All the Information That You Should Know When Purchasing Real Estate in Türkiye 2023
Last Updated: 2023-08-30All the Information That You Should Know When Purchasing Real Estate in Türkiye 2023
You may think you know everything about purchasing real estate in Türkiye, since there have been a lot of essays about it and there are no more hidden details for those interested in the real estate markets. However, no matter how well you know it, there are many details and information that you may not know because you do not delve deeper into the details of the Turkish real estate market.
That is why the Mersat Real Estate Editorial Team has prepared the following report on everything you should know when purchasing real estate in Türkiye. Please, follow it well.
Follow These Steps When Purchasing Real Estate in Türkiye:
Have you decided to own a property in Türkiye? Sure, it's a great step, but avoid taking any before you read the following paragraphs, which will be your guide:
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Decide What Do You Want to Be Available in Your Property:
First of all, decide what specifications suit you or help you meet and achieve your goals, and most importantly you should specify why you want to buy a property in Türkiye? Is it for real estate investment, for housing and stability or in order to obtain Turkish citizenship?
Does a simple, traditional design apartment suit you or would you rather buy a luxury apartment like villas or high-end penthouses? What about the view? Do you want it ordinary on the streets of the city, or charming on the sea, or on the greenery?
One of the information you need to know is that Türkiye is a big country that gives you a lot of options and possibilities, so you have to learn about each city and area individually and get a comprehensive study of it.
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The Location of the Property Is an Important Element to Focus on:
You should know that the location of the property is one of the first factors to determine its value, the more distinctive and strategic it is, the higher the price. Here are the specifications of the unique site:
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Located in an area with significant real estate growth.
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Near public transport lines.
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Close to the most vital projects in the city.
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Close to the most prominent and important attractions.
Real estate experts emphasize the need to choose an important geographical location if you want to invest real estate, because the demand for it is high on the one hand, and on the other hand the prices are constantly increasing. Hence, this gives you the opportunity to get high profits.
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Türkiye's Real Estate Are an Opportunity to Get Huge Returns:
According to the Turkish Statistical Institute and studies on the real estate field, a large group of foreigners who flock to buy properties aim to invest in real estate. Obviously, all the data indicate that Türkiye is an ideal environment for investment, where the thriving economy maintains its growth steadily, political stability, developed infrastructure, etc.
Do not forget that you can invest your property in Türkiye in more ways than one, the most important of which is to rent it out for a fixed monthly return, or resell it to take advantage of the price difference between the buy and sell stages.
In order to have a profitable real estate investment in Türkiye, you need a real estate expert to help you select the right choice for you and your goals.
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Obtaining Real Estate Residence Permit:
If you purchase a property for habitation, you will be able to apply for real estate residence permit, which is classified as one of the most important types of residence permits in Türkiye ever, as there are no other conditions that must be available in the property in terms of area or price.
Moreover, real estate residence permit is granted, not only to the owner of the property, but the whole family. Also, it can be renewed annually as long as the foreigner is the owner of the property.
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A Mean to Obtain Turkish Citizenship:
Over the past year, more than 40 percent of those who have bought real estate in Istanbul were seeking to obtain Turkish citizenship.
In order for your property to be suitable for this citizenship, it must be priced at least US$400,000 or more, and you must commit not to sale it for three years. In addition to other conditions such as: paying its price through a bank, not previously used to obtain the citizenship, and to buy it from a Turkish side (a Turkish person or a company).
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Learn about Ownership Expenses in Türkiye:
Do you think that by purchasing the property, there is no more costs to be paid? Of course not, there are many costs to pay:
First: Title deed extraction fees, which amount to about 4% of the total value of the property, are paid equally by both the seller and the buyer.
Second: The extraction fee for the real estate valuation document, which is a maximum of US$200.
Third: The initial contract writing fee (at the notary) which amounts to 1% of the total value of the property.
Fourth: Annual tax of 0.003 of the total value of the property.
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Field Trips and Visits to Real Estate Projects:
One of the points you should be careful about is not to give up trips to visit Türkiye's most important real estate projects to see their specifications and prices, and to choose the best for you.
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Negotiating the Price of the Property:
Be careful not to pay the price asked directly, you have to sit at the negotiating table to get the right price, and therein lies the importance of having a successful real estate expert with you, where he offers you a property at a good price.
Marsat Real Estate is glad to provide you with all the information and details you need when purchasing real estate in Türkiye, in addition, we are keen to offer outstanding investment opportunities for you.
Edited by Mersat Real Estate Team ©
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