How to Buy an Apartment in Istanbul
How do I Buy an Apartment in Istanbul?
Buying an apartment in Türkiye is regarded as an important and desirable option for many investors and businessmen; especially, those who desire a safe environment that enables them to increase their wealth and real estate projects. Therefore, the Turkish government offers many facilities to investors to conduct their various businesses comfortably. In this article, we will learn the way to buy an apartment in Istanbul.
With the advantages that can be gained when buying an apartment, investors desire to buy apartments in Istanbul; particularly, in areas with a high population. Therefore, investors are interested in learning the approach to do this, and among the known buying methods:
- Choosing a reliable real estate broker to offer the right advice about real estate projects in Istanbul.
- Knowing the offers submitted by real estate projects through a specialized real estate company familiar with the latest real estate projects being constructed in the city.
- Conducting a field tour to see the available apartments in these projects that are now widely spread in the city in a time of continuous architectural growth.
There are a set of steps that must be followed when buying an apartment in Istanbul. These steps guarantee an ideal choice for the desired apartment to be purchased and achieve the desired goal. These steps are:
- Setting a clear goal: The goal of buying an apartment must be determined due to the importance of this goal and its impact on the issue of choosing the appropriate location. If the desire is to buy an apartment in Istanbul to spend the tourism or recreation seasons, it is necessary to search for quiet areas far from noise and places that overlook the sea and green spaces. However, if the goal of the purchase is real estate investment, then it is necessary to find vital places witnessing growth on the urban and economic levels to buy an estate. In the event that the goal is housing, consideration must be given to choosing a location close to recreational and service facilities.
- Determine the apartment's specifications: Determining the necessary specifications for the apartment is essential. This includes the area, and the internal specifications, in addition to the floor and the age of the building; as these specifications affect the estate's price. The more distinguished the apartment specifications, the higher its price.
- Choosing a trustworthy real estate company: Many real estate companies operate in Istanbul; for this, a reliable company must be chosen according to several criteria, including the services it provides, previous dealings and experiences of customers, and the need to visit the company and contact its teams to see the extent of the work.
- Knowing the necessary procedures: Necessary procedures must be conducted when buying an apartment in Istanbul, including the earthquake insurance policy, choosing a construction company that offers special offers, owning a real estate appraisal, and a title deed issued by a government company or entity.
Papers Required for Apartment Ownership
After choosing the apartment (or property) to be purchased in Istanbul, there is a set of papers necessary to start the process of documenting the ownership of the apartment in government agencies. These documents are:
- The title deed, which includes details related to the real estate unit to be purchased.
- The real estate appraisal report, which is done through an appraisal company, is approved and selected by the Land Registry Directorate in Türkiye.
- Earthquake insurance paper.
- Passport, a translated copy of the passport, and attesting this copy by a Notary.
- A 6x4 biometric photo of the apartment seller in addition to two personal photos of the buyer.
- A sworn translator, if one of the parties to the sale process does not speak Turkish.
Advantages of Buying an Apartment in Istanbul
Given the unique nature of Istanbul, buying an apartment in it, whether for the purpose of investment or living, is an important matter for investors; especially, with the advantages that are gained. Among these advantages:
- The ideal financial return that can be gained when selling the apartment after a period of purchase. With this process, the investor benefits from the growth in real estate prices in Istanbul.
- Obtaining a real estate residency in the city after purchasing the apartment. This takes place in light of the government facilities that it provides to investors on an ongoing basis.
- Enjoying a quiet and stable environment from a social and political perspective when wanting to buy an apartment to settle in the city, with a wide range of attractive natural areas in it.
- Availability of cash liquidity by renting apartments and collecting a fixed income. Therefore, leasing allows investors to control capital and avoid investment risks. Usually, investors tend to rent apartments for long periods of time.
- The increase in the value of apartments and their rent because of their unique nature as a source of profit during the past decades and years. This also takes place through the annual increase added to the value of the real estate and the rents collected from it. The difference in the prices of apartments in the city from year to year can be a major reason for the growing demand for apartment investment.
- Increase the apartments' income through building improvements to generate more profits; as apartments' improvement and the way they are performed increases their value.
Therefore, as the Homeland Real Estate Company team, we are ready to provide free real estate consultations to fulfill your desire to own a distinguished property. Do not hesitate to contact us at +905377793006.