1. Define the property and the intended use

A street-level shop, an office and a warehouse serve different occupiers. Before comparing prices, write down the usable area, access requirements, location and type of tenant or business you expect the unit to accommodate. For a shop, investigate foot traffic and frontage; for an office, access and the building's services; for storage, loading arrangements and the suitability of the premises.

Compare like-for-like units in the same local market. Ask which rental figures come from signed leases and which are asking rents. A prestigious district or a familiar tenant name cannot replace checks on the particular property.

2. Check the title and the buyer's eligibility

Have an independent Turkish lawyer check the seller's authority, the title record and any mortgages, liens or other restrictions. Match the parcel and independent-unit details to the premises you have inspected. A preliminary sale agreement does not itself transfer ownership; registration at the land registry is required.

Foreign buyers should confirm that their nationality, ownership structure and the particular property meet the applicable acquisition conditions. Rules differ between individuals and companies. The official Invest in Türkiye property acquisition guide explains the registration framework and restrictions; obtain advice for your own transaction before committing funds.

3. Confirm the building's permitted use and condition

Ask the relevant district municipality and a qualified technical adviser to check the zoning status, approved use, building file and occupancy documentation. Separately confirm whether the proposed business needs an operating licence and whether this unit can meet its requirements. A property being advertised as commercial does not answer every question about the activity you intend to operate there.

Municipal records are an important part of this check: for example, Kadıköy Municipality's published services include zoning, building-permit and occupancy procedures. Use the authority responsible for the actual property. Request a condition survey and estimates for repairs or fit-out rather than relying only on photographs.

4. Verify the tenant and the lease

For an occupied unit, request the signed lease and amendments, rent-payment records, arrears, deposit or guarantee details, renewal dates and any rent-free periods. Have a Turkish lawyer review the agreement and the implications of buying the property with a tenant in place. Do not assume that buying the unit allows immediate vacant possession. For more detail, see our guide: How to Buy Commercial Property in Turkey?

Identify who pays management charges, insurance, repairs and other property expenses. Read the actual allocation of costs instead of assuming that a label such as “net lease” leaves the owner with no expenditure. For a vacant unit, budget for marketing, fit-out negotiations and time without rent.

5. Separate gross rent from operating income

Gross rental yield compares potential annual rent with the purchase price. A more useful operating model deducts vacancy and collection losses, then the costs payable by the owner. Net operating income (NOI) and the capitalization rate help compare properties before financing and the investor's income tax. They are not the same as take-home profit or total investment return. For more detail, see our guide: What are the Risks to Consider in Property Investment?

The OCC's commercial real estate handbook explains income analysis and capitalization rates. It is used here for financial definitions, not as guidance on Turkish law or market returns.

A worked example using fictional figures

The following numbers are teaching assumptions. They are not a quotation, valuation or statement of average returns in Turkey.

  • Assumed purchase price: TRY 10,000,000.
  • Assumed monthly rent: TRY 80,000; potential annual rent: TRY 960,000.
  • Vacancy and collection-loss allowance: 10% of potential rent, or TRY 96,000.
  • Assumed annual owner-paid operating costs and replacement reserve: TRY 180,000.
  • Illustrative NOI after that reserve: TRY 960,000 − TRY 96,000 − TRY 180,000 = TRY 684,000.
  • Gross yield: TRY 960,000 ÷ TRY 10,000,000 × 100 = 9.6%.
  • Illustrative capitalization rate: TRY 684,000 ÷ TRY 10,000,000 × 100 = 6.84%.

If the vacancy and collection-loss assumption rises to 20%, with the same rent and costs, the illustrative NOI falls to TRY 588,000 and the capitalization rate to 5.88%. The difference shows why occupancy assumptions matter; neither outcome is guaranteed.

6. Budget for the purchase and downside scenarios

Obtain a transaction-specific estimate of acquisition taxes and fees, professional services, financing and any fit-out. Model loan payments and your own tax position separately from NOI. Budget for major works beyond the reserve already included, without counting the same expenditure twice. Use a consistent currency and date when comparing rent, costs and the purchase price.

Test what happens if a tenant leaves, rent collection is delayed, repair costs increase or a sale takes longer than expected. Property values can fall as well as rise. A proposal should remain understandable when you remove assumed price appreciation: know what income is supported by evidence, what depends on a forecast and how much cash you need while the unit is vacant.

7. Assemble an evidence file before making a commitment

Bring the following documents together so your legal, technical and financial advisers can review the same transaction:

  • The title information, seller-authority documents and a current check of restrictions.
  • The building, approved-use and relevant municipal records.
  • The lease, amendments, payment history and details of any arrears or guarantees.
  • Operating-cost records, management charges and responsibility for repairs.
  • A condition report, planned capital works and the full acquisition-cost estimate.
  • A written income model showing assumptions, financing and a vacancy scenario.

This guide is a framework for evaluating a purchase, not a recommendation to buy a particular unit. You can browse current properties and request the documents for a specific option through our real estate services team. Make the final decision using transaction-specific advice and verified records.