Turkey is providing countless chances for businesspeople, professionals, students, and retirees to come and invest in its real estate in exchange for the promise of a second citizenship. As a result, Turkey has always been a popular location for visitors to call a second home due to its amazing climate, nature, culture, and history.
Foreign nationals and expatriates who wish to reside in Turkey can easily obtain Turkish citizenship by buying a property in Istanbul within four months or less.
If you’re interested to buy a property in Istanbul, this comprehensive guide will walk you through all the details about how to buy a property in Istanbul real estate.
Before you contact your real estate agent, it is beneficial for you to list the things below on how to buy a property in Istanbul:
The procedure on how to buy a property in Istanbul real estate is remarkably similar to that of several European nations. First, a deposit is due which you need to pay when you and the real estate agent sign the contract, then with the transfer of title deeds (Tapu in Turkish), you need to make the last payment.
Making the contract is the second step on how to buy a property in Istanbul. In the beginning, a purchase agreement will be created after you decide for sure that you want to buy the property. At that point, the property owner will require a deposit from you. Although the deposit varies depending on the property, it is up to 10% of the purchase price. The agreement is deemed to be executed by all parties upon receipt of the deposit. Keep in mind that you won't be eligible to receive your money returned if you decide to end the arrangement later. If the property owner decides to break the contract, the deposit will be returned to you and a penalty clause will also apply in this case.
Transferring the title deeds is the second step on how to buy a property in Istanbul. In order to do that, the buyer and the property owner or the power of attorney will meet at the official Land Registry Office. Generally, this process takes no longer than an hour. To verify registration, foreign buyers must also be accompanied by an interpreter. Before the final deed is signed, you must pay the taxes and fees related to the property. The taxes and fees on how to buy a property in Istanbul are about 4% of the assessed value. Finally, the sale is completed when all parties have signed the contract. Upon signing the contract and receipt of the title deed, the property and ownership will have been transferred to you, and you will be registered in the Land Registry. Then you'll have to give the seller the remaining amount for the property you purchased after the title deed is transferred. Once the title deed is successfully transferred, you will need to finalize the transaction by providing the seller with the outstanding amount for the property you acquired. This is a common procedure in Turkish real estate transactions.
