Your Guide To Buy Property in Istanbul
Istanbul, known as Constantinople in history until 330BC, is one of the biggest and well-known metropolian cities in Turkey. More than 14 million of residents, Istanbul is also one of the most crowded cities in the world. Istanbul, just like the other cities of Turkey, is full of natural beauty, great architecture and history. Recently, Istanbul has become popular with its fast moving real estate sector. Thanks to stable inflation rates and economy, both investors and individual property buyers are inspired to buy a property in Istanbul either for investment or residential purposes.
Maybe not for a permanent relocation reasons, many people from all around the world are convinced with the idea that buying a property in Istanbul is very profitable. Especially British people see Istanbul as a great potential to invest in Turkey. Most of the tourists who visit Istanbul initially fall so deeply in love with the city that they look for a permanent residence in Istanbul. The desire of owning a house in Istanbul is the reason of new and innovative concept of renting an apartment in Istanbul as well as its ancient monuments, historical sites, beautiful resorts and beaches.
The common questions pop up at this stage especially in real estate sector such as how to find a suitable residence in Istanbul or how to know that the seller is charging a reasonable price from you? The answer lies in this article so dont panic and keep reading. This article will guide you and answer your questions related to buying properties in Turkey, particularly in Istanbul.
The first and foremost thing to do before starting to search for your dream house is to decide how you want your dream house to be. The properties in Istanbul can vary in sizes and locality either inside the city, on the outskirts or promising areas surrounded by mega projects of Turkish Government.
The next step is to find a local estate agent that is Professional in real estate in Istanbul to guide you about the areas and telling you ups and downs of each project. Among lots of choice of apartments, only a good real estate expert can tell you which property will suit your needs. We suggest you to make sure of that the agent you are dealing with is capable of communicationg in English and Turkish.
No matter how trustworthy they look, we suggest you to do your homework. First of all, make your search about the market in Turkey and know the prices. It has always been experienced that those who are in family relations or somebody whom you met through contacts often lead to charging you even higher than the normal price of the property. As it is your money, just take care of it!
Buyers should be aware of the fact that residence in Istanbul by migrants is an emerging market so be careful! Never make a decision based on one legal advice or person. Always consult with experts and even locals. Try to understand what is going on in the real world of real estate. Buy a property or invest in Istanbul only when you are sure of everything including paper works, legal formalities in accordance with the regulations laid down by the Government of Turkey.
Do not choose a backward location just because you will save some money. Try to understand how important it is going to be in long term. Locality is very important so push your limits if you have to. Cheap apartments in Istanbul seem very attractive in these days but remember that everything has pros and cons. First analyze and then buy.
Keep in mind that all that glitters is not gold and the age old mantra does not fit when it comes to the world of real estate. Often, pre-owned apartments are being sold by convincing the buyer that old apartments would last longer than the new ones. This is not true in all cases. In fact, always prefer an apartment that is in its mediocre age to be more durable.
If your purpose to buy properties in Turkey is not for a living, but an investment, or to rent an apartment in Istanbul, you need to be even more careful. Investment properties often held for a longer period to grow its value and sometimes it may show that it is worthless. The investor should analyze the area where the property is located and then make the crucial decision to invest in the property for long term. The fact is that best investments groan in the times of crisis so do not buy too expensive properties whose loss you may not be able to cover if it happens.
If your aim is to rent an apartment in Istanbul you need to get detailed information about the tenant if he or she is carrying any illegal acts in your property. This issue is important if you are not in Turkey whole year. Owning a property in another country or renting it for rental income seem having double risk but at this stage we suggest you to find a good letting agent to contact all the time to know what is going on in your property.
To sum up, these are some of the important do’s and don’ts that you consider while buying properties in Istanbul. No matter of your purpose, these points should be kept in mind by every potential buyer so that your experience of buying property in Istanbul is pleasant.
To make your dreams come true and not to lose money, do your search and then take action.