With the increase in the demand for real estate ownership in Istanbul due to its many advantages, the Turkish government has put in place controls and conditions with the aim of organizing this sector and achieving mutual benefits for all parties, as there are many foreign investors who accept to buy real estate in Istanbul of all kinds.
Conditions for the success of real estate ownership in Istanbul
An investor wishing to own real estate in a particular project must inform the relevant ministry of the type of project, whether it is agricultural, industrial, educational or commercial.
2. Real estate ownership in Istanbul is very popular with Arab and foreign investors, so it is necessary to take into account bilateral trade agreements as well as international standards for real estate investment between the two countries.
3. Reviewing the real estate registry to provide the investor with all the necessary information about the property before signing any contracts of a legal nature.
4. It must be ensured that the property owner has the authority to dispose of his money or not, such as if these properties are under seizure, for example, or that the property is mortgaged or subject to certain procedures that prevent its sale and thus impede the investment process.
5. The property in Istanbul must be within the areas where real estate investment is permitted. The property must not be in military areas or affiliated with security areas, due to the existence of a law prohibiting the sale of these properties to foreigners.
6. The Turkish government has determined the area of the property included in the real estate investment, and its area should not exceed 30 hectares, in all Turkish regions.
7. We always advise the next person to own real estate in Istanbul to check the technical condition of the property and its specifications to make sure of the amount of expenses that awaits you to make the real estate investment process in this property correct.
Steps to owning real estate in Istanbul
Step by step towards real estate ownership in Istanbul in an efficient and successful way:
1 - Determining the goal of buying a property in Istanbul will help you choose the right property for you in terms of specifications, price and region as well, due to the multiplicity of areas in Istanbul and the different advantages between the European section and the Asian section.
2 - To choose a real estate company known for its authenticity and integrity to deal with it as a real estate broker, as these companies save you a lot of time and effort by offering many options of apartments according to the area in Istanbul that are consistent with your main goal of owning real estate in Istanbul, in cooperation with a number of lawyers who follow all legal procedures and are keen to preserve your rights and ensure that you are not exposed to the consequences of wrong choices.
3 - Determine which area of Istanbul the apartment is located in and then visit it and verify its specifications with the need to seek the assistance of the real estate agent you deal with in this important step.
4 - Seeing the prices of apartments in Istanbul, which differs clearly from one region to another, as well as reviewing the conditions of buying and selling and the principles of real estate trading in the Turkish market., by relying on reliable sources and destinations with practical experiences in the field of Turkish real estate.
5 - Preparing all the official papers required to facilitate the process of real estate ownership of any apartment you choose in Istanbul according to the instructions set by the official authorities in Istanbul.
6 - Calculating the economic feasibility of taking the step of owning real estate in Istanbul, as the price of the property is not small, and you must prepare a budget to know your financial situation that qualifies you to enter the Turkish real estate market.
7 - Beware of falling into the trap of delusional offers with exaggerated investment returns, as most of these offers sell nothing but illusion, and a number of problems often disappear with them.
8 - Obtaining the buyer's tax number from the relevant tax department, and it is one of the important matters without which the purchase of real estate is not valid and this number is given to every person who does not hold Turkish citizenship in order to facilitate all government procedures for him, and without it he cannot own real estate in Turkey or apply for Turkish citizenship.
9 - Opening an account in one of the banks that have agreements with Middle Eastern banks, as it is necessary to open a bank account in a Turkish bank in order for the money to be transferred to it from the buyer’s country of origin, as it is required that the purchase process be made through banks exclusively.
10 - Attached to the initial contract is the title deed of the real estate and is in the name of the owner who signed the contract or his official representative. In addition to a copy of the project building permit, two personal photos of the buyer, a translated and certified copy of the buyer’s passport and a copy of the seller’s identity card, and part of the property value is paid as a deposit for the reservation of the property.
11 - The title deed and the key are duly delivered after signing the contract in the presence of the real estate consultant from the real estate company if it is the mediator, and the rest of the property value has been transferred or delivered, and thus real estate ownership has been achieved in Istanbul.
Advantages of owning real estate in Istanbul
There are many advantages that encourage investors to buy real estate in Istanbul:
The natural and touristic position that Istanbul enjoys as a crossroads of the continents of Asia and Europe and the convergence of different vocabulary of beauty on its lands added a unique aesthetic feature to all the properties in the two parts of Istanbul, which encouraged investors to rush to be present in the Turkish real estate market as it is one of the most successful forms of real estate investment.
Istanbul is characterized by a developed transportation network at the level of Europe, which facilitates movement between different regions, which stimulates the establishment of real estate projects there.
It provides all the important facilities in all areas of Istanbul, including shopping centers, educational, health and entertainment centers, which encourage investors to own real estate in Istanbul.
The advanced infrastructure that characterizes the streets and buildings of Istanbul is a differential and encouraging value for real estate ownership in Istanbul.
Obtaining real estate residence through real estate ownership in Istanbul, which is a type of privilege granted by the Turkish government to foreigners residing on its lands, with the exception of some nationalities.
Obtaining Turkish citizenship by buying a property worth not less than $400,000, as real estate prices in Istanbul are very high and this condition is met, in order to enjoy the benefits of Turkish citizenship such as traveling between the European Union countries, the United States of America and other countries to pursue educational attainment or practicing various economic activities without obstacles and hurdles.
It has become clear that owning real estate in Istanbul is a preferred investment destination for many Arab and foreign investors because of the advantages that Istanbul enjoys itself and because of the legislative environment that stimulates this investment move.
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