How to Buy Property in Istanbul?

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Looking to buy property in Istanbul? This blog post breaks down the process of buying a property in Turkey that might help you feel less overwhelmed.

When considering whether or not to buy property in Istanbul, you should consider a few factors. Are you from Turkey? Will this be your first time living outside of the United States? Are you looking to buy a home to use as a residence or investment property?

Regardless of why you want to purchase a piece of land in Istanbul, understanding what is going on with the Turkish real estate market and real estate laws will help make things much easier. So, let’s get started:

Things to Keep in Mind while buying a property in Turkey

Here is a list of a few things that you should keep in mind before buying a property in Turkey:

1- Research

You should always start by doing some research. This includes:

  • Surfing the web (or hiring a real estate agent) and looking at houses that you think might interest you.
  • Learning about property laws in Turkey (such as tax laws).
  • Looking at blogs and websites of ex-pats who live in Istanbul and searching for their advice on buying properties there. Talking to friends and family members who live in Istanbul.

This way, you can identify the areas where you want to live or what kinds of properties you might want to buy. You can also see if your investment matches the law in Istanbul regarding foreign ownership of property in Turkey.

2- Legal rights

Before buying land or property in Turkey, it is important to understand your legal rights as a foreigner. If you want to buy a home just as an investment property or vacation home, this might not matter too much. But if you are interested in buying a property as your permanent residence, it will be important to know if you qualify for any tax breaks.

3- Costs & Fees

Make sure you understand exactly what closing costs and fees will be involved with purchasing property in Turkey. There is a distinction between the purchase price in the U.S and the closing costs associated with purchasing the home.

Your agent’s commission is included in your real estate purchase price in Turkey. Make sure that you keep this in mind when crunching numbers to make sure you can find a great deal on a property that also has low costs associated with it.

4- Buying from a private seller

If you are looking to buy property from a private seller in Istanbul, it’ll be important to research the land you’re looking at buying. This can include researching the history of the land and how long it’s been for sale. Sometimes, land that has been for sale for a long time is less desirable than recent purchases.

If there have been many owners of a piece of property, it might indicate that something is wrong with it. However, it would help if you also are wary of a property that one family has owned for generations. This kind of ownership might indicate that the land is now in ruin and is unlikely to be sold at any price. If you are looking for a trusted real estate agent in Turkey, you can contact Homes & Beyond. We will help you find the best houses for sale in Istanbul.

5-Foreign ownership

Make sure that you understand what foreign ownership laws are in Turkey before buying a property there. Foreigners have different legal rights in Turkish real estate than they do in the United States, so you have to make sure this is important.

6- Limited Rights

If you are buying a property in a popular tourist area, you might be limited with what rights you have to the land. You should familiarize yourself with the restrictions on foreigners living in this kind of area so that you don’t get taken advantage of.

7- Buying Multiple Properties

Making sure that a property is legally yours when purchasing properties for investment purposes can be a tricky process in Turkey. The land registration process can be slow, and you have to make sure that the property you are getting is exactly the land you believe it is. You should also know what kinds of services are legally required if you plan on purchasing multiple pieces of property in Turkey.

8- Taxes

When making a real estate investment, one of the reasons for purchasing a property in Istanbul is the low tax rates on many properties there. Look into where tax rates are before looking for an apartment for sale in Istanbul and how they might change in the future with new changes to the Law.

Are you looking for a house for sale in Istanbul, Turkey? Contact Homes and Beyond today. We are real estate agency in Turkey with years of experience. Just tell us your requirements, and we will take care of all your requirements.

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