Property in Istanbul

Property in Istanbul

Bolstered by strong domestic demand, house sales increased by 6.4 percent in May compared to the same month in the previous year, reaching a total of 114,800. Istanbul had the highest share of the increase, with 18.8 percent of total house sales around the country, followed by Ankara with 9.9 percent and İzmir with 5.8 percent.

Forty-five percent of the Seapearl Project, the only premium real estate project near the sea in Istanbul, was recently sold. The first section of the project, which is worth TL 7,200 ($2,570) per square meter, will be submitted to its new owners in July 2017.

The construction of Yavuz Sultan Selim Bridge, the third bridge over the Bosporus, being built to ease Istanbul’s traffic, is continuing at full speed. According to information obtained by Anadolu Agency (AA), the concrete towers on both sides have risen around 304.5 meters and the disassembly work of temporary scaffolds continues.

The former Chairman of the Board of Borsa Istanbul stock exchange and the Justice and Development Party (AK Party)’s İzmir deputy İbrahim Turhan noted that they want turn Turkish Lira into a regional instrument of payment.

Istanbul was picked as the city with most development in the world in last 5 years. According to research “The Business of Cities 2015″ by Jones Lang LaSalle, who provides financial and professional services on real estate, Istanbul, because of its performance since 2010, took first place as the city with most development.

The Facade Rehabilitation Urban Designs Application Project has been initiated and approved by the Istanbul Metropolitan Municipality City Council to create a modern view along Istanbul’s main arterial roads. The project will contribute to the city’s urban aesthetic and put an end to the visual pollution created by many buildings’ facades.

At 20.09 percent, 2014 experienced the highest increase in real estate prices in Istanbul, according to the January 2015 Turkey composite real estate sale price index of Reidin.com and GYODER. A study for new houses and sublets took place in Adana, Ankara, Antalya, Bursa, Istanbul, İzmir and Kocaeli, the findings of which indicated the real estate price index increased by 0.85 percent when compared to last month and by 16.27 percent when compared to the same term in the previous year.

A recent report prepared by British daily the Telegraph ranked Turkey the fifth most attractive property market in the world. The number of overseas property purchases in Turkey rose by 78 percent in the first half of 2013, with İstanbul leading the way.

Marmaray – The Tunnel Under Crossing Bosphorus.

Marmaray is finally in use of Istanbul as the fastest connection of Europe and Asia. It consists of the construction of an undersea rail tunnel under the Bosphorus as well as the modernization of suburban rail lines along the Sea of Marmara from Halkalı on the European side to Gebze on the Asian side.

183 of 193 UN member countries’ citizens are eligible to buy property in Turkey. Citizens of the countries below are subjected to some restrictions:

  • Citizens of Armenia, North Korea and Syria are prohibited to buy any property in Turkey.

Many foreign citizens do not have enough knowledge about property purchasing procedures in Turkey. Therefore, it is presumed that it is a difficult process…  Although the process is slightly different for a non-resident, it is still quite straightforward as long as you are getting help from a professional…

The potential purchaser must first decide on some crucial criteria in property search, whether to buy the property for investment purposes or to reside? If buying  purpose is for residential, a different criteria must be applied… If the purpose is for investment, then it must be analyzed differently…

The buying process is very smooth in Turkey. Once you have found your property and agreed on the details such as price, the Sales and Construction Agreement (Purchase Contract) can be drawn up both in Turkish and English.

All Buyers will need to obtain a tax identification number from the local authorities (tax office) to open a bank account (for the transfer of the funds), sign up to utilities or obtain the title deeds of the property in your name. It is a very easy process; a 10-digit number you will obtain with the photocopy of your passport. It can easily be obtained by your solicitor via POA as well.

The Builder/Seller must apply for military permission. This procedure is standard for all foreign purchasers in Turkey. The checks are to ensure that the land on which your property is built is not in a military, strategic or security zone. Once you have clearance, than the title deed transfer process shall start.

The title deeds (known as “TAPU” in Turkish), will be signed at the Land Registry Office, and then the Buyer should pay all costs and taxes related to the transfer of the title deeds.

Property values have been progressively increasing. As it is the case all around the globe, the property value defers based on the location and the quality of the construction material, as well as its architectural characteristics. Transportation, economic activities in the region, and availability of necessary services are also factors that determine the value.

With the new legislation that just passed in 2012, all Foreign citizens or residents can buy property in Turkey, except citizens of forbidden countries by the Turkish Board of Ministries… Foreigners can buy property and land within a zoned municipal area, which means all cities, towns, the coastal resorts and large areas around them.

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