Istanbul is the most developed city in Turkey; there are no doubts here. What makes Istanbul unique cannot be described in separate terms; Istanbul is a whole with all the history, job opportunities, alive and busy lifestyle, and entertainment activities. All of those make Istanbul a promising place to purchase real estate for any reason that can come to your mind. Moreover, buying real estate in Istanbul is not only a good idea for Turkish citizens but also for foreigners. Let’s see Istanbul real estate options.
In fact, thousands of foreigners purchase real estate in Istanbul each year. Some people purchase to make it a passive income – which is a great idea, by the way, some purchase to live there, some purchase to become a Turkish or dual citizen, and some purchase just to have a place to stay when they visit Istanbul. Regardless of the reason, there are lots of opportunities when it comes to purchasing real estate in Istanbul, in addition to the aftermath opportunities once you purchase it.
Today, we are here to share with you all the details you need to know about Istanbul real estate world regarding why is it a good idea, what are the best places to buy real estate in Istanbul, things you need to know before buying Istanbul real estate, some investment ideas (not advice), whether is it worth it and some advantages and disadvantages.
As you see, we have a lot to talk about, so let’s get started.
Titles
Purchasing Real Estate in Istanbul – Why is it a Good Idea?
You might be curious about purchasing real estate in Istanbul for several reasons. You might be considering purchasing real estate in a foreign country and wonder whether if Istanbul is a good place to do so. You might have already decided to purchase real estate in Istanbul, and you want to know all the details. Also, you may have an intention but still have doubts.
Regardless of your motivation, the first thing that would help you to facilitate this process is to have a reason. Why purchasing real estate in Istanbul is a good idea? The following are the reasons why:
Currency Rate
The first reason why purchasing real estate in Istanbul is a good idea is the currency rate. As we come to the end of 2021, the Turkish lira is losing value. When you think in terms of USD, Pound sterling, and Euros, you will need to divide the real estate prices in TRY with 10, 11, or perhaps 12.
This allows foreigners who use those currencies to have ten times more value with their money here. As you can guess, the prices of real estate are lower than what you are used to seeing in your home country. For example, the average price for a house in Turkey in 2021 is around 530.000 TRY, which is around 53.000 USD. Of course, the luxurious real estate types will have higher prices, but this may give you a base to think about.
Istanbul
Another reason to buy Istanbul real estate is Istanbul itself. Istanbul is a city that is constantly developing, growing, and giving more opportunities to those who live there. The multicultural and multidirectional sides of Istanbul make it a place never gets old.
If you are buying real estate in Istanbul for investment purposes, the chances of you getting disappointed are quite low. Remember, this is only valid if you work with the correct agencies and make the right decisions, and it is not investment advice.
If you are buying real estate in Istanbul to stay there, then the chances of you getting disappointed are also low. The lifestyle (it would be better to say lifestyles here, since Istanbul is difficult to mention in limited terms) in Istanbul is not something you can get bored of.
Easy Purchasing Process
When it comes to purchasing real estate in another country, the process itself might be scary for some people. You do not have to worry about that in Istanbul if you work with a reliable and expert company to facilitate your process.
Moreover, in general, the purchasing process in Istanbul and Turkey is as smooth as it gets. As we mentioned earlier, all you need is a reliable source that will be there for you to let you know of anything you need to know and help you through struggles you might face with.
Citizenship
Did you know that you can be a Turkish citizen just by investing in real estate? If you buy real estate that is worth 250.000 USD, you can apply for being a Turkish citizen and get your citizenship. For 250.000 USD, you can buy more than one house or real estate in Turkey, which in return can give you a place to stay and a passive income source. Or, you may choose to buy one very luxurious real estate.
Where to Buy Real Estate in Istanbul?
After you decide to buy real estate in Istanbul, the second most important question is where to buy Istanbul real estate. There are lots of regions in Istanbul, all with different characteristics and opportunities. There are luxurious regions with high prices (which can also bring more passive income, if you are considering renting) and regions where the prices are lower.
One of the best places you can buy real estate in Istanbul is Beyoğlu. Beyoğlu is a big district with lots of history, and there are many regions within Beyoğlu like Taksim and Kağıthane. The lifestyle there is pretty alive, and it offers both enjoyable living there and profitable investment opportunities.
Another place you might consider buying property in Istanbul is Beylikdüzü. What makes Beylikdüzü a convenient place to purchase real estate is the prices. When you compare it to the other regions of Istanbul, you will notice that you can purchase pretty luxurious real estate at lower prices. In fact, you can purchase a well-designed and luxurious home in Beylikdüzü for as low as 70.000 USD. Of course, there are some out-of-this-world projects in Beylikdüzü for higher prices, but with unique opportunities.
As we mentioned earlier, all regions in Istanbul offer a unique option. You can purchase real estate in Maslak or Levent to both get profitable rental income or live the corporate lifestyle in Istanbul while still having lots of fun. You can purchase real estate from Küçükçekmece or Bahçelievler, to enjoy the ecosystem the project created for their residents, or again, make rental income. You can choose to be in the Asian side in Ümraniye, or you can stay in the European continent in Eyüp or Topkapı.
You see – the options are endless. The answer to the question “where to buy real estate in Istanbul?” is highly related to the question “what are your expectations?”
Things to Know Before Buying Real Estate in Istanbul
After we complete a process, we can always find things and say, “I wish I knew this earlier.” In purchasing real estate process in Istanbul, saying “I wish I knew this earlier” might be a result of big challenges and struggles. The following are things to know before buying real estate in Istanbul, for you not to say those six words afterward:
- Clearly define what you want. Working with an agency is a life-saving experience if you work with a reliable source. But know that the more specific you are, the better the results will be.
- Research the location. As we mentioned earlier, Istanbul is a multidimensional city, and you cannot expect the same things from different locations. Ensure that you find the location that suits you the best.
- Consider the rental returns and capital growth. If you are purchasing real estate in Istanbul for investment purposes, you should know that not every option you have will bring the same results. Be wise about it!
- Know that you can apply for a residence permit. We mentioned that you could get Turkish citizenship if you purchase real estate that is over 250.000 USD. Regardless of the price, you can apply for a residence permit in Turkey which will be valid as long as the real estate is under your name.
- Be careful about the agent you choose. The agency you choose while buying real estate in Istanbul will mainly determine how efficient and smooth your process is. You wouldn’t want your process to get interrupted because of a wrong agency choice.
- Mind the other expenses involved in the process. When you are buying property in Turkey, you need to pay a tax as well. Moreover, there are other kinds of expenses, especially if you are going to apply for a citizenship or residence permit, including legal fees.
- See the property you will buy beforehand. The images might provide a general idea about the property, but if you are serious about purchasing it, it would be best not to purchase it before actually seeing it. Maybe you can see the detail you haven’t noticed, or become very sure about buying them, even if you had doubts before.
- If the property you choose had a previous owner, you must check whether if it has a title deed. Moreover, natural gas, electricity, phone, and water bills must be paid by the previous owner.
Is Buying Real Estate in Istanbul Worth it?
Up to now, we have discussed many things. Still, you might be wondering, is buying property in Istanbul worth it? After you go through all of the preparation processes, deal with legal issues, and invest in real estate in Istanbul, do all be worth it? Let’s discuss it a little more, depending on your motive.
If you are buying real estate for investment purposes
The logic behind buying property for investment purposes is getting more than you spend in the long run, isn’t it? By buying Istanbul real estate, you can sure achieve it by making the right choices.
The property market in Istanbul is quite on-demand nowadays. There are lots of people who are looking for houses to rent and purchase. If you buy a property in Istanbul, especially in the central locations, you can easily find someone who is willing to rent it. Rental income is one of the best passive incomes one can get; you are simply paying money to a property to get more in the long run.
Another way is just waiting. You can buy a house in Istanbul in a place you want (of course, after doing all the research you need to do), then sell it later. It is not a common thing for house prices to go down in Istanbul, so at the end of the day, you will be making money from the place you sit.
If you are buying real estate for living in Istanbul
If you make the decision to move to Istanbul, it could mean that you have made the best decision of your life. If you have been in Istanbul, or know someone who had been there, or basically know anything about Istanbul, you should know how magical it is to live there.
Istanbul is one of the top cities of not only Turkey but the world. Regardless of your preferences and lifestyle, it is possible to find your comfort zone in Istanbul. As you walk down the streets, you can witness thousands of years of history, the places where big decisions were made, beautiful landmarks, and a center full of opportunities.
The culture and atmosphere in Istanbul are unique. It is safe to say that words aren’t enough to describe Istanbul; only a person who has lived there can understand what we mean. You can be on two different continents only in 20 minutes, see the most modern and luxurious lifestyles, and also witness the authentic culture and peace you want to achieve. The answer to the question of “what can I expect living in Istanbul” is basically “anything and everything.”
If you are buying real estate for a residence permit or citizenship
If you buy Istanbul real estate for a residence permit or citizenship, we are always discussing a win-win or two birds with one stone (sometimes five birds) situation. By investing in real estate in Turkey and meeting the requirements, you can easily get a residence permit or citizenship. Besides, you do not need to give up on your former citizenship – dual citizenship is always welcome in citizenship by investment program.
Once you purchase real estate and get your citizenship, all the benefits of purchasing property continue. You can have a rental income, a nice place (or two places) to live, or just have a place to stay when you visit Turkey. In this case, getting a residence permit or citizenship can be considered as the bonus of all the benefits of buying property in Turkey.
Is it Safe to Invest in Real Estate in Istanbul?
Perhaps one of the most prominent concerns regarding investing in Istanbul real estate is safety. This is pretty understandable; at the end of the day, you are investing a significant amount of money in a country you are not familiar with it. While it might be scary, with the correct agency and procedure, it doesn’t have to be so.
One thing you should keep in mind is that Turkey takes foreign investors seriously and seeks their rights. There are many strict rules and regulations about the investment and purchasing processes. So, in a case where you get scammed, the law will be on behalf of you and to protect you.
Moreover, if you are familiar with the procedure and work with a reliable agency, you do not even need to worry about safety. Just do your research about what a regular purchasing and investment process in Turkey look like, state your requirements and needs clearly, and follow each step in detail.
You should also know that you do not even have to work with an agency. However, not working with an agency increases the chances of inconvenient events since the person you are buying the house from can try to dictate to you and scam you regarding how the process looks like. Believe us; people can be pretty convincing when large amounts of money are involved.
In those terms, having an independent party will be only the benefit of you. You wouldn’t want to take risks while making such a big investment – so do not take it!
Purchasing Real Estate in Istanbul as a Foreigner: Benefits and Downhills
One of the most efficient ways of making a decision is seeing the pros and cons together so that you have a base to make a comparison and choose the right option. It wouldn’t be realistic if we said that there are no possible downhills of purchasing real estate in Istanbul. However, it is totally up to you to decide whether if benefits overrun downhills or the other way around. So, let’s first start with the benefits and see the downhills later. The following are benefits of purchasing Istanbul real estate:
- Purchasing Istanbul real estate is a great investment, with a possibility of high long-term profit.
- Istanbul is a beautiful city, and purchasing a property allows you to have a residence permit.
- If you are considering to be a Turkish citizen or get dual citizenship, Turkey citizenship by investment program is perfect for you.
- Due to the currency rate, the real estate prices in Turkey are lower. You can find wonderful housing options for as low as 50.000 USD.
- The location of Istanbul is quite convenient, and in fact, it is one of the best places to reside in.
- The legal regulations and laws about investment in real estate are taken very seriously, especially for foreigners. So, the chances of you encountering an inconvenience are low. Even if you do, the laws will be on your behalf.
- The price ranges are quite wide; you can find an option for every budget.
- The property options are also pretty wide; you can find that something suits you out of many alternatives. The only things matter here is knowing what you want and being clear about your requirements!
The following are possible downhills of purchasing Istanbul real estate. Remember, those are only possibilities and would be majorly eliminated if you closely watch the process and work with a reliable agency.
- You might be surprised by the extra fees. For this reason, it is crucial to work with a transparent agency that will inform you about every single fee present.
- The property you bought could not be what you imagined. To avoid it, you would want to visit the property before you buy it and explore all the details of it.
- You might get scammed. However, working with a reliable agency would eliminate this risk.
- You might not like the neighborhood. For this reason, it is necessary to research the environment you choose. It would be better if you explored the area prior to your purchasing.
