Buying Property in Istanbul
Istanbul is one of the most beautiful cities in the world and is becoming increasingly popular for overseas property buyers. There are many reasons why people choose to buy in Istanbul, from the amazing cityscape and culture to the increasing affordability of property. But, before you jump on the property bandwagon, there are some important things to consider when buying property in Istanbul. In this article, we’ll look at everything you need to know when buying property in this captivating city.
Benefits of Buying Property In Istanbul
Before diving into the nitty-gritty of the property buying process, it’s best to understand the benefits of buying in Istanbul.
Istanbul is one of the most liveable cities in the world, with its fascinating history, beautiful scenery and myriad entertainment opportunities. Here are some reasons why many people have chosen Istanbul to invest in real estate:
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Excellent Location – Istanbul is in an incredibly desirable location, at the crossroads of Europe and Asia, with its own unique culture, which makes it a great place to live.
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Safe and Secure – Istanbul is a safe place to live and is indeed safer than many of the other big cities around the world.
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Booming Economy – Istanbul has seen a remarkable economic growth in recent years, with its manufacturing and technology sectors on the rise.
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Upscale Neighbourhoods – There are plenty of great neighborhoods to choose from, from the exclusive hills of upper Istanbul to the more laid-back districts of the old city center.
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Culture and Entertainment – Whether you’re into theatre, music, film or art, you’ll be spoilt for choice in Istanbul. The city offers a fantastic mix of culture, entertainment and nightlife experiences.
Things To Consider Before Buying Property in Istanbul
When buying property in Istanbul, there are a few key factors to consider in order to make sure that your investment is a success. These include:
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Cost Of Living – Istanbul is an expensive city to live in, with the cost of living in certain areas much higher than other cities such as London or Berlin. It’s important to ensure that the cost of living is sustainable for you.
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Language Barrier – English is not widely spoken in Istanbul which can be a barrier when it comes to communicating with estate agents or other professionals. Before you start your property search in Istanbul, it’s important to make sure that you are comfortable with the language barrier.
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Climate – Istanbul’s weather can be unpredictable and in the winter months, it can be quite cold and wet. It’s important to think about how well you can cope with temperatures that can get as low as -10°C in the winter months.
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Education – Istanbul is home to some of the finest international schools in the world, making it ideal for families who may wish to move. However, you should note that these schools can be quite expensive, so it’s important to consider the financial implications of a good education in Istanbul.
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Location – Property prices can vary significantly depending on the district of Istanbul you choose to buy in. Areas such as Besiktas, Bakirköy and Kurtköy are some of the most desirable and expensive areas, but also offer great investment potential.
Understanding the Property Buying Process in Istanbul
One of the most important steps in purchasing a property in Istanbul is to understand the property buying process.
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Find an Estate Agent – The first step is to find a reliable and trustworthy estate agent to help guide you through the process. A good estate agent will be able to advise you on the best areas, the type of property you should purchase and the best deals available.
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Do Your Research – Once you have found an estate agent, it’s important to do your own research. This includes researching the area, understanding the local market and familiarizing yourself with the Turkish real estate laws and regulations.
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Property Viewings – Once you have narrowed down your choice of properties, arrange to view them in person. This is a great way to get a feel for the area, the local culture and the property itself.
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Make An Offer – Once you’ve identified a property you like, put in an offer. Once the seller has accepted your offer, the estate agent will draw up a contract and you will need to sign it.
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Securing Funding – If you do not have the cash to purchase the property outright, then you will need to apply for a mortgage. Different institutions have different criteria, so it’s best to do your research and speak to a financial advisor.
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Legal Documents and Final Payment – When the contract has been signed and a deposit has been paid, the estate agent will begin the process of obtaining the legal documents required to complete the purchase. Once this has all been done, the balance must be paid and the property will then be yours.
Buying Property in Istanbul
Buying property in Istanbul is an exciting and potentially rewarding experience. Like any other area in the world, there are certain risks that need to be taken into consideration before taking the plunge. However, understanding these risks, being aware of the process, and following the steps outlined in this article should ensure that you make an informed decision and choose the perfect property for you in one of the world’s most beautiful cities.
