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Things to Consider When Buying an Office in Turkey
Buying an office is a huge task, especially in a foreign country. The real estate market keeps evolving and growing with international businesses and multicultural companies having offices all around the world.
Turkey is a popular option to buy an office due to its reasonable prices, business potential, and great projects.
There are several things to consider when buying an office in Turkey, as are listed below.
- Determine your Budget and Growth: Knowing your budget and the growth potential for the new office will help you a lot before choosing an office to buy in Turkey. The office prices are ranging between US$650,000 and US$1,995,000.
- Pick the Location: Before buying an office in Turkey, it’s a good idea to research all the locations that fit your business and expectations. Spend some time in the area to make sure you have the right location. Top office locations in Istanbul include Sisli, Sariyer, Kadikoy, and Taksim.
- Research Projects: From modern decorated structures to high-tech buildings, Turkey offers a wide range of office projects. While these projects differ from one city to another, the most popular projects include Lotus Nisantasi Elite Project, Is GYO Quasar Project, Torun Center Project, Piyalepasa Project, and Nurol Tower Project.
- Working with the Right Real Estate Agent: Choosing a real estate agent is as important as the other steps mentioned above. The agent should be able to understand the office requirements and find various projects.
How Are Office Prices Determined in Turkey?
Office prices in Turkey change due to multiple reasons. Here are the top factors that determine office prices in Turkey.
- Location: Location is the number one factor on the list that determines the office price in Turkey. The more exclusive the location, the higher the price is. An office located in Istanbul has a different price than an office in Ankara. In addition, the office’s location in the city such as the finance center or upscale neighborhood determines the office prices in Turkey. An office close to public transportation is most likely to be more expensive than one located in a remote area.
- Office Size and Features: Office prices in Turkey are based on office size. Not only the size of the office determines the price, but also the office amenities and their features can change the price.
- Office View: The view from the office is another big reason that determines the office price in Turkey. While an office with a sea view has the highest value, other views such as the Bosphorus or the city play an important role in the prices.
What are the Price Ranges of Offices in Turkey?
Office prices in Nisantasi, one of the most upscale neighborhoods in Istanbul, range between US$650,000 and US$952,000 for 1+1 unit, US$1,234,000 and US$1,818,000 for 2+1 unit, US$1,983,000 and US$1,995,000 for 3+1 unit.
In Basaksehir, office sizes between 102 m² and 245m² costs from US$331.400,16 to US$1.656.964,20.
An office in Sisli Istanbul would cost between US$331.400,22 and US$6.683.236,56.
What are the Advantages of Buying an Office in Turkey?
Expanding your business in a new country and buying an office in Turkey is an exciting step. Providing plenty of benefits, it’s no surprise real estate market in Turkey skyrocketed in recent years, attracting investors and businesses from all around the world. Here are the advantages of buying an office in Turkey.
Turkish Citizenship: The top advantage for those who want to buy an office is to obtain Turkish citizenship. Foreigners who buy an apartment in Turkey worth US$400,000 are granted Turkish citizenship. Other options for Turkish citizenship are employing at least 50 people for a business in Turkey, making a capital investment worth US$500,000, depositing US$500,000 into a Turkish bank account, and venturing into a capital investment fund that is worth US$500,000.
- Access to New Markets: Expanding your business in a new country will have you gain new customers in new markets and result to profit growth.
- Value for Money: It’s a known fact that buying a property in European countries is expensive. Turkey offers the best quality you could get from an office and a wide range of deals at the most affordable prices. Even the expenses from the process of buying an office in Turkey are quite low compared to other countries. Plus, the exchange rate helps to get a better office with your budget, unlike in other countries.
- Investment Opportunities and High Rental Income: Buying an office in Turkey makes it an excellent investment for many reasons. Having a highly developed real estate market and promising projects around the country, Turkey is one of the best and safest countries for long-term investment. Leasing an office to a company returns a high rental income in Turkey.
- Office Locations: Being in the center of Istanbul which is Turkey’s business and finance capital.
- Finding New Talents: Operating and managing an office in a new country means finding highly qualified talents for your business in Turkey.
Who can Buy an Office in Turkey?
Citizens of almost every country in the world can easily buy an office in Turkey. Citizens from Syria, North Korea, Armenia, Cuba, and Nigeria are the only countries that are not eligible to buy an office in Turkey. Another exemption applies to the citizens of Palestine, Iraq, and Iran, which requires them to obtain a permit from the Ministry of the Interior before buying.
In Which Cities Can I Buy Offices in Turkey?
Turkey has major cities to buy an office. Here are all the cities you can buy an office in Turkey.
Can I Become a Turkish Citizen by Buying Offices in Turkey?
Yes, getting Turkish citizenship is possible in many ways, but buying an office in Turkey is one of them. Investing a minimum of US $400,000 in real estate in Turkey can make you a Turkish citizen. The family of the buyer, including the children under 18 years old, will also have the privilege of becoming Turkish citizens.
Is There an Office Tax in Turkey?
Tax is the amount of money that the government takes from people to maintain public services. The office tax, in other words, real estate tax or property tax, is collected from the owner of the property.
It is mandatory to pay office taxes for everyone who owns an office in Turkey. Real estate taxes in Turkey include VAT, stamp duty, annual property tax, purchasing tax, and corporate tax.
If the office’s size is less than 150 square meters, the VAT rate is 1%. Offices classified as luxurious in metropolitan areas are expected to pay 8% or 18% VAT. The financial services offered by a shareholder or a group firm pay 18% VAT.
There is a 0.948% stamp duty of the value stated on the sale agreement.
Offices in Turkey are subject to pay real estate tax ranging between 0.1% and 0.6% depending on the office’s category.
For commercial properties, the annual property tax is 0.4% in big cities and 0.2% in small cities.
Companies having their business headquarters in Turkey, or whose operations are managed in Turkey, must pay corporate tax on their international earnings. The corporate tax rate is 25%.
The title deed fee, also known as purchasing tax, is 4% of the office’s price paid by the seller and the buyer.
The taxes can be paid online to local municipalities.
Do Foreigners Pay Office Tax in Turkey?
Yes, foreigners are subject to paying office tax for owning a property in Turkey. Everyone who owns property in Turkey, including foreign citizens, is obligated to pay real estate tax in Turkey.
What are the Features of Offices in Turkey?
Office features are a set of details that identify the office type and its amenities. Knowing the office features will help you to choose the best office that fits your budget and expectations. Offices for sale in Turkey have an impressive number of features to maximize owner satisfaction.
The most common offices in Turkey are either situated in commercial units or a skyscraper. They are usually classified as luxurious modern offices constructed with high-quality materials.
Offices in Turkey come with several rooms, such as 1+1, 2+1, and 3+1. Office sizes are ranging between 135 m2 and 346 m2. You can get 360 views of the city from the top floors, plus the Bosphorus view.
The offices are equipped with energy-saving high technologies with electric car charges. Rich in modern design, some offices come with private gardens.
Offices in Turkey with built-in features include high-security steel doors, heavy-duty air conditioning, and windows with double glazing.
Offices in Turkey cover some services and amenities as well. You get to benefit from security services, conference rooms, concierge services, underground parking, reception services, a restaurant and cafe, sports facilities, a gym, a spa, private gardens, walking tracks, and even a mall.
The offices are centrally located in major cities as they are surrounded by education centers, hospitals, and public transportation networks.
What Jobs Can Be Done in Offices in Turkey?
Foreigners can do a wide range of businesses in Turkey. These are mainly tourism and service industry, such as hotels, bars, restaurants, tourism agencies, real estate companies, and shops.
Other industries that include a finance company or a currency exchange office require approval from the Ministry of Commerce and Industry before starting a business in Turkey.
Foreigners are free to open a corporate company, private limited company, and limited liability company in Turkey. Turkish laws require that the trading name of the business must be original.
Is it Safe to Buy Offices in Turkey?
Yes, it is safe to buy offices in Turkey as long as you work with a trusted real estate agent and reliable lawyers for legal matters.
Buying an office from Istanbul Property projects in Turkey is a hassle-free and reliable method that is proven by numerous customers for over a decade.