Since You Had a First Thought about Buying a Property in Turkey, You’re Looking for Answers to All Your Questions.
Our Mission is to Put in Your Hands not Only a Free Real Estate Consultancy, But also an Explanation of the Most Asked Questions Through Our Experience in Communicating with Our Customers.
In fact, you can. It's just that you have to have a setting up papers for establishing a cooperate in Turkey as you may purchase off-plane ventures before setting up a firm. But, establishing a firm comes before getting the Title Deed. Our solicitors will be at a great assistance in order to establish a firm.
Upon the completion of the fees the Title Deed is to be issued. In case the completion of paying the fees date is longer than the completion date then the deed registration is going to be once all the fees are paid.
Yes, non-nationals are permitted to own real estate in Turkey.
Yes, you are allowed.
Yes, it is possible.
It refers to the complete ownership rights to the real estate, meaning one can become heir to, trade or lease whenever one wishes too.
Yes. It is possible however there is going to be an extra cost for this alteration of ownership. Various fees can be charged by different developers. However, these fees are explicitly stated in the agreement.
Yes, it's possible.
Immigration department is the place where such applications are handed, usually they are finished within a month. However, our solicitors are willing to help to get this process done.
Spouses and children under the age of 18.
Yes, it is possible. Paying in installment-plans for under-construction schemes as well as completed projects. However, furthermost of the completed projects don't allow installment, they demand the complete payment in cash.
Usually the prices of flats which are decent, average quality, have some facilities and have two bedrooms (2+1) also they are located in the center of Istanbul, their costs start with half a million American dollars. However, one can catch Inexpensive replacements also located in the city center but they are of course less quality than the aforementioned. For example, they are relatively older buildings, poorer quality also they are located near or within the slums. Such places somehow suffer from the lack of good groundwork usually with no facilities. The latter places have Title Deeds but no facilities even the ones which are considered the basics. For example, parking lot, lefts, earthquake resistance and security. The cost of such flats located in the city center of Istanbul are something around 200.000$.
Our company is the leading company in the field nowadays, the networking of our company and the strength we maintain enable us to get the greatest agreements as due to our experience on the field we deal solely with good reputed corporate for the benefit of the clients first as well as protecting our company's image. Good corporate according to our standards, which have legal paperwork and of course they also have the budget to finalize the project according to the terms agreed upon. Moreover, us at Extra Property offer trusted after-sale services, the right way to issue and handle the Title Deeds, following up the payments and utilities services and many other extra services which are more than enough to make a smooth but efficient purchase. We are the company you can trust.
Experience and general statistics state that the European side has a more suitable environment for investment for several reasons and the reason why most foreigners prefer this side on the Asian side. First of all, it has the historical down town and the bigger portion of the population which is located in the 20km radius of Taksim. Also, it is considered the center of commerce and the capital of business as most of the companies have their headquarters in the European Side of Istanbul.
Many factors made Istanbul the best place for investment. One of which is that Turkey has a stable situation in general which present a safe and peaceful environs to work in also the hospitable and welcoming setting in Turkey in general, it is helpful to encourage people from all over the world. Another interesting fact about Istanbul is that it is the only city which connects two continents. Istanbul is also distinguished for really reasonable prices when comparing to other big cities around the world. Some call Istanbul as the hidden diamond which is in the state of discovery. Istanbul is the hub as you can reach any other country in the world either in east or west. Last but not least, currently Istanbul is one of the fastest growing city in the whole globe.
the annual tax for rental flats is 15% of the amount of the rent in total.
No need for paying taxes in case you sell the real estate five years after you had bought it. If the you sold it in less than five years then you will have to pay something called a profit tax, which can be calculated according to the difference amongst the purchase price and the selling price. The tax is usually around 20% of the profit you made from the buying and selling process. The amount of money you pay depends mainly on the price of buying your real estate in the Title Deed.
Round about other projects have VAT in the quoted price, however these kind of info can be known from the "fact sheet" where you can read either "VAT excluded" or "VAT included" phrase. Anyways, most of the project don't usually have VAT in the given prices.
The Contract Stamp Duty & the yearly property tax which is 0,01% of the price.
Several bill have to be paid such as the maintenance wages which is about 1$ per m2 of the flat. Also there are the utilities which will be around 400$.
Yes, they are allowed. As there are some banks which give loan for mortgages for foreign people but there is a dark side for this as it takes so much time to pay the loan and it has high interests which reach up to 8% to 10%. Thus, most clients would prefer to make the payments in cash or just opt the other option which is the developer funded payment plans.
Extra Property Company doesn't work with any developers. We deal only with companies who have given the bank a full guarantee. Based on the recent property laws, the developers are not allowed to provide off plan mortgages to their clients unless they provide project-completion guarantee to the banks. In conclusion, off-plan invest is totally safe with us. There are several laws and regulations concerning this issue that people should be aware of. First of all, in general there are penalties on both parties of the contract. Secondly, the developer should meet the deadline of the completion of the project which is stated in the contract. In case the developers couldn't finalize the project on time, then the law gives them six months to complete the project. If the developer couldn't finalize the project in time, they will have to pay penalties on a monthly-basis which will be equal to a monthly rental income. If you they are not willing to do the aforementioned option, the alternative will simply be giving back the deposit and other payments the buyer made.
In Turkey, Extra property is the biggest company specializing in properties and in selling to foreigners. We have earned good reputations in this field. More importantly, we only deal with developers who have fully-legal paperwork and we usually check them ourselves. Also the developers who have full financial ability. With our team of solicitors, construction engineers and finance section, we take into consideration the previous projects which have been done and delivered by the same developers.
Yes, we do sell other projects. As there are some resale prospects and recent developments and projects which have only few available properties.
a) Future expectancy and the revenues of investment, meaning how secure the investment is. b) The facilities of the houses, generally speaking most people prefer to have houses which are close to the necessary facilities such as shopping centers, sport centers etc. c) Due diligence, there is a duty to manage with due diligence such as Title deed and Off-plan. d) Close to high-profile places, there is a direct correlation amongst the price of the properties and how close they are to landmarks and high-profile places. e) How close the projects are to CBD, CBD means (commercial business districts) as people believe it is important to be close to such areas. f) Transportation networks, the value of the property goes up and down in accordance to how close or far it is from the transport links such as metro stations. g) Location of the real estate, it is always great to invest in areas which are trending or in demand. h) The year of construction, it is important to know when exactly the building was constructed as buildings which were built before 2006 are not earthquake resistant.
Most of real estate specialists Knight Frank, KPMG, Deloitte, HSBC and Bloomberg believe that the prices of properties in Istanbul are to be in a constant raise in the next five years because of the following: • The well-being of the economy of Turkey in general • The soaring up numbers of tourists visiting Turkey annually • The constant rise of purchasing properties by foreign people in Turkey • Due to the advancement in the technologies of construction, making new buildings is now cheaper and more rapid more than ever • The mainstream of the youth who require more housing solutions helped rising the prices of real estate in general
Real estate Bubble is measured according to the following two factors: a.Affordability index, which is a measure of a population's ability to afford to purchase a particular item, such as a house, indexed to the population's income. b.Mortgage in accordance to the Individuals income, which means the amount of mortgage payment on a monthly-basis and its percentage to the monthly income. When the ratio rises up and in order for the households to service the debt of the mortgage they will have to depend highly on the rise of the real estate values.
Let's draw some comparisons between Turkey and other countries in relation to Average on affordability index. Let's take for example North Africa and Europe in terms of down-payments of the mortgage, it is something between 1% up to 10% whereas in Turkey the person should pay at least 25% of the property value. The world average on affordability index ratio is 12 but this ratio in Istanbul is 6. Also the world average mortgage payments as percentage to the income is 140% whereas it is just 80% in Turkey. In conclusion, and by bearing in mind these simple factors and calculations we can see that there is no mathematical indication of property bubble price which is the main feature of real estate in Istanbul. However, there is also wide margin for prices of real estate to increase in Turkey.
We give you a hand in furnishing the property you purchased We help our clients to get Turkish Tax Number Give you full monitoring on the receipts of payments between you as a client and the developer Opening your bank account Arrange utilities services such as electricity, water and gas When we have the Power of Attorney we can sign the contract on behalf of the client Give full support of any request info by the clients regarding the buying process We deliver the key of the property upon the completion of the project Follow up the Title Deed containing transferring names Making sure that all the paperwork goes smoothly in terms of Stamp Duties and all calculating all the taxes the client has to pay which are related to the purchased property When needed, we can represent you legally as we can sign on your behalf the necessary documents We also contact with all the Government and municipality bodies on your behalf We follow up all the needed documents on your behalf
Sure we can. Our company also has a really devoted rental management section.
Extra Property concentrates mostly on new real estate both completed and off-plan projects. We focus on project which have in their site facilities such as sport centers, swimming pools, 24/7 security as well as underground parking lot. Upon our clients' requests we have resale properties as we have a really devoted team which works on such matter as well.