Istanbul is one of the most popular Turkish cities that many prefer to buy apartments in it and to know how buying home in Istanbul step by step whether for housing or for real estate investment purposes. And that after Turkey has become the first real estate investment destination for many foriegners, and through this article we will try to explain to you buying home in Istanbul step by step the steps with information on title deeds (Tabu), and mentioning the most important real estate investment areas in Istanbul.
Steps to buying an apartment in Istanbul through this article on your “Turkey for Expats” website.
easy buying home in Istanbul step by step:
The first step is to choose the right apartment:
The first step of buying an apartment in Istanbul is to review a large group of apartments suitable for the buyer’s capabilities and investment purposes in Istanbul, and there are many places that Arabs prefer to reside in Istanbul, including the areas of Basaksehir and Kyashehir,
which are also promising investment areas and places High-end in Istanbul, as well as Beylikduzu, Esenyorit, here we go knowing buying home in istanbul step by step
Second Step: Pay the reservation amount (Deposit):
After reviewing the apartments available in Istanbul that are suitable for your investment potential and purposes as a buyer; The second buying home in istanbul step by step , an apartment in Istanbul is to pay an amount to reserve the apartment or housing unit that you want to buy,
and it is an amount that proves the seriousness of the buyer and does not in any way exceed 2000 US dollars, and it is considered part of the price of the apartment agreed upon with the seller or company Real estate construction is deducted from the price of the apartment upon completion of the payments, and this amount can be considered a deposit, but this deposit cannot be recovered if the buyer retracts the purchase of the housing unit, but there are some sites that allow retrieving the reservation payment.
Third step: Down payment of the apartment price:
The maximum initial payments in Istanbul are about 35% of the value of the apartment to be purchased, and there are payments less than this percentage, but this percentage is the maximum percentage that is offered in Istanbul.
The payment of the initial payment and the signing of the purchase contract is considered the buyer’s actual real estate ownership, and the remaining amount is agreed upon in terms of the method of payment in cash or in installments, and in the case of payment by installments, the buyer must commit to paying the installments regularly to avoid complications with the seller or the company that owns the project And there are some companies that offer rescheduling of installments in case the buyer fails to pay the installments,
After paying the full amount, the buyer has the right to obtain the title deed (tapu), and there are some real estate companies that provide a title deed with a mortgage granted to the buyer until he pays all the installments and then gets the final title deed (tapu).
Fourth step: Pay taxes when buying an apartment in Istanbul:
Paying apartment taxes is the fourth step of the steps for buying an apartment in Istanbul, and there are many taxes that must be paid when buying an apartment in Istanbul, including:
There is an amount of fees or taxes for transferring ownership of the apartment and it is paid in the Land Department and the Real Estate Registry in Istanbul, and it is estimated at 4% of the property value.
Real estate ownership taxes:
It is paid to the municipality and its value is 0.1% -0.6% of the property value in the sale contract.
Check this guide for tax on buying property in Turkey
Fifth step: Real estate insurance:
Real estate insurance in Turkey has become one of the necessary things after the earthquakes in the region, especially in Istanbul, and this step is one of the most important steps in buying an apartment in Istanbul, and the annual insurance amounts for apartments in Istanbul range between 90 US dollars to 150 US dollars annually Also, an insurance policy for earthquakes is paid only, and the Turkish government has set this policy as a condition for obtaining water, electricity, and gas subscriptions in Istanbul, and this policy is called (DASC).
Sixth step: additional fees:
Legal advisory fees and attorney fees:
In exchange for providing legal services to help in the ownership of the property, ranging from $ 500 to $ 1000.
Fees for maintenance costs and general services for the property:
The buyer must pay it to obtain public services such as electricity, water, and gas, and it ranges from $ 200 to $ 500 depending on the type of housing unit.
The Turkish government has taken, as a step, to reduce the fraud that occurs when buying real estate for foreigners; by providing an electronic portal through which one can get acquainted with the real estate consultancy and information that foreigners wish to obtain before commencing the purchase of the real estate.
You can learn about the services provided through your key Turkey
With this, the steps for buying an apartment in Istanbul have ended.