How to Buy Apartments in Turkey: A Concise Definitive Guide
Buying property in foreign locales can be a complex process. If you are looking for an apartment in Istanbul for sale, we are here to make the process simple for you.
The main hurdles you may be facing include:
• Fear of being defrauded
• Losing money
• Differences in legal systems and laws governing real estate transactions
• Lacuna in the legislation for foreign nationals purchasing property
• Barriers in language and legal jargon
• Lack of direct control over the process
We understand these concerns and appreciate the issues underlying them. This definitive guide will provide information on how to purchase property in Turkey in the safest and easiest way possible. A thorough understanding of best practices and experiences, means this guide can ensure you cut down on the risks.
Steps to Purchasing Apartments for Sale in Turkey
The Turkish property market is booming. As a result, there are many options before the buyer. Here to narrow these down further are top real estate marketplace who can guide you through the process, having dealt with many property transactions. Here are the steps you need to take to ensure you purchase the right apartments in Turkey.
1 Do Your Research and Compare Agents
The Turkish property market is a maze and if you have to negotiate it carefully, you need to conduct thorough research into which region in Turkey suits your needs, expected lifestyle and budget. From Istanbul to surrounding areas like Kalkan and Fethiye, choosing the right location is about exploring the opportunities, understanding your needs as a buyer and finding a match between the two.
Check client testimonials and feedback reviews of real estate agents. Solid, credible agents go beyond the sales pitch and walk the talk. Buying property overseas in Turkey is a challenge. It is a country 4 times the size of UK! There are diverse regions, cultures, climates and landscapes across the wide expanse of Turkey and its key cities like Ankara and Istanbul are teeming with population and properties. Making the right choice hinges on being alert about the reputation of the real estate agent you choose.
2 Visit The City
Seeing is believing and that holds true for apartments for sale in Istanbul.
For successfully making a decision about how to purchase the best home or commercial property, you need to visit the place and understand its culture and ethos. As top realtors in Turkey, we don’t just sell a property, we sell a chance to find a suitable dream home or perfect office for your needs. We also organize inspection trips for our customers to get a taste of what they are purchasing. Site visits are a must if you want to get a concrete idea about your dream home or ideal office.
3 Evaluate the Property
During the inspection and meetings, you as a buyer will get a chance to evaluate the many properties across locations and access a massive range of options. Whether you are purchasing a second home or just an investment apartment, we are the top real estate agency to leverage extensive networks and contacts for discounts from private sellers and developers. Once the property has been evaluated, you need to reserve it and freeze the price. Amount provided to the seller as a reservation deposit is deducted from the agreed purchase price.
4 Formulate a Sales Contract
An attorney has to be appointed and a sales contract needs to be drawn up between the buyer and the seller including agreed property selling prices, deposit paid, installments given and date of transfer of the title deed. If not present in Turkey at the time the title deed transaction is taking place, a document will have to be signed by the buyer at the local notary office giving agent or solicitor the POA for the property. The easiest way out to purchase an apartment in Istanbul is to grant power of attorney to the solicitor to conclude the deal on your side. This saves time, money and effort. As top realtors in the business, we recommend reliable solicitors for the job.
5 Checks and Military Approval
Once the contract has been signed, the purchase completion period is around 4 weeks. The appointed solicitor during the process makes necessary property checks such as title check, municipality check and military check to ensure the property is a freehold and drawn in your name. Property details and purchaser details are forwarded to the office of the army for authorization in a military check. This is a standard process in Turkey for all foreign purchases to ensure it is not located within the restricted zone. However, as per a new law in 2014 the property purchased granted military approval post May 2011 or owned by foreigners prior to your purchase can be cleared within days.
6 Title Deed Transfer or Tapu
Once the military clearance is given approval, the re-issuing of property title deeds into the name of the new owner takes place. This is the tapu or title deed transfer. The property title deed is forwarded to the land registration office which then contacts the agent. The last payment to the apartment seller or builder takes place at this point. Purchase tax must also be paid prior to the handover of the property deed. If a POA was given, the agent or solicitor will collect the tapu on your behalf and hand over the same to you. Finally, the real estate purchase involves securing paperwork on both sides. Once you receive the tapu or title deed to your new apartment in Istanbul, you are now its legal owner.
Istanbul was known as Constantinople till 330 BC and is currently one of the biggest metro cities in Turkey. With a population of 14 million residents or so, it is easily one of the largest cities in the world. Just like any other city in Turkey, this one has a rich cultural heritage and is known for its bustling real estate sector.
People from all across the globe buy property in Istanbul. Apart from the ancient monuments, you also have amazing sites, old architecture, and breathtaking beaches and resorts here. Residence in Istanbul varies from one locality to another. While apartments for sale in Istanbul are available in plenty, choosing the right property is easy only if you opt for a top realtor. The location, size, facilities and building in which your apartment is located are important factors to consider. All in all, Istanbul is an exotic locale with a rich history and the perfect setting for a holiday home or an apartment property.