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Things to Consider When Buying an Apartment in Istanbul
Istanbul continues to be both the tourism and economic capital of Turkiye (Turkey) with its high quality offered from its history to the Bosphorus view and its incredible nightlife. Istanbul, where great civilizations have fought for its possession throughout history, offers a European quality of life to those living in this city with its cosmopolitan structure and modern architecture. In addition, when talking about Istanbul, it is impossible not to mention the diversity it offers. This city, which has a population of more than 14 million, continues to develop in art and economy, with a lifestyle that appeals to both the conservative part and the more modern segment.
There are many foreigners living in Istanbul gives confidence to foreign investors. This group, which we classify as foreign investors, can be both people who buy a house in Istanbul for investment purposes, and people who buy a house in Istanbul and live here- move their businesses to Turkey. Here are the things that foreigners should pay attention to when buying an apartment in Istanbul, Turkey.
- The neighborhood where the apartment is located
- Distance to hospital and school
- Number of rooms in the house
- Building age
- Materials used in the construction of the building
- Whether there is a special area for social activities
- Have a park for children
How are Apartment Prices Determined in Istanbul?
The real estate market for foreigners has become quite affordable. Istanbul is a great investment area. The apartment prices in Istanbul are affected by the following factors.
- Location of the property: Access to important places such as the market, the city center, and the hospital in the region where the apartment is located.
- Proximity to Public Transportation: Public vehicles are frequently used in daily life in Turkey. Therefore, the proximity of the apartment to the stops is a factor that determines the price of the apartment.
- Apartment size: The number of rooms and the square meter size of the apartment you will buy are important factors that evaluate while determining the price of the property.
- Apartment’s Age: Newly constructed buildings are priced higher as they are built based on general earthquake rules.
- South-facing apartments: South-facing apartments are warmer than north-facing apartments, as they get the sun, so they save heat.
- Elevator: The fact that the apartment has an elevator increases the price because it is done as an extra service inside the building.
- Property view: As a city, Istanbul has both the Bosphorus and the forest air, which offers a special view of the buildings. The fact that the buildings have these special views greatly increases the price.
- The quality of the building's material: The quality and workmanship of the materials used in the construction of the building.
What are the Price Ranges of Apartments in Istanbul?
Since Istanbul is the most demanded city in terms of real estate in Türkiye (Turkey), this is the city where the real estate market has the most diversity. Besides the diversity of Istanbul, it has the most expensive apartments which are searched in the first quarter of 2020, with an average housing price of 765 USD (5,221 TL) per square meter. However, this price range is lower than in Europe and other regional countries.
When we want to calculate apartment prices based on this unit price, we will see that the apartment flats in Istanbul are in the range of 165.513,54 dollars and 496.562,68 dollars. If the house owned at this price is rented to someone else, it will cover its fee within 2 years.
What are the Advantages of Buying an Apartment in Istanbul?
There are many advantages of living or owning a property in Istanbul. These features are listed below.
- The best feature of owning a property in Istanbul is obtaining Turkish citizenship. (The possibility of applying for Turkish citizenship, if the property is worth 400 thousand dollars)
- The opportunity to get an internationally strong Turkish passport
- If you are an investor, you can easily manage your investments between East and West.
- A profitable return based on attractive tourism power in Istanbul throughout the year.
- safe, comfortable, and beautiful environment
- many great opportunities for children’s education
- Low cost of living
- Smooth buying process
- Potential profit
- Turkish cuisine
Who can Buy an Apartment in Istanbul?
Foreigners from all over the world, including the Middle East, Europe, and Asia, except Nigeria, Cuba, Syria, Armenia, and North Korea, can purchase properties in Istanbul on one condition: they have enough money to cover the cost of the property.
The property purchasing steps are very easy in Turkey for foreigners. The Turkish government has been working on this process for many years to make it easy for both foreigners and Turkish people. Also purchasing process is faster than in many European countries. If you are considering purchasing property in Istanbul, You can easily contact Istanbul Property to get more detail and to learn the process.
In Which Counties Can I Buy an Apartment in Istanbul?
All counties in Istanbul are suitable for buying apartments. You can find the list of Istanbul Property projects in the counties of Istanbul to buy apartments below.
Can I Become a Turkish Citizen by Buying an Apartment in Istanbul?
All foreigners who want to obtain Turkish citizenship can take this opportunity as a property owner from Turkey for 400 thousand dollars. In this way, it can move its investments into the country and make the east and west a market area for its product.
This limitation covers the investment made in any province of Turkey, that is, the sale of property, and is not limited to Istanbul only. However, since Istanbul is the economic capital of Turkey, it is the main market for all large-scale businesses. The things you need to do to apply for Turkish citizenship are listed below.
- Have a tax legislation number
- Open an account on Turkish Bank
- Find a property that you like
- Purchase that property
- Get the certificate of conformity
- Apply for Turkish residency
- Apply to the Turkish citizenship program
Is There an Apartment Tax in Istanbul?
If you are considering purchasing a house in Turkey, you may want to learn what the property taxes in Turkey are. When you buy an apartment in Istanbul as a foreigner, you receive a deed, which comes with a fee of four percent of the property price. The deed’s amount is usually divided by two and paid by the buyer and seller. However, depending on the agreement between the two parties, you as the buyer may be required to pay the full fee or not- the taxes you have to pay start here.
Under Turkish law, there is taxation which is called Value Added Tax. According to this taxation type, all commercial, industrial and professional transactions need to pay tax to the government. The tax that you need is calculated based on 18 percent of the price. However, due to the law, if you are going to purchase an apartment of less than 150 m2, you will pay between one and eight percent VAT.
In addition to this taxation, there is also annual taxation on your property. However, this property taxation differs depending on the city and type of property. If this rate is calculated for Istanbul, the annual tax calculated on the value of the property in Istanbul will be 0.2 percent.
The taxation applied to those who want to rent out their houses is the income tax earned on the rent received from the house. However, this tax is applied for the first five years, after which there is no taxation on the income earned from the leased property.
Since taxation is made on earned income, if you have an income of ₺24,000 or less, you must pay a 15 percent tax to the state. However if your income is between this amount and $54,000, the rate you have to pay increases to 20 percent. Thus, the amount of tax you will pay increases exponentially according to the income you earn.
Do Foreigners Pay Apartment Tax in Istanbul?
Foreign investors who own property in Turkey are obliged to pay all the taxes we have mentioned above. Payments of these taxes are easily made by homeowners living abroad through online platforms. Thus they do not have to travel to make transactions. Those who want to go individually and make the payment in person can visit the municipality and perform their transactions easily.
What are the Features of Apartments in Istanbul?
Since Istanbul is the most crowded city in Turkey, high multi-story buildings are built quite often. Therefore, regardless of class, people prefer apartments in Istanbul because of transportation and various features when they are going to buy property. The magnificent features of the apartments in Istanbul are listed below.
- Public Transportation in Istanbul
- Pet-Friendly Apartments
- Best neighborhoods
- Great parks
- Lots of opportunities
What is Life like in Turkish Apartments?
Life is very colorful in apartments in Istanbul, while residence-type apartments offer you great opportunities such as a Turkish bath, swimming pool, and tennis court, while more affordable apartments close to the city center provide much convenience in terms of transportation. Therefore, both types of apartments are preferred by those who want to live in Istanbul. You can decide what type of apartment you want to live in according to your priorities and start your market research.
Are There Social Activities in Turkish Apartments?
Since the Turks are a nation known for their warm-bloodedness, relations with neighbors are generally friendly. Some neighbors regularly visit each other to chat in the evenings. They also socialize with each other in areas such as the Turkish bath, pool, tennis court, and basketball courts offered in newer-type apartments. For children, especially park areas are built on the estates so that they can both have a pleasant time and socialize with their peers.
Are Istanbul Apartments Suitable for Children?
In the Turkish family structure, great importance and value are given to having children so all living spaces are designed for children. Various parks and activity areas on the estates allow your child to both socialize and spend time in a safe environment. The Turkish family structure is fond of children, but they also have an instinct to protect against other children, so that both you and the children of the other family can spend time together and socialize in safety.
Is it Safe to Buy Apartments in Istanbul?
Turkey hosts more and more foreign investors every year. The fact that the laws are easy to understand, the investments made bear fruit in a short time, as well as the fact that foreigners can have Turkish citizenship after buying a house, makes Turkey a very attractive country. The fact that the laws are understandable and easy to handle also provides confidence for those who want to buy a house.