Located in the northwestern part of Turkey, Istanbul is the only city in the world that spans two continents with constantly evolving cosmopolitan crossroads. From ancient architecture to contemporary buildings, from mouthwatering meze to magnificent mosques, it offers a dazzling array of cultural experiences. Istanbul is considered as an amalgamation of the modern and old city as well as Mediterranean and Islamic mixture of cultures in an engrossing atmosphere.
The unique attractions of the city are what make it an ideal destination for real estate investments. Ever since the government simplified the property purchasing and paperwork processes, Istanbul has witnessed a significant increase in housing sales. Recent data from the Turkish Statistical Institute (TurkStat) revealed that a total of 106,311 properties were sold in Istanbul in the first quarter of 2020.
If you are intending to buy a property in Istanbul, you need to take many factors into consideration that would help you decide when and where should you invest. Let’s discuss those aspects here.
Things to consider when buying real estate in Istanbul
1. Property selection
Choosing the right apartment and real estate is not always easy. You need to settle on a particular ground and know whether you will live in the property you buy, use it as an investment, or simply rent it out. Setting your objectives straight will not only save you from spending a lot of time in property hunting but will also ensure that it fits your need.
When you are inspecting a potential flat, verify that the house has a title deed and all the bills are paid if it was previously owned by someone else. You should also check if the structure is earthquake resistant and is equipped with on-site amenities. Before you purchase, it is crucial that you know everything about the property and the area surrounding it should be up to your liking.
2. Buying a completed or an off-plan apartment
The number of real estate projects has recently expanded in areas such as Bağcılar, Kağıthane, Beylikdüzü, Maltepe, Güneşli, Fatih, Bahcesehir, Bahçelievler, and Esenyurt. These areas represent recent urban developments and expansions in Istanbul.
When you are planning to buy a property, decide if you want to spend your money on buying a completed or an off-plan project. While ready-to-move apartments will be suitable for buyers with urgent housing needs, an under-construction project may be a good choice for investment.
Off-plan apartments have greater chances of generating good ROIs and profits on your investment in a short span of time. Moreover, Istanbul Metropolitan Municipality has made a mandate for construction developers to finish projects in the scheduled time frame and specifications. It is, therefore, a safe investment city with profound cultural and economical benefits.
3. Check all your options
Most foreign citizens are permitted to buy property in Istanbul, however, it is sagacious to first run a sanity check with your consultant before making a decision. Once you have eventually selected what kind of apartment you are looking for, explore your neighborhood and all the options available around it. There may be numerous flats for sale in the preferred location but your real estate consultant will guide you through the ideal matches.
Try to make a property visit in person to ascertain that the apartment looks exactly as advertised. If you really adore the place, come with an open mind and explore some other homes before making a final purchase.
4. Opt for the right neighborhood
No matter who or where you are, Istanbul always manages to capture our hearts. Geographically located on a green hilly land between Marmara and Black sea, the combination adds to the scenic beauty of the city with jaw-dropping natural views.
Istanbul’s neighborhood is also distinct from one another and the real estate price range varies according to the locality. It is best to take a city tour to decide where you wish to live, whether it’s a gorgeous villa in Maltepe or a modest apartment on the Asian side. The Princess Islands are also a part of Istanbul and offers an idyllic lifestyle away from the hustles of the city. Remember that the affordable properties are always located on the outskirts of the city and get more expensive in exalted neighborhoods.
5. Consider the size of your apartment
Being the economical and commercial capital of Turkey with a deep-rooted history, Istanbul has always been an ideal investment destination for nationals and immigrants.
Having a realistic expectation is the crux of achieving enriching investment goals. Some real estate buyers come to Istanbul with high hopes for buying the best property at a lower price which might rarely happen but can’t be a rule.
Therefore, choosing the right size of your flat would simplify your lifestyle without drilling deep holes in your pocket. If you can just afford a flat worth $50,000, you should not overburden your finances with a lavish purchase. A lot of young buyers and small families with limited resources prefer nominal and smaller housing, close to their workspaces.
When selecting your apartment in Istanbul, take into consideration that smaller flats are more demanded when putting out for sale or rent.
6. Understanding the bureaucracy
After you’ve finalized your property, the last yet crucial step is to face the bureaucratic side of things and sign the proverbial dotted line. At this stage, situations may get a little tricky as you need to verify if your introspected apartment meets all the legal requirements. Make sure that you are entirely aware of the local laws and real estate regulations to move ahead in the right direction. You may also acquaint yourself with the guidance page of The Republic of Turkey Ministry of Foreign Affairs and seek help from a legal advisor before transacting the funds.
Make your own blueprint
Whether you are an immigrant, investor, or a genuine buyer with urgent needs, you should be aware and careful before making real estate decisions. Ensure that your apartment is in close proximity to metros and highways. Choose a property that has beautiful views from the location. Opt for the right flat size and carpet area and if you are willing to sell after a few years, make small and safer investments. Check the available options in your preferred neighborhood that rightfully fits your budget and expectations.
If you are interested in buying real estate in Istanbul, the experts at Extra Property will walk you through multiple projects tailored to lifestyle requirements. For more information, you may reach out to us.