News

A Complete Guide For Those Looking To Buy Property In Istanbul

Buy Property In Istanbul

Istanbul is one of the biggest cities in Turkey, and boasts ones of the largest populations in the world, with roughly 14 million people living in the area. Lots of people look to buy property in Istanbul, from investors to people working in the area. Below, we will provide you with some top tips on purchasing in the city.

It is important to recognise that there is Istanbul property to suit all requirements and all budgets. Deciding on a budget from the offset is important. If you do not have a large amount of money available, or you are simply looking for more value, you may want to consider something on the outskirts of Istanbul. You will pay a lot more to be in the centre of the city, but equally you can expect to make a greater return on your investment too. Once you have a good idea regarding your budget and consequently the properties that are available to you, you then need to find a top quality property dealer. Opt for a firm that specialises in property for sale in Turkey. You need to be confident that they know the Turkish property market like the back of their hand. Spend a considerable amount of time investigating their website, and read reviews that have been posted online by people that have used the company’s services before.

Earlier, we discussed how budget could impact location. Location is something that needs to be considered carefully. Analyse the pros and cons of each area. What is the average rental yield? What is going to be your target rental market? How close are the nearest amenities? What is crime like in the area? These are the types of questions you need to be asking yourself. You will find plenty of forums on the Internet that can provide you with some of the answers you are looking for. You will be able to communicate with expats and those that have been in your position before. You also need to be aware of your legal requirements when you buy property in Istanbul. There are numerous rules and regulations, and this is something your property dealer should be able to assist you with. It is important to get all contracts and documents translated into English. If you are provided with an English and Turkish version of a document, get someone to check that both of them match up. Finally, when you buy property in Turkey, you only pay agent fees on resale properties. However, new properties are subject to a tax from the government, which is four per cent of the council tax value.

Hopefully, you now have a better understanding of what is entailed when you buy property in Istanbul, as well as some top tips to help you get started. If you still have questions or you are feeling unsure, please do not hesitate to get in touch.