By Justin Mays:
When considering buying a property in Istanbul, it’s good to remember that the country has fully recovered from the last economic crisis, and no issues are still on the horizon. However, the city continues to grow as an investment destination and brings the excitement of living in one of the world’s most culturally significant cities. The best way to decide if this is right for you and your family is to read our buyer guide and also the steps to follow when to buying property in Istanbul below. Have outlined what you can expect and how to get the right property. Let us get started:
How Can I Buy Property in Istanbul?
Buying a property in Istanbul is a dream for many, but the process can be complex and confusing. As Turkey becomes more popular as a destination for travelers and investment opportunities, there is a boom of both new construction projects and older homes being put on the market.
To help you make your dream come true, we've written this blog to help you decide what you want before approaching us. Here are things to remember when searching for a home in Istanbul:
● Decide if You Want to Buy New or Old Property
There are plenty of options when deciding where you want to live in Istanbul. Whether you want old-style charm or new amenities, you have choices! But the option depends on your budget because new homes are more expensive.
● Consider Location
With such a large city, location is essential. We recommend living near the center if possible so that you're close to public transportation and still close enough to see some of the historic buildings. However, you may choose to live far from the center depending on what you desire.
● Budgeting
Be sure to budget before making any decisions so that you don't spend more than what you planned. Keep in mind that owning a home means monthly maintenance costs like utilities, building insurance, and taxes.
● Have Someone Walk Through Your House Before You Purchase It
The last thing you want is something major to go wrong because of something not noticed by just looking at pictures online. Therefore, you need the help of a real estate consultant. Ensure that you contact us so that we can help you get that dream home hassle-free.
How do I find my Perfect Home?
Finding your perfect home is about finding the right combination of criteria for you and your lifestyle. Location, layout, access to amenities, and public transportation are just a few factors that can be key determinants in how satisfied you will be with your choice.
When you want to find your perfect match, it's helpful to have some starting points and work from there. Try to contact a professional like us in Istanbul who would love to help you find your dream home! The market moves fast, so get started today.
Which are the Best Places I can buy Property in Istanbul?
One of the best places to buy a property is either on the Asian or European side of the city. You'll find that foreigners can buy their apartments, too, with Turkish real estate agents negotiating between the owner and a potential buyer — then passing down monthly rent costs on an agreed amount.
● Where to Buy on the Asian Side
Property buyers have a wide variety of Istanbul neighborhoods to choose from. Here are some of the top residential communities: Uskudar, Moda, Acibadem, Bostanci, Atasehir, Maltepe, Kadikoy, and Suadiye.
Uskudar has gorgeous views and is just 20 minutes from the city center. Kadikoy and Moda are popular with locals and foreigners; Acibadem is quieter, and Bostanci has undergone a huge transformation in recent years.
Atasehir is hot with those seeking modern living, Suadiye provides leafy tranquility, and Maltepe's top selling point is peace. Interested? If you're interested in discovering more about any of these areas, please contact us or leave your details.
● Where to Buy on the European Side
If you want a property on the European side, these are the best places to buy property in Istanbul think about: Beyoglu, Sisli, Sariyer, Bakirkoy, Yesilkoy, Cihangir, Besiktas, Ortakoy, and Fatih.
Beyoglu is a side of the city with many famous and expensive restaurants. Sisli is the traditional business district with stunning historic architecture, while Cihangir is most known for its trendy cafés and bars.
Besiktas has some of the best waterfront views that Istanbul has to offer. Ortakoy is known for its old-style Ottoman architecture; Sariyer has well-maintained fishing traditions and beach resorts, while Bakirkoy offers large parks and gardens. Yesilkoy features luxurious boutiques and hotels, and Fatih holds some of the grandest mosques in all of Istanbul.
Where should I Invest in Istanbul?
You will find that the real estate prices are good value in Ankara. However, Istanbul is going up as an investment. So, you can choose to invest in real estate in Istanbul but in these areas:
European: Besiktas, Taksim, Sisli, Bakirkoy, Arnavutkoy (near IST airport), Basaksehir, Beylikduzu, Bahcelievler, and Kucukcekmece.
Asian: Uskudar, Kadikoy, Sancaktepe, Bostanci, Maltepe, Kartal, Pendik, Cekmekoy, Umraniye, and Atasehir.
The Process of Buying a House in IstanbulProperty purchases in Istanbul, as well as throughout Turkey, follow a similar pattern to those in many European countries.
● An estate agent will require a deposit upon signing the contract.
● Transfer of title deeds is done after the final payment.
Documents Needed
● A photocopy of your passport and your passport,
● Six passport-sized photos,
● An account in a Turkish bank,
● Turkish tax number,
● If you're buying the property through an estate agent, a state employee will be present with a notary.
Final Thoughts
It can be hard deciding where to buy property in Turkey as a foreigner, particularly when looking at a city you have never been to before. So, the question remains; how can I buy property in Istanbul? Istanbul is a booming metropolis with plenty of opportunities but also has its share of drawbacks too. That said, we recommend checking out our real estate consultancy agency as we are experienced in this field. Some surrounding areas in Istanbul are not as trendy as others; they are more affordable and less crowded and offer more space than what is available close to the city center.
