I am Syrian – can I own a property in Istanbul?
Yes, you can by setting up a company in Turkey. You can buy off-plan projects now before setting up a company. However, you will need to establish a company before receiving the title deed. Our solicitor could help you set up and maintain the company.
If I pay by instalment, when do I get the title deed?
The title deed will be issued at the end of the payments and upon completion of the project. If the payment plan is longer than the completion date, then the title deed registration wil be after all the payments are completed.
Are Foreigners allowed to buy properties in Turkey?
Yes, foreigners are allowed to buy property in Turkey.
How long does it take to receive the title deed?
It takes around 2-5 working days once you apply.
Can I get a Title Deed with my partners name on it?
Yes, you can
Can I get a Title Deed with my 1 year old baby’s name on it?
Can I get a Title Deed with my 100 year old father’s name on it?
Yes, you can
What does a Freehold Title Deed mean?
Freehold title deed means you have full ownership and possesion rights on that property which you can inherit, sell or rent at any time.
Can I sell the property on to someone else before getting the title deed? (under construction projects)
Yes, you can but there will be a cost associated with this change. The amount of this cost will vary from one developer to another which will be clearly stated on the sales contract.
Is there any limit for foreigners to buy, can I buy as many flats as I can ?
The limit is 30 hectares per person
If I buy a property in Istanbul, can I get residency?
How can I get a residency permit? If I buy a home in Turkey
The residency must be applied for via the Police Department and takes around 1 month to receive the permission. Our company solicitor can help you with this process.
Can I get long term residency permit for Turkey and can I get full Citizenship
Long term residency cannot be obtained just by purchasing a property. The applicant must have had residency for 8 years before long term residency can be obtained.
Which family members will be eligible to get the benefits of residency
The wife/husband and their children below the age of 18
What is the minimum amount that I should invest in purchasing a house in order to apply for residency?
There is no such restriction
What is the inheritence law?
Turkish Inheritance Law will be applied to deceased foreigners who own property in Turkey. According to Turkish Inheritance Law the wife or husband shares the inheritance together with the children. In case there are no children the wife or husband shares it with the parents of deceased person. There is a detailed calculation for the tax on inheritence law. But this will typically vary between 1% and 3%.
Can I pay by instalments?
Yes. Usually all under construction projects provides installment payment plans and some completed projects do that too. But most of the completed projects require full cash payment.
I want a 3 bedroomed apartment, close to Taksim. My budget is $100,000. What can I get?
For $100,000 you can get a 1+1 bedroom apartment in areas near Ataturk Airport. In the Taksim area, and within a 15 KM circle around it, prices per SQM start from around $5,000 USD and 1 bedroom apartments if they are new or renovated start from $250,000, 2 bedrooms start from $500,000, 3 bedrooms start from $750,000. You may see some some properties on the Internet, for sale in Taksim but these can be either fake advertisements of properties which are not in Taksim, properties which do not have any proper title deeds or permissions, or properties which are in such a bad condition that even a single Turkish buyer has no interest to renovate it. I think you are asking for something near Taksim as you know the area and its city centre so you want to enjoy that, but in reality there are a lot of nice good places in Istanbul which meet what are you looking for, all facilities are there ( malls, hospitals , schools, parks, transportation, etc) and the prices are within your budget.
How much is a 2 bedroom apartment in the centre of Istanbul?
Decent apartments, with good quality and facilities in Istanbul city centre, start from $500,000 for 2+1 bedrooms apartments. You can also find cheaper alternatives in city centre but these will be old low quality housing in or around slum housing areas. These places will typically lack infrastructure, quality will be poor, they will have title deed issues and they will have no facilities; even the basic necessities such as earthquake resistance, elevators, security or car parking will be missing. The price of these properties in city centre start from around $200,000.
My budget is $50,000. Can I buy anything in Istanbul?
Unfortunately within a radius of 50 km from Taksim/Sultanahmet, you cannot find a proper house for living or investment for less than $65,000. Our company sells thousands of properties and all our local search agents have been looking for properties for around $50,000 for the last 5 years and have not been able to find any proper property for sale. 4 years ago a few developers started to sell 1 bedroom apartments for $50,000, now all of them have been declared bankrupt! In the centre of Istanbul, land is very limited and prices are very high, for that reason it is impossible to build any apartment less than $65,000, however, if you can increase your budget to $65,000 you can get a studio apartment – or you can use your $50,000 as a down payment and pay installments over one or two years and buy a nice 1+1 bedroom apartment.
What is the longest period I can pay by instalments in Istanbul?
Some of our projects offer payment over 48 months, but the majority do 36 months installment plans.
Your prices are expensive, a Turkish friend bought in the same project much cheaper than your price
In one project there are different prices for the same type of apartment. i.e. for 1+1 bedroom apartments in the same project prices are different according to the floor, size, directions and views. The prices Turesta provides are the developer’s prices which are the same for everyone. However, to provide you piece of mind, we guarantee not only to match any price but we guarantee to beat any written offer you have!
Your prices are expensive, same developer offered me a cheaper price for the same flat
In one project there are different prices for the same type of apartment. i.e. for 1+1 bedroom apartments in the same project prices are different according to the floor, size, directions and views. The prices Turesta provides are the developer’s prices and they cannot sell below our prices, as our contract with them says so! However, to give you piece of mind, we guarantee not only to match any price but we guarantee to beat any written offer you have!
Your prices are expensive, another agency offered me a cheaper price for the same flat
In one project there are different prices for the same type of apartment. i.e. for 1+1 bedroom apartments in the same project prices are different according to the floor, size, directions and views. Turesta is a market leader in Turkey, and we are providing the best deals for our clients, and we can guarantee that our prices are the best in the market. However, to provide you piece of mind, we guarantee not only to match any price but we guarantee to beat any written offer you have!
Why would I buy with you, not by myself?
We are the market leaders in Turkey and our size allows us to get you the best deals in the market. Also, in order to protect our name and reputation, we only work with reputable developers who have all necessary paperwork and who has the financial power to complete their project; furthermore, with Turesta you will get full support for after sales process, title deed handling, payment follow ups, utilities connections and many other features from A to Z. With us, you can buy in confidence without any hassle.
Return on Investment
What is the average Return On Investment (ROI) on property in Istanbul?
In the last 5 years, on average, house prices in Turkey has increased 15% year on year. However, new development prices in İstanbul have increased by 25% in 2014! Depending on the future prospects that the property is offering like the amenities you have in the project or nearby, big investments coming in the region like a metro line, shopping mall, hospital etc. you might achieve even higher rates than these.
How much can I rent my apartment for?
On average, Istanbul rental income is around 6% of the property price, per year. You can earn more or less than this rate, depending on your property, its location and facilities.To make the most of the rental income, you should target highly rentable project. In terms of size, these should be studios, 1 bedrooms, or 2 bedrooms as they are easier to rent. Also it is easier to rent apartments in compounds as people prefer to live in places which offer them certain amenities and a quality lifestyle.
Which is the best project for investment?
How many bedroom properties are good for investment?
Which area is the best to invest in Istanbul? Asian or European side?
Why should I make an investment in real estate in Istanbul?
How much tax am I paying when I rent my property ?
How much tax do I have to pay when I sell my property?
|Tax free 10.600 TL|
|First 10.700 TL %15|
|Folowing 10.700-26.000 TL %20|
|Following 26.000-60.000 TL %27|
|Following 60.000.000 TL and above %35|
So, with the above example, you will be responsible for tax as below:
40,000 – 10,600 (tax free amount) = 29, 400 (this is the amount you are responsible for)
Of this 29,400 you will pay 20% rate for the part up to 26,000 and then you will pay 27% rate for the remaing part of 3,400. So you will end up paying:
(20% x 26,000) + (27% x 3,400) = 6,118 TL
Note: These figures are calculated according to current tax regulations. The Government has a right to increase or decrease this amount.
What are the purchase costs?
Are the prices quoted the full price I will pay, or are there any other costs?
Are there any Taxes to be paid?
Are there any other expenses involved in purchasing a property in Istanbul?
Are foreigners paying more money for the same flat versus local people?
What is the procedure for buying a flat in Istanbul for a foreigner?
Do I have to come to Istanbul to buy a property?
Can foreigners open a bank account and what do I need to open a bank account?
Is it possible for Foreigners to use a Mortgage loan from any bank?
Do I need a tax number?
How do I get a tax number in Turkey as a foreigner
Can you meet me at the airport to show me properties?
Can I bring my friend/wife/kids/etc to view the properties with me?
What would happen if the developer didn't continue the construction?
Is my deposit refundable?
Can I start using my flat after I pay only the down payment?
Can I rent my flat after I pay the down payment, or shall I wait until I fulfill my payments?
How do I know I am buying from a trustable project?
Do you only sell properties that you have agreement with?
Do you sell other projects that are not on your website?
Can I become an agent? How can I become an agent?
Trends & Statistics
How do house prices in İstanbul compare to GCC?
How do house prices in İstanbul compare to the rest of the world?
What happened to Turkish house prices in the last 5 years?
What happened to Istanbul house prices in the last 5 years?
What happened to new development prices in İstanbul in the last 5 years?
What are the most important factors in investing in a house in İstanbul?
People prefer buildings which caters for all needs (shopping, sports, entertainment, etc)
F. Close to landmarks
There is a close corellation between the house prices & landmarks
G. Paperwork/Due dilligence
Title deed status & off-plan pre check
H. Future outlook & retun on investment
How safe is your investment
What is the outlook of İstanbul property market
- It’s now cheaper and faster to build new properties thanks to improved construction technology
- Increasing house prices driven by the demand & young population
- Rising foreign demand in Turkish property market
- Actual and forecasted record levels of tourism in Turkey
- Extremely healthy economic conditions of Turkey
Is there a property bubble price in İstanbul?
Are your properties sold furnished?
New properties are sold without furniture. Only a few secondhand resale apartments are sold furnished, but we don’t recomend this to our clients as they are usually really hard to rent due to the different tastes of the tenants.
Are properties sold with kitchen equipment?
Lots of our projects are offering some kitchen equipments ( stove,oven ) and some of them are providing all white goods ( oven,stove, fridge, dishwasher) with the exception of washing machine. Our after sales department can cater for all of your furniture and white goods needs.
What is the general Maintenance Fee when I buy an apartment in Istanbul?
Maintenance fee is the amount you pay for the costs of security, swiming pool, fitness centre, sauna, cleaning of the common places, elevator, etc. Cost of this is usually around 1 dollar per square meter of the house you have purchased.
Do I have to pay the maintenance fee as an owner if l rent my apartment?
There is a simple answer for this question : whoever uses the apartment, he/she pays all maintenance fees.
How much does it cost to furnish the house?
This depends on the quality you choose. But on average, for medium quality furniture we can fully furnish 1 bedroom apartment starting from $8,000, 2 bedrooms $10,000 and 3 bedrooms $12,000.
What services will be offered to me when I pay Turesta Fee ?
- Helping clients to take a Turkish tax number
- Signing the contract on their behalf, (once we have your Power of Attorney)
- Following all your payments and ensure that developer issues receipts for same
- Assistance with furnishing your property
- Opening your bank account, on their behalf
- Arrange utility connections (gas, water, electricity)
- Following official documents required from you
- Liaising with all necessary Government and municipality bodies on their behalf
- Representing you, and signing necessary documentation on your behalf, when necessary
- Ensuring all necessary actions are undertaken relating to Stamp Duties and all taxes for which you are responsible
- Following the Title Deed process, including transferring same to their name(s)
- Key delivery upon completion
- Answering client’s (many & varied) questions regarding their purchase
Can you find a tenant for my apartment?
Of course. We have a dedicated rental management department.