Istanbul is Turkey's most populous city. It is the economic, historical and socio-cultural heart of the country.
Current Situation of Istanbul Real Estate Sector
According to the statistics announced by TurkStat, Istanbul is the most preferred city for foreigners to purchase real estate. Istanbul real estate sector investments gain value over the years. According to the real estate indices, the value per square meter in Istanbul has always been increasing faster than other provinces over the years.
10 Things to Consider When Buying a Property in Istanbul
- Buying property in Istanbul in the launch period will increase your profits. Real estate projects provide up to 50% return, especially for purchases made during the launch period. In case your savings are not enough, you will be directed to purchase your real estate with your spouse, friends, and friends.
- Istanbul has an earthquake risk. Therefore, the robustness of the structure is very important. Check if the building complies with the earthquake regulations. These conditions are reported by the building inspection bodies. You may also want to see this document.
- While the real estate sector is experiencing different trends, the direction of land and real estate prices in Istanbul real estate market always continues upwards.
- One of the most disappointing issues at home is the net-gross square meter difference. The buyer who chooses in the sales office for sales made over the model can encounter a house of different size at delivery. There are projects where the net-gross difference is 50 percent.
- Go to the cadastral directorate to see the map of the real estate you want to buy. Find out what's going on in the vicinity of the front, behind, next to what kind of construction can be done.
- Consider the distance of the property to your work, school, centers, and transportation status.
- If you have tenants, consider the terms of the rental agreement.
- Investigate the conditions of home credit.
- Investigate whether there is a mortgage record or foreclosure decision on the house.
Houses for Sale in Istanbul
The number of houses in Istanbul where more than 3+1 houses are produced is more than needed. It is quite easy to find a house for sale in Istanbul. There are approximately 5.5 million residences in Istanbul. About 700 thousand of these are apartments owned by branded housing projects. About 275 thousand of all apartments are for sale.
Is It Possible To Have Citizenship By Buying A Real Estate In Istanbul?
- Foreigners have to commit that they own $250,000 real estate and will not sell this property for three years.
- Foreign nationals may purchase housing, workplace, land, and field in Turkey, provided that they comply with the restrictions specified in the law. If the land is to be bought, the Ministry of Environment and Urbanization should be informed within 2 years of the construction of the land.
- You can apply for immovable purchased at different times. The value of the immovable property on and after 19.09.2018 should be at least $250,000.
- The sales price of the property is determined based on the effective selling rate of the central bank. Market value is determined by the sales price and evaluation report included in the official note.