Guide to Buying a Home in Istanbul

Why Buy a Home in Istanbul?

Istanbul, as the largest city in Turkey, is one of the most popular destinations for property investment among foreign investors, especially Iranians. The city, with its blend of modern and traditional architecture, extensive amenities, strategic location, and reasonable prices, is considered an ideal choice for buying a home.

Benefits of Buying a Home in Istanbul

• Obtaining Turkish residence through property purchase

• Property price growth and investment opportunities

• Affordable living costs compared to many European cities

• A wide variety of properties, from luxury apartments to villas

• The possibility of acquiring Turkish citizenship by purchasing high-value property

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Buying Property in Istanbul

Steps to Buy a Home in Istanbul:

1.Research and Choose the Right Area:

Istanbul has various neighborhoods to choose from. The area you select depends on your goals:

• Beşiktaş and Nişantaşı: Ideal for luxury and modern living

• Beylikdüzü and Esenyurt: Affordable prices and good for investment

• Kadıköy and Maltepe: Asian side areas with a peaceful and family-friendly environment

• Bakırköy and Zeytinburnu: Close to the city center with extensive amenities

2.Set a Budget and Check Prices:

The average price per square meter in different areas of Istanbul:

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3.Visiting Properties and Choosing the Right Home:

After setting your budget, trusted real estate advisors can guide you in visiting various projects. At this stage, you should evaluate the property's features such as size, amenities, accessibility, and payment terms.

4.Reviewing Documents and Conducting Legal Checks:

Before buying, it’s essential to review the property documents and make sure that:

• The title deed (Tapu) is valid.

• The property has no outstanding tax debts or bank loans.

• The project has official construction permits.

• Municipal and registry office checks are completed.

5.Signing the Purchase Contract and Making the Payment:

Once the property's legal status is confirmed, the purchase contract is drawn up with the seller, and the agreed-upon amount is paid. Payment methods include:

• Cash Payment (recommended for discounts)

• Installment Purchase (40% to 50% down payment and installments from 12 to 60 months)

6.Title Transfer and Official Registration:

After full payment, the title deed transfer is completed at the Turkish land registry office. At this stage, you’ll need to pay the title transfer fees and present your identification documents.

7.Applying for Turkish Residence:

If the value of the purchased property is over $75,000, you can apply for Turkish residence. Required documents:

• Original and copy of the property title deed.

• Passport and its official translation.

• Turkish tax number.

• Valid health insurance in Turkey.

8.Obtaining Turkish Citizenship (If Property Value is Over $400,000):

By purchasing a property worth $400,000 or more, you and your family can obtain Turkish citizenship.

Additional Costs for Buying Property in Istanbul:

• Property Purchase Tax: 4% of the property's value.

• Title Registration Fee (Tapu): Approximately 1,000 to 2,000 Turkish Lira.

• Real Estate Agent Fee: Approximately 2% of the property price.

• Document Translation and Lawyer Fees: $500 to $1,500.

• Earthquake Insurance Fee (Mandatory in Turkey): 500 to 2,000 Turkish Lira.

Conclusion:

Buying a home in Istanbul is a significant and strategic decision that can be an excellent option for both living and investment. By selecting the right area, reviewing the documents, and consulting experts, you can make a secure and successful purchase.

Frequently Asked Questions about Buying Property in Istanbul: