Real estate investment in Turkey in general and in Istanbul in particular is one of the most successful forms of investment at all, because there are a number of factors that contribute to the success of real estate investment in Istanbul, including those related to the investor himself, including those related to real estate, and others related to relevant regulations and laws, including those related to With the advantages of Istanbul, all of them together constitute a healthy environment for a strong launch of any investment project in the real estate field, and it will be clear to you in detail.
Conditions for successful real estate investment in Istanbul
In order to benefit from the advantages of the investment city of Istanbul, it is necessary to identify some initial conditions for a successful start of your investment project:
1. Inform the concerned ministry of the type of project you intend to undertake in Istanbul, whether it is agricultural, industrial, educational or commercial, in order for him to know the laws related to the same field because it is in his interest to know his rights and obligations from the beginning.
2. Depending on the country of its nationality, it is necessary to observe the bilateral trade agreements between the two countries, as well as international standards for real estate investment, especially since Turkey is always striving to improve the investment environment on its territory.
3. Gathering the necessary information about the property from the real estate registry, before signing any contracts of a legal nature, and this information includes whether the property owner has the authority to dispose of his money or not. Such real estate and properties are under seizure, for example, or mortgaged, or under the authority of certain procedures that prevent their trading in the investment process.
The location of the property must be affiliated with the official areas of Istanbul and away from the seam areas. This is an important and basic condition for the success of real estate investment in Istanbul.
Commitment to the standards set by the Turkish government in real estate investment, in that the real estate area within the real estate investment should not exceed thirty hectares in all areas of Istanbul.
Success factors for real estate investment in Istanbul
Determine the goal of real estate investment in Istanbul:
As the goal is the compass that automatically directs you towards the right property, and there is no objection to assisting the real estate advisor in this step if you tell him what you want from buying the property, Is it in order to obtain real estate residency? Or in order to obtain Turkish citizenship? Or in order to rent it or resell it and take advantage of the price differences as a profit margin and other important investment options.
Choosing the right real estate broker:
The real estate broker saves you a great deal of time and effort, provided that it is from one of the real estate companies known for its authenticity and integrity, which provides you with many real estate consultancies by experts and specialists in the field of real estate in Istanbul, and there are also a number of lawyers who follow all legal procedures and are keen to maintain your rights and ensuring that you are not exposed to real estate fraud.
Visit the property and check its specifications:
Is it located in the Asian side of Istanbul or the European side of Istanbul? Is it overlooking the sea or located in the city center? It is necessary to inspect the property personally and not be satisfied with the theoretical information provided by the real estate broker or mentioned on the websites, thus guaranteeing your rights and protecting your money from waste.
Choose the property price that fits your budget:
It is necessary to continue searching for the most appropriate price for the property in proportion to your financial capabilities as well as the specifications of the property. Each area in Istanbul has certain capabilities and specifications different from other areas, and this leads to a disparity in real estate prices among them, and it is possible to use a real estate agent if you are not Familiar with the area and the level of property specifications and prices in it.
Obtaining the tax number from the tax department:
The tax number is a number given to every person who does not hold Turkish citizenship in order to facilitate all government procedures for him, and it should be noted that without it he cannot own real estate in Turkey or apply for Turkish citizenship.
Opening a bank account:
It is a necessary step in order to transfer the value of the property through a bank transfer, as this is a condition of the sale and purchase of real estate in the Turkish real estate investment law.
Complete some important documents:
Such as the title deed of the property 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.
Signing the purchase contract:
After doing all the previous steps, the most important step comes, which is the signing of the purchase contract between the buyer and the real estate company. This contract is drawn up in both Turkish and the buyer’s native language, and then a deposit of its value (5-10%) of the property value is paid to the real estate company and that is In return for the seizure of the property pending the issuance of the title deed, i.e. the tapu.
Send the documents to the security departments to obtain the necessary approvals and wait two months. During this period, we advise you to take a tour around the city of Istanbul, which is full of tourist attractions.
After signing the contract in the presence of the real estate broker, and the remaining value of the property has been transferred, the property will be in your name and the real estate investment process in Istanbul has been successfully completed by following the previous instructions, the title deed and the key are duly handed over to you, and we say congratulations.
These were the most important factors for the success of real estate investment in Istanbul, and they, in turn, apply to all areas of the Istanbul municipality, and are compatible with various forms of investment in the Turkish real estate market.
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