Buying an apartment in Istanbul - the complete guide

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Buying an apartment in Istanbul is a dream of foreigners in Turkey, which is easy, but it needs to be fully aware of the details of the purchase, in terms of procedures, prices, and appropriate ways to buy a property in Istanbul, in addition to how to know the best area to buy an apartment in Istanbul, and finally some tips Fanar Realty for you. A useful article, and a comprehensive guide that suffices you to know the smallest details about owning apartments in Istanbul. 

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Buying an apartment in Istanbul - why do you think about it?

Owning an apartment in Istanbul is a useful decision for thousands of foreigners every month, as there are many goals and reasons that make them think about owning real estate in this vital state, and the region is full of golden features. 

The following are the most important points that attract foreign buyers to the idea Buying apartments in Istanbul:

  • Istanbul is one of the vital cities suitable for businessmen and investors, and those wishing to open commercial and investment projects, so they consider having an apartment in Istanbul in their name is important to facilitate their stay in it, and to provide them with a safe and calm atmosphere while they are there.

  • The population of Istanbul is increasing dramatically and the need for housing and stability is self-evident, which encourages investors to own apartments in Istanbul and rent or invest in various types of real estate investment available.

  • Thousands of foreigners move monthly to Istanbul to reside there, especially from Arab countries such as Iraq, Lebanon, Palestine, Egypt, Libya, the Gulf countries and others, not to mention the large influx of Syrians in Turkey.

  • The conditions of life in Istanbul, study and work are very encouraging to settle there

  • Also, one of the things that encourages owning apartments in Istanbul is the ease of adapting to Turkish society

  • Also, the increasing number of Arab communities in Istanbul is an additional incentive to settle there

  • Even those who do not intend to settle in Istanbul have many gains from owning an apartment in it, such as investing in tourism, for example, or renting, or benefiting from it as a safe wallet to save investors’ money, especially since real estate in Istanbul is witnessing a clear growth in its prices due to urban development and urban transformation plans in the city

  • Also, one of the reasons for owning an apartment in Istanbul is to obtain privileges for real estate owners, such as obtaining real estate residence, or obtaining Turkish citizenship if the price of real estate owned by a foreigner exceeds the limit of 250 thousand US dollars.

In fact, if we continue to talk about the reasons that motivate you to buy an apartment in Istanbul, we may need a lot of articles, and each of the previous points is in itself an independent topic with many ramifications.

The best area to buy an apartment in Istanbul

Each area of ​​Istanbul is suitable to be the best area for real estate ownership, but these areas are distinguished according to the desire of the foreign buyer, for example:

  • If you want to buy an apartment in Istanbul for a family, the best areas are: Bahcesehir, Beylikdüzü, Avcilar, Basaksehir

  • If you want to invest in real estate in Istanbul apartments, the Basin Express line and the central areas of Istanbul are suitable for this, such as Fatih, Bagcilar and their surroundings.

  • If you want to own an apartment in an upscale area, you should head to Sisli or Sariyer

  • As for those who want to buy a cheap apartment in Istanbul, they can find their request in Esenyurt or in the neighborhoods of the Asian side of Istanbul

Advantages of buying an apartment in Istanbul

What distinguishes the ownership of apartments in Istanbul can be summarized in the following points:

  • Facilitating procedures for real estate ownership. In every municipality of Istanbul, there are government institutions and agencies that run real estate ownership, fix the title deed and all the legal procedures necessary to complete the ownership of the apartment.

  • Real estate prices in Istanbul are encouraging, and we will discuss the costs of owning apartments in a later paragraph of this article

  • Investment advantages of Istanbul apartments

  • The strong infrastructure of Istanbul, which contributes to the improvement in real estate prices and the high rates of real estate price growth significantly

  • The presence of all the real estate options that any searcher for an apartment for sale would desire

  • Istanbul is the best city for housing, families, students, work, and tourism, so buying an apartment in Istanbul will make the owner of this apartment in the best place for life and work.

Procedures for owning an apartment in Istanbul

After you search for the right property for you, and make sure that it is your request, you can start the procedures for buying an apartment in Istanbul legally, through the following stages:

1. Obtain security approval

Its procedures are easy, and it is required for foreigners to own property so that the place in which they reside is not of a security or military nature, and usually the period for obtaining approval does not take more than a week

2. Signing the sales contract

The contract is signed between the seller and the buyer in the presence of two witnesses and documented in the Noter office. The price of the house is also paid by the bank, and the receipt is kept.

 

3. Preparing the necessary documents to fix the title deed 

You must have all of the following documents:

  • The contract of sale of the property, which contains detailed information about it

  • Passport with a translated and certified copy of the Turkish language

  • real estate appraisal document

  • earthquake insurance policy

  • Personal photos "one picture for the seller and two for the buyer"

  • In the event that there is an agent on your behalf, you must obtain an official power of attorney for him and document it at the Notary Office “Notary Public.”

4. Install the title deed

This will be in the real estate registry office in the area where the property is located

 You can find out more about the topic: Title deed in Turkey

The cost of buying an apartment in Istanbul

When talking about the costs needed to buy an apartment in Istanbul, our words must be divided into four sections, each section includes certain costs, which are explained in detail in the following paragraphs:

Prices of apartments in Istanbul

Many factors play an important role in determining the price of real estate in Istanbul, especially apartments, and the most important factors are:

  • Apartment address

  • Is the apartment in a residential complex?

  • Apartment area

You can see this table for the average price of an apartment in Istanbul, with an area of 100 square meters:

 

In a residential complex

outside the residential complex 

Apartment in a central area of Istanbul

1.000.000 – 1.200.000 TL 

700.000 – 900.000 TL 

Apartment in a prestigious area of Istanbul

2.000.000 – 3.500.000 TL 

900.000 – 1.400.000 TL 

Cheap apartment in Istanbul

600.000 – 800.000 TL 

400.000 – 700.000 TL

 

You may find many real estate options at different prices depending on other factors, such as the age of the building, the seller’s need to sell his apartment urgently, the apartment’s need for restoration, or other costs.

Ownership procedures. 

These costs include the translator’s fee when needed, and the costs of translating official documents. It usually does not exceed 1500 to 3000 Turkish liras and may increase or decrease according to the region in which you buy and according to the facilities provided by the translator,

Also, according to the number of papers needed for translation and attestation from the Notary Office.

The real estate tax

the real estate tax is related to the value of the real estate tax in the price of the property, which is estimated in Turkey at 4% of the property price, to be shared equally between the seller and the buyer.

 

Post-purchase costs 

After buying an apartment in Istanbul, you need some mandatory costs such as paying the earthquake insurance tax, and they vary according to the location of the property, its price and total area, and some of its specifications and advantages. 

You also need to open gas, electricity and water meters, where you must By paying a security deposit to open the meters, the total of which does not exceed 1300 Turkish liras, and in the event of renting the property, the tenant can pay this insurance.

You will still have the costs of home furniture if you want to live or invest in furnished apartments for rent in Istanbul, but if you want to rent the apartment normally, you do not need furniture costs.

 

Fanar Realty tips for those wishing to buy an apartment in Istanbul 

After we briefed you on the most important details of buying an apartment in Istanbul, we should leave you with some useful tips:

  • If you do not have enough money to buy your dream apartment, do not give up on your dream, but look for apartments for sale in installments in Istanbul, and you will find many distinctive options.

  • Inexpensive apartments are often the area in which there are poor services, meaning that you will sacrifice a lot of services and facilities, especially with regard to transportation and daily transportation.

  • If you want to invest in real estate, think of the areas undergoing urban transformation, or near major development projects such as Canal Istanbul or the Medical City in Basaksehir.

  • If you want to live, choose only the apartment that comforts you in all aspects, the area, the space, the distribution of rooms, and other features to avoid regret later.

  • To experience the area and life in it, you can rent in the same area in which you want to buy an apartment, and then if you like it, search for an apartment for sale in it.

  • Life in Istanbul complexes is safer and more comfortable for Arab families, and it is the best choice for them

  • If you want to obtain Turkish citizenship by owning real estate in Istanbul, you must choose investment apartments to get good profit resources during the first three years after buying real estate.

 

See apartments for sale in Istanbul

We at Al-Fanar Real Estate are always interested in providing you with the best real estate offers: 

 

The wealthy complex in Istanbul

  • This residential project is located in a central area of Istanbul, the European "Gungren"

  • It is characterized by being specially designed to suit the lives of the wealthy in terms of luxury, services and wonderful features for housing

  • The project is ready for housing, and the apartment prices start at approximately $420,000

  • It is possible to purchase in installments for two years, with 50% of the property price paid as a down payment

  • It is a suitable project to obtain Turkish citizenship through real estate investment.

  • Click here to view more details about the real estate project

 

The blue project in Istanbul

  • This project is located in Buyukcekmece, with a very wonderful blue sea view

  • This real estate project is one of the most suitable projects for housing in Istanbul because of the tranquility, the location near the lake and the interior specifications of the apartments

  • The project will be delivered at the end of 2021, and prices start from approximately $110,000.

  • You can pay in installments for two years with a down payment of 50%

  • To learn more about this project: click here

 

In this article, we have informed you in detail about what you need to know about buying an apartment in Istanbul, with the costs needed to own, and some tips and other details, with examples of some of our projects in Istanbul, and you can contact us to get our suitable real estate offers for you

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