Real estate ownership in Istanbul is considered among the most important real estate investments in Turkey, as the city is witnessing an increasing demand for real estate from local and foreign investors, as Istanbul is distinguished by its strategic location and rich history, which makes it a favorite destination for those looking for rewarding investment opportunities in the real estate ownership sector and thanks to its continuous development and availability of a variety of properties, Istanbul offers multiple investment opportunities including residential apartments, luxury homes, villas, hotel apartments and commercial offices and in addition, flexible real estate laws and easy access to real estate financing make the process associated with purchasing property in Istanbul easier and easier, so follow with us to discover more about real estate ownership in Istanbul and how to benefit from the promising investment opportunities in this wonderful city
Why has the demand for real estate ownership increased in Istanbul?
After the devastating earthquake occurred in Turkey late last century, the country's government issued strict laws related to providing building materials and mechanisms resistant to the most severe and powerful earthquakes and this procedure led to the emergence of modern residential complexes in Istanbul with more durable and high-quality construction specifications.
A comprehensive economic renaissance began in Turkey In 2002 with the arrival of the Justice and Development Party to power.
The government of Turkey has moved to support the real estate ownership sector in Istanbul through encouraging laws and support for investors, both local and foreign.
Many construction companies in Istanbul compete to provide the best urban models, and the government holds the responsibility of facilitating procedures for foreign investors.
Thanks to the strength of the economy, industry and exports, Turkey has become a pivotal investment destination, making real estate investment in Istanbul attractive to local and foreign investors.
How did the Turkish government encourage investors to own real estate in Istanbul?
The steps for real estate ownership in Istanbul are equal for Turkish citizens and foreigners.
Real estate taxes and fees in Istanbul are equal for Turkish citizens and foreigners.
Foreigners enjoy special tax exemptions on VAT in Istanbul under certain conditions.
Real estate residency permits are granted to anyone who buys a residential property in Istanbul while presenting the Tabu document, as this residency grants additional advantages to its holder.
Real estate in Istanbul can be inherited to foreigners, without the restrictions found in some other countries.
Istanbul is witnessing a decrease in public fees and taxes, especially real estate taxes, compared to some European countries.
Turkey enables foreign investors to obtain Turkish citizenship through the “Investment in exchange for Turkish Citizenship” program, under certain conditions that have been determined in recent years.
Turkey provides ease in obtaining Turkish citizenship through real estate investment, without complicated conditions as is the case in some other countries.
Obtaining Turkish citizenship through real estate investment enables one to travel to 110 countries around the world without the need to obtain an entry visa.
The holder of Turkish citizenship through real estate investment is considered a Turkish citizen with all rights and duties, without any distinction between him and the original Turkish citizens.
Steps to owning real estate in Istanbul
First, search online for approved real estate agencies in Turkey that have a good reputation and high customer ratings.
See reviews from previous clients of the selected agencies, and check their track record in providing services and credibility in dealing.
Contact the selected real estate agencies and inquire about their services, and make sure that they provide information services about real estate ownership law in Turkey, the costs of purchasing the property, and learning about the reality of the real estate market.
Book a site tour of the properties you are interested in purchasing, and check the pros and cons of each property.
Request a real estate evaluation report for the properties suitable for you.
In the event of acquisition, you can conclude a contract to purchase the property with the construction company after reviewing all terms of the contract.
Sell foreign currency to the Turkish Central Bank and transfer the property value in Turkish Lira to the seller’s account via the intermediary bank.
If the property is ready for delivery, book an appointment at the Land Registry and Real Estate Survey Directorate in Turkey and proceed to conduct the real estate ownership transfer transaction and obtain the title deed. If the property is under construction, you will be granted an easement title until construction is completed and the property is delivered.
Documents required to own a property in Istanbul
The tax number can be obtained free of charge from the nearest tax directorate in Türkiye.
The passport must be valid and a copy of it translated into Turkish and certified by the Turkish notary must be submitted.
Completing the purchase process also requires obtaining a real estate evaluation report and the property purchase contract, which must be certified by the Turkish Notary.
After purchase, the foreign currency is sold to the Turkish Central Bank, and the value of the property in Turkish Lira is transferred to the seller’s account with a money transfer receipt.
Countries that are allowed to own real estate in Istanbul
The United Arab Emirates
Kingdom of Saudi Arabia
Qatar
Kuwait
Oman
Sudan
Yemen
Azerbaijan
Barbados
Wales
Bolivia
Argentina
Belgium
Bangladesh
Belarus (Belarus)
Benin
Burkina Faso
Brunei Darussalam
Bosnia and Herzegovina
Brazil
Botswana
Bulgaria
Chad
South Africa
Djibouti
Finland
Burundi
South Sudan
Holland
Britain
Switzerland
Honduras
Georgia
Sweden
Iceland
Italy
Norway
New Zealand
Uganda
Panama
Venezuela
Suriname
Turkmenistan
Macedonia
Kosovo
Luxembourg
Malaysia
Malawi
Madagascar
Costa Rica
Financial
Japan
Kazakhstan
Jamaica
Canada
Kyrgyzstan
South Korea
the black Mountain
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