Guide to Buying Property in Turkey
Buying property in Turkey is a topic that is attractive to foreign investors and buyers. The combination of Turkey’s close proximity to Iran and the affordable prices of homes in this country encourages individuals to buy property in Turkey. These facilities, in addition to preserving the value of money, provide an opportunity to spend leisure time and reside in a popular country. Furthermore, by buying a house in Turkey, it is possible to obtain residency and even citizenship for yourself and your family. The Turkish passport also has a high ranking in the world, which allows individuals to travel to over 71 countries without needing a visa, making Turkey one of the popular destinations for investment and quality living in the Middle East region. But before starting to buy property in this country, you should become familiar with the steps, requirements, and important points. In this article, we will examine the steps for buying property in Turkey, noteworthy points, and the advantages and challenges related to this process.
According to Turkish law, Iranians are allowed to buy property in this country and can purchase houses in almost all cities and regions of Turkey. This allows them to seek investment in the Turkish housing market and benefit from the advantages of buying property in this country. According to statistics published by the Land Registry and Cadastre Information System (TAKBIS), Iranians have purchased over 11 billion dollars worth of property in Turkey in the past 8 years, indicating the importance and attractiveness of the Turkish housing market for Iranian investors.
Given that obtaining Turkish residency by buying a house is very valuable for Iranians, offering advantages such as better facilities and a more comfortable life in a foreign country, many people decide to invest in the Turkish housing market.
Research and Familiarization with the Property Market in Turkey
First and foremost, research and familiarization with the property market in Turkey is of high importance. You must become familiar with different regions, prices, market trends, and reputable consultants in this field. Before buying a property in Turkey, thorough research and complete familiarization with the property market in this country is very crucial. This research includes examining different regions, prices, the current market situation, as well as consulting with reputable and specialized consultants in this field.
Before taking any action, you must examine the different regions of Turkey. Each region has specific characteristics and features that may be important to you, such as culture, public amenities, access to services, and living conditions. Careful examination of prices in the Turkish property market is essential. You must compare property prices in different regions and carefully check whether the price of the property you intend to buy is suitable for the market or not.
Familiarization with market trends, price changes, rental rates, and the growth potential of the region can help you make the best decisions regarding property investment. Receiving consultation from reputable and specialized consultants in the field of the Turkish property market is of high importance. They can help you in choosing the region, type of property, and financial matters, and guide you on the correct path of investment. Therefore, thorough research and complete familiarization with the property market in Turkey are fundamental and vital steps for a successful investment in this area.
Selecting the Region and Property :
Choosing the region is an important matter that must be done according to your needs and goals. Regions with growth potential and good public amenities are more suitable. Before choosing a region, conduct thorough research on the housing market in Turkey. Pay attention to prices, supply and demand, reputable consultants, and market trends. Regions where growth and development are possible are suitable for investment. Also, public amenities such as schools, hospitals, green spaces, and access to public transportation are important. After choosing the region, you must select a property that is compatible with your needs and goals. The status of the title deed, the condition of the building, internal and external facilities, and also a suitable price for the property are important. By considering these points, you can make the best decisions when buying property in Turkey and achieve the best result from your investment.
For example, to buy property in Istanbul, you should identify the areas of Istanbul and choose the areas that match your taste.
Best Area for Buying Property in Istanbul:
Istanbul, with its historical and cultural abundance, is known as one of the most attractive cities in the world. With its ancient sites, historical mosques, bustling bazaars, and beautiful natural landscapes, it attracts many tourists every year. The presence of famous historical buildings such as Hagia Sophia and the Süleymaniye Mosque, bazaars like the largest grand bazaar in the world, Taksim, and Kariye Museum, and its proximity to the Sea of Marmara are among the factors that have made Istanbul a unique tourist destination.
In terms of investment, Istanbul holds special importance as the commercial and economic heart of Turkey. Given the favorable economic situation and the prosperity of various businesses, buying property in Istanbul is attractive for investors. However, choosing the best area for buying property in Istanbul is a challenging task. This is because Istanbul is a large city with various facilities and areas, and one must carefully consider their needs and investment goals to make the best decisions in this regard.
Beşiktaş District in Istanbul City:
Due to its specific and attractive features, it is known as one of the best areas for buying property in this city. This area may not be as popular for tourism as some other parts of the city, but it is very attractive for residence and property purchase. Beşiktaş district is located in the northeast of Istanbul and is known as the place of residence for many of the wealthy people of Istanbul. In this area, luxurious and high-value properties can be found, which, due to their proximity to commercial and financial centers, are very suitable for investment in the real estate sector.
Another feature of Beşiktaş is the presence of a large number of foreign embassies and consulates located in this area, which is why Beşiktaş is known as one of the popular districts in the European side of Istanbul. Although property prices in Beşiktaş are higher than the minimum price for buying a house in Turkey, considering their luxury level and facilities, buying property in this area is considered a high-return investment. This area, due to its location close to tourist attractions and famous shopping centers in Istanbul, has become one of the most popular areas for recreation and purchasing quality products in the city.
Despite the green spaces and culture and art in Beşiktaş, people can enjoy a happy and healthy life. Also, the presence of a strong and active public transportation network, equipped parking lots, luxurious and modern hotels, healthcare and educational centers with the highest international standards, provide all the necessary facilities for daily life in this area. As a result, Beşiktaş is known as the best area for buying property in Istanbul and is a suitable option for investors seeking high returns and suitable investment opportunities.
Maslak District:
Maslak, one of the districts of Istanbul city in the European Sarıyer area, with its special architecture and exceptional natural environment, is known as one of the most popular areas for buying property in this city. This area has attracted the attention of many wealthy people from Turkey and around the world and is recognized as one of the luxurious residential destinations with high returns and investment in real estate. This district has a valuable history dating back to the Ottoman Caliphate; at that time, this area was the center of life for sultans and princes. This history has made Maslak a symbol of the city’s history and luxurious life.
Many natural features are also observed in the Maslak district, from green spaces and beautiful gardens to parks that make the district more beautiful and pleasant. These natural facilities, along with beautiful architecture and valuable houses, are considered prominent tourist attractions of the Maslak area. The proximity of the Maslak district to other famous areas of Istanbul city, as well as the presence of hospitals, universities, and shopping and entertainment centers, has made this area one of the best areas for residence and buying property.
Beyoğlu District:
Beyoğlu district is one of the important and famous districts in Istanbul that has always been attractive to tourists and residents. This district is located in the northern part of the city and has become a hub for economic, cultural, and recreational activities in Istanbul due to the presence of numerous commercial and cultural avenues. Beyoğlu is also known as one of the historical districts of Istanbul. Its cobblestone streets, old and historical buildings, diverse bazaars, museums, and art galleries have made this area a tourist destination. Among the famous places in Beyoğlu are Galata Hill with the Galata Tower, Istiklal Avenue, Taksim Square, Pera Museum, and Topkapı Square.
This area is also the center of Istanbul’s nightlife and elite activities. From magnificent restaurants and cafes to concert halls and theaters, Beyoğlu offers delicious treats for art lovers. Also, the diverse bazaars and shops in this area, being a gathering place for people from different social strata, bring various goods and souvenirs for buyers. Beyoğlu also has excellent public connections and transportation. The metro, buses, and numerous taxis provide suitable transportation facilities and allow visitors easy travel to other parts of the city. For this reason, Beyoğlu is known as one of the favorite areas for accommodation, recreation, and shopping in Istanbul.
Kadıköy District:
Kadıköy district is one of the famous and popular areas in Istanbul, located on the Asian coast of the city. This area is known as one of the oldest and most important areas of Istanbul and has characteristics that have made it one of the best areas for property investment.
Kadıköy has a very important geographical location, as this area is easily connected to other urban areas of Istanbul. With easy access to commercial, cultural, and entertainment centers, Kadıköy is a very attractive option for people looking for high-return property investment. The Kadıköy area has excellent facilities and services. This area has hospitals, educational centers, modern shopping centers, restaurants, cafes, and beautiful green spaces that make daily life for its residents easy and enjoyable.
Also, given the price fluctuations in the Istanbul property market, buying property in Kadıköy is considered a strategic and high-return investment. The suitable property prices, along with the increasing value potential of this area, pave the way for a successful and high-return investment.
Overall, Kadıköy, with its prominent geographical location, excellent facilities, and strong property market appeal, has become one of the best areas in Istanbul for buying property, attracting various investors. In general, the Kadıköy district, as one of the best areas in Istanbul for buying property and residence, has unique characteristics that make living there attractive and enjoyable. With all the facilities and services it offers, it is considered an excellent option for real estate investment as well as a dream urban life.
Üsküdar District:
Üsküdar district is one of the famous and historical areas of Istanbul, located on the Asian coast of the city and having numerous attractions for tourists and residents. This district is known as one of the oldest areas of Istanbul with a history dating back centuries and is very rich in culture, history, and nature.
Üsküdar has very beautiful views of the Sea of Marmara and the city of Istanbul. This area has traditional and beautiful architecture that includes cobblestone streets and traditional houses with various designs and patterns. Also, diverse bazaars, historical mosques, beautiful parks, and local cafes and restaurants have made Üsküdar a pleasant destination for recreation and tourism. One of the important historical points in Üsküdar is the Küçüksu Pavilion (Küçüksu Kasrı), which is a historical and beautiful palace with Ottoman architecture. Located on the coast of the Sea of Marmara, this palace is a suitable place to visit and learn about the culture and history of this area.
Also, there are many beautiful parks and green spaces in this area where people can enjoy the relaxing atmosphere and beautiful nature of Üsküdar. Among these parks are Üsküdar Park and Çamlıca Hill (incorrectly referred to as Kaya Suvar Park), both of which boast natural beauty and extensive green space. Üsküdar’s proximity to the historical and ancient area of Istanbul, as well as its suitable public transportation facilities, have made it one of the popular destinations for visitors and tourists. Also, although Üsküdar is a historical area, modern facilities such as reputable shops, restaurants, and cafes are also available in this area, providing a good experience for visitors.
Each district in Istanbul has its own specific advantages and disadvantages that must be carefully examined to determine the best area for buying property. For example, the Beşiktaş district, in terms of its proximity to commercial and financial centers, as well as the presence of foreign embassies and consulates, has become one of the most attractive areas for investment in the real estate sector. However, property prices in this area are usually high, and investment returns require more careful analysis.
The Maslak area, with its traditional and attractive architecture, is also suitable for people seeking a prosperous life and easy access to urban and historical facilities. This area attracts many tourists, which can lead to overcrowding and a decrease in the neighborhood’s privacy. Also, the Üsküdar district is known for its calm and good environment for family life, but it may be less attractive in terms of modern facilities and proximity to commercial and administrative centers.
Considering these advantages and disadvantages, for buying property in Istanbul, it is better to use the help of legal consultants and reputable companies like etlo. These companies, with accurate information about areas with high potential and providing the best options, help you make the best decision in buying a house in Istanbul. This helps you achieve a successful investment in the Istanbul real estate market and enjoy the comfort and convenience of your property.
Legal and Financial Review:
Before buying, you must review the desired property from a legal and financial perspective. This review includes information such as the status of the property deed, debts and taxes, legal and financial status of the property, and other important conditions related to the purchase and transfer of property ownership.
The status of the property deed is one of the crucial matters that you must pay special attention to. The property deed must be valid and specified, and the details of the current owner as well as the history of ownership transfer must be fully recorded in it. Also, reviewing the debts and taxes of the property is important to ensure that there are no undesirable debts and tax issues in the future. The legal and financial status of the property includes examining contracts, powers of attorney, confirmations, and other related documents. These documents indicate that the property is indeed owned by the individual or company claiming ownership of it, and there are no disputes regarding this ownership.
Also, other conditions such as the legal status of the property in the registration system, limitations or necessary permits for using the property (for example, if the property is a residential unit in a residential building, you must ensure that the transaction is legal and permitted) must also be reviewed. In general, reviewing the legal and financial status of the property in Turkey before buying is of great importance to prevent problems and disputes in the future and to ensure your purchase is done legally and reliably.
Negotiation and Price Determination:
Negotiating with the seller and determining a suitable price are important steps in buying property. You must determine a price that has a good return. Before starting the negotiation, conduct thorough research on the property market in Turkey. Information such as average property prices in different areas, pricing trends, market conditions, and your needs will be clearly defined.
Carefully examine your desired property. Consider its physical features, title deed status, environmental facilities, legal and financial status, and your needs. This review will help you determine a suitable price for the property. Define your goal. Are you looking for a long-term investment or are you planning to buy the property for your own life? Also, determine the price limit you can afford. Start negotiating with the seller. Presenting convincing reasons for your offered price, highlighting the positive and negative points of the property, and effective communication with the seller are important matters in negotiation.
If needed, use the services of reputable legal and financial consultants. They can help you understand the terms of the transaction well and be confident about the legal and financial aspects. In negotiation, respect the limits you have set for yourself. If a price is offered that is beyond your limit, it may be better to withdraw from the negotiation and look for another property. After completing the negotiations, conduct a final analysis and make a decision. A price that has a good return for you and aligns with the limits you have set is suitable. By following these steps and considering the important points, you can determine the best price for buying property in Turkey and successfully conclude the negotiations.
Property Registration and Documents:
After reaching an agreement and determining the price, the property must be registered. You should also carefully review and save the related documents such as the sale contract and the property deed. The stage of property registration and related documents in buying property in Turkey is one of the vital and specific stages in the process of buying and owning property. In this stage, it is necessary to follow the property registration procedures and steps carefully so that the transaction is done legally and in accordance with the country’s legal system. Below are explanations about the property registration stage and related documents in Turkey.
Steps for Property Registration and Related Documents:
Preparing Required Documents:
First and foremost, you must prepare the necessary documents for property registration. These documents include the sale contract, property deed, your and the seller’s identity card or passport, tax number (Vergi Numarası), currency exchange certificate (Döviz Alım Belgesi), proof of fund transfer, DASK insurance, power of attorney for title deed transfer, and financial and legal documents related to the property.
Referring to the Land Registry Office:
After preparing the documents, you must visit the relevant Land Registry Office. In Turkey, these offices are known as “Tapu”. Here, the relevant officials will review your documents and register the property in your name. To fill out the appointment form (Randevu) and transfer property ownership, the seller must request an appointment through the Land Registry Directorate (Tapu) website. After submitting the request, the Tapu office usually announces the appointment time for the seller and buyer within 2 days to 2 weeks. This announcement is sent as an SMS to both parties. On the appointed day, the buyer and seller go to the Tapu office for the title deed transfer. If the buyer is not proficient in the Turkish language, the presence of a certified court translator at the Tapu office is mandatory. These steps are performed carefully and based on the Turkish legal system so that the transaction is conducted legally and in accordance with the property registration laws in Turkey.
Paying Registration Fees:
You must pay the fees related to property registration. These fees include taxes, duties, and other costs related to property registration. You may need to have a bank account in Turkey to pay these fees.
Receiving the Property Deed:
After completing the registration steps, you will receive the property deed. This deed is legal confirmation of your ownership of the property and shows that the property is registered in your name.
Saving Documents:
Be sure to carefully save the documents related to property registration. This includes the contract, property deed, payment receipts, and other related documents. These documents can be useful to you in the future for various matters such as proving ownership and financial transactions.
By following these steps and paying attention to legal and financial points, you can legally register your purchased property in accordance with Turkish legal procedures and gain ownership of it.
Advantages and Challenges:
Buying property in Turkey has advantages such as reasonable price, good facilities, and access to global markets. However, there are also challenges such as changes in laws and financial issues. Buying property in Turkey is one of the popular options for real estate investment, which comes with significant advantages and challenges.
Advantages:
- Reasonable Price: One of the main advantages of buying property in Turkey is the reasonable price of properties. Given the favorable exchange rate and market conditions, one can be hopeful for successful investment in this area.
- Good Facilities: Many properties in Turkey have good facilities such as a swimming pool, sauna, gym, and green space. These facilities can create a special attraction for buyers.
- Access to Global Markets: Turkey, as a strategic country in Asia and Europe, has good access to global markets. This can be a great advantage for investors looking to expand their business.
Challenges:
- Changes in Laws: One of the problems you may face when buying property in Turkey is changes in laws and regulations related to properties. To ensure the correctness of the transaction, it is necessary to carefully review the laws and receive appropriate legal advice.
- Financial Issues: Financial issues can be raised as another challenge of buying property in Turkey. For example, issues related to bank facilities, taxes, and property-related costs may create challenges for buyers.
Given the advantages and challenges of buying property in Turkey, ensuring the correctness and soundness of the transaction is of high importance. It is better to obtain complete and accurate information from expert consultants in this field before making any decision. By following the important steps and points, buying property in Turkey can be a fruitful and profitable experience. It is better to consult reputable consultants and expert lawyers in this field before making any decision.
