt.
  7. Flight ticket or hotel reservation.

It is worth noting that the Turkish visa is valid for a period of ninety days from the date of entry into Turkish territory, and people who want to continue to stay must obtain one of the types of residency available in Turkey, which differ according to your goal of coming to the country.

How to buy a property in Istanbul and how to choose the right company to invest or buy the property?

Investors coming to Turkey with the aim of investing or wanting to buy a property must contact one of the reliable real estate companies, but how can one choose the right company for investment?

Reliable real estate companies must be searched and searched on the Internet, and it is necessary to ask about the nature of this company and its history in the issue of a real estate sale.

It is also necessary to look at the services that real estate companies provide to their clients, these services that concern the pre-purchase and post-purchase phase, and the consequent right to apply for Turkish citizenship and follow up on the progress of procedures.

Searching and examining real estate companies is very important before the process of coming to Turkey in order to invest or buy a property, and before choosing the real estate company, the necessary measures must be taken not to fall into the networks of deception and fraud.

In addition to obtaining the necessary information about the property to be purchased and the offers made by real estate companies, which encourage those looking to invest to choose a company and not others from other companies.

Reception from the airport

Istiqlal Real Estate Company pays great attention to receiving clients from international airports because a large number of customers arrive in Turkey for the first time, and they need translation service and a good and comfortable reception service..

Among our services provided, the reception service comes from various international airports with comfortable cars, in a sophisticated style and a distinctive welcome that befits our valued customers, and reflects our image in front of them, carried out by qualified service staff, while providing comfort to travelers inside the airport.

The best areas in Istanbul to buy a property

The question is always repeated by investors coming to Turkey with the aim of buying real estate about the best areas in Istanbul to buy apartments, suitable areas for real estate investments.

As it is known to all, Istanbul is divided into two halves, the first half of which is in the European continent, which has a lot of real estate investments and housing projects, and the other half is in the Asian continent, which has natural beauty and a great urbanization.

Usually investors prefer to live on the European side of Istanbul, because it is the party in which the Turkish government implements many vital projects that benefit the owner of the property in the future.

Also, many projects provide many profitable returns for investors and are usually suitable for obtaining Turkish citizenship.

As for the issue of square meter prices for residential apartments in Istanbul, there is a big difference between one region and another, and this is due to some factors that affect real estate prices, including:

  • Geographical location of the property.
  • The issue of proximity or distance from the city center.
  • Age of construction.
  • Building specifications.
  • Existence of services around construction.
  • Building finishes

The best projects for housing and the best projects for investment

Many residential projects in Istanbul constitute a magnet for those who want to own property due to the area in which they are stationed, proximity and distance from social services from schools, hospitals and universities, as well as the specifications of the apartments in terms of interior design and the quality of the materials used in their installation.

There are some projects that are built near the huge projects that are being implemented by the Turkish government, which transform the housing project into an investment project that generates a lot of huge money in the future. For example: All projects that are being built near the Istanbul Canal are investment projects for their owners and promise a promising future for them.

The investment projects established in the Basin Express region are also among the most successful investment projects, because this region is an investment center and centers that contain the financial and business world in the city.

We always advise those who want to invest to buy real estate that is under the supervision of the Turkish government, and these are projects named with the guarantee of the Turkish government, and all project files are under state control, and no one can manipulate these projects.

We must be careful when buying a property from networks of deceivers and from swindling and fraud, especially with real estate companies that do not have any official papers for them in Turkish state institutions.

Transfer methods, payment methods, and online purchases

What are the possible ways to transfer money to buy a property in Turkey?

Funds can be transferred via the following methods:

  1. Transfer money to the seller’s account with a bank transfer.
  2. Opening a personal account in Turkey and transferring money to it.
  3. Conducting a bank transfer by a legal person.
  4. The value of the property can be paid in cash
  5. Payment of the property value by magnetic card.
  6. Pay by check in transit.
  7. Transfer money through well-known international transfer systems such as “Contact”, “Western Union”“.

Also, the property can be purchased by submitting an initial payment of a certain amount, and then following up the remaining payments according to the signed contract and the agreed period..

What are the steps for buying a property online?

  1. Fill out the form designated by us to purchase the property over the Internet, and contact you at the time that you specify.
  2. Selecting the secured project and real estate suitable to your needs with the help of our specialized team
  3. After the appropriate properties are selected, the reservation amount will be sent with a copy of the passport
  4. The purchase contract is sent and signed by you and then the construction company, after that the contract is certified by a Turkish notary to guarantee your rights..
  5. Transferring the agreed payment amount to complete the acquisition process.
  6. The property is yours!

What are real estate taxes in Turkey?

Real estate taxes imposed on real estate in Turkey are a set of financial amounts imposed by the state on the seller and buyer when the process of selling or buying a property in Turkey, these real estate taxes are paid in the Turkish tax department in the state in which you reside. Below we review the most prominent types of real estate taxes in Turkey  :

Annual real estate tax :

    • Once you buy a property in Turkey, a tax is paid annually, which is an annual property tax
      “Emlak vergi” It is paid to the local municipality and its value is estimated at about 2 thousand percent of the total value of the property mentioned in the copy of the contract, regardless of the area of ​​the property, its location, and whatever the nationality of the property owner

Title deed tax (tapu) :

    • It is a tax that is paid upon registering the title deed, and is equivalent to about 4% of the specified value of the property and is paid by both parties, seller and buyer equally, and there are some construction companies that bear the tax in full.

Value added tax (KDV):

    • And this tax varies in proportion to the area of ​​the purchased property, type, level of construction, and region, and the value-added tax in Turkey has three rates 1% – 8% – 18%
      The Turkish Parliament issued a new law in late February 2017 stipulating “the abolition of the value-added tax on the purchase of real estate in Turkey against the right of foreign investors or Turkish expatriates who live and work outside Turkey for a period of more than half a year, where this tax exemption applies on the condition that the value The property is denominated in foreign currencies, and the purchased property is not sold until at least a year after the date of purchase

Nationalities entitled to own property in Turkey

After the revision of the ownership laws in Turkey and the abolition of the principle of reciprocity in the matter of foreign ownership of the real estate, and after the restrictions imposed on most nationalities owning real estate in Turkey were lifted, the property law in Turkey that was issued in 2012 was detailed for foreign nationalities. It has the right to apply for ownership in Turkey.

One of the most important things in this law is that most nationalities are entitled to it Buying a property Without imposing any restrictions by the Turkish government, but there are some nationalities that are not entitled to own property unless certain conditions are met.

Like some countries bordering Turkey, such as Greece, Georgia, Russia and Iraq, they cannot buy property in the areas on the border, but they can own property in the rest of the interior. There are some nationalities that can never possess them, such as the Syrian nationality.

What is the tax number?

When buying a specific property or opening a bank account in Turkey, you must obtain your tax number from the tax department in the state in which you reside by presenting a valid passport.

 

  • The papers required for Turkish citizenship procedures for investors
    1. Title deed of the property purchased.
    2. A promise to sell a contract with a notary (Notre).
    3. A valid property evaluation report.
    4. The original payment has arrived from the buyer’s account.
    5. The original payment has arrived from the seller’s account.
    6. Translation of the passport into the Turkish language, certified by a notary in Turkey (Notre) for all family members: husband and wife, and children under the age of 18 years.
    7. The agency for applying for citizenship:

Granted by the investor to the legal team to submit the nationality file and follow it up with the official departments. The agency is regulated by a notary in Turkey (Notre) with an estimated cost ranging from 600 to 700 Turkish liras per copy.
In the event that the investor’s wife/husband is added to the naturalization file, a similar power of attorney must be provided for each of the spouses, and one joint agency may be organized for the client and his wife.
The attorneys’ wages vary according to each case in terms of the number of papers, the number of individuals within the file, and others.

Real estate appraisal

The real estate appraisal circular was issued in the first month of 2019 by the Ministry of Environment and Urbanization, and as of 04.03.2019, foreign investors are required to obtain a valuation report issued and duly approved before the purchase and sale transaction in the title deed.

The real estate appraisal shows in its report the market value of the property according to specific criteria, and it is one of the official documents necessary to complete the registration transactions of the title deed in real estate sales to foreigners in Turkey.

The average price of bills in Turkey

The details recorded in the price of the bills vary according to the different Turkish states and according to the number of members in the family, but it can be said on the general overall that the invoices registered for a family of 4 people who live in Istanbul amount to approximately 150 Turkish liras.

This amount includes electricity, water, gas and internet bills, but the different regions affect the gas bill in particular, as living among alleys in the city center reflects a decrease in the price of the gas bill.

On the contrary, when living in open areas far from the city center, the bill may be a little high.

Duration of ownership of the property

In general, it can be said that the period of ownership of the property extends from one to three days, so after accepting the application, the purchase and transfer process does not take more than a day.

Extracting the tapu

The title deed is an amount of money that is paid after the completion of the sale or purchase of real estate operations, as the ownership of real estate in the title deed cannot be transferred, without paying these expenses, and the costs of the title deed can be calculated as follows:

    • Title deed fees are calculated on the basis of 15 per thousand of the sold property price.
    • A grace period is given until the end of the year to pay the title deed fees.
    • Anyone who submits false information to the title deed is exposed to a large financial penalty, and anyone who does not pay the full title deed fees.
    • Title deed fees are paid by both the seller and the buyer of the property independently of each other.
    • Each of the previous parties pays 15 per thousand of the property price.

After sales services – opening bills – buying furniture – renting the apartment

Istiklal Homes continues to provide the best possible services to our esteemed clients wishing to buy property in Istanbul or invest in Turkey.

Our services start from receiving the customer at the airport and delivering him to the hotel via a private and luxurious car, with a driver who speaks fluent Arabic.

We accompany the client on a tour of the real estate projects and provide him with complete and comprehensive information about the property to be purchased.

We provide customers with sales services by extracting the title deed and proceeding with the sale process at the notary, and we continue to provide services through the after-sales stage, where there are Turkish citizenship and the process of naturalization files and follow-up papers matters in official departments.

Among the most important services that we provide are the services of buying home furniture, opening bills at the competent authorities, or renting a flat according to the customer’s desire.

Procedures for selling in the future

If you want to sell the property and benefit from it by increasing the price of the property in the area in which you have previously bought it, you should note some important things, namely :
If you want to sell 5 years before the date of purchase, you must pay a tax according to certain laws for people that the Turkish government announces annually, and it ranges between 15-35
percent of the value of the net profits. In the case of companies, the profit tax is fixed and it is 20% of the net profits of the company’s business,
but if you want to sell After 5 years, there is no tax

For any inquiries, please contact us

 

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