Top 5 Hidden Information about Buying Real Estate in Istanbul

Top 5 Hidden Information about Buying Real Estate in Istanbul

Going blind to buying a property is never a good story. You need to learn about what mistakes and misinformation to avoid. We have your back don’t worry.

Here is a list of 5 Top information you must know before, jumping into the Market. 

Hidden Fees:

Many investors don’t know about the fees and costs of buying a property in Turkey.

They believe that you only need to pay the agreed amount and small fees. 

Here is a list of some of the hidden fees:

• Title Deed (Tapu) Transfer Tax: It can be around 4.2% of the property value, is split between buyer and seller (usually 2% each). Factor this into your budget.

DASK Earthquake Insurance: 

• Mandatory for all property purchases, DASK covers structural damage from earthquakes. Costs depend on the property's size and location.
• Translation fee: All your legal documents must be translated into Turkish to be processed in Turkey.
• Notary Fees: As with any legal documents and contracts, it should be notarized before submitting a copy of it.
• Appraisal report fees: If you are buying property to obtain Turkish Citizenship or residency, you must get an Appraisal report. 

Required Paperwork:

Not knowing which paperwork you need to bring or prepare is a huge mistake! 

It might waste your time and money. So, remember to ask about the regulations before rushing to buy an apartment. 

Here is the list:

• Passport
• Signed contract. 
• Clear criminal record. 
• Receipt of transferred funds to the Central Bank.
• Confirmation that the property value was paid and transferred to the seller's account 

Property Appraisal:

• Having a valid and suitable Property Appraisal is an essential step in obtaining the Turkish citizenship and residency. 
  • Turkish Citizenship: 

You must only use a governmental organization to receive a Property Appraisal.

On the other hand, for Residency, you can choose a private organization to create the report.

Misinformation by Real Estate Agents:

• Consulting a Real Estate agent is a good idea, however, make sure you are talking with a reputable one. 
• Always double-check the information and do your research. 
• Sometimes Agents might hide some unfortunate news, or facts from you to prevent the cancellation of the sale.
• If the deal appears too good to be true, then run and look for a different agent.

Fear from Earthquakes:

• Istanbul city has strict building codes that were implemented after the 1999 Earthquake. Making all modern buildings earthquake-resistant in Istanbul.
• One of the new codes is having DASK (Doğal Afetler Sigortalar Kurumu in Turkish).
• DASK: Mandatory insurance that covers the structural damage from earthquakes. 

Bouns: Taxes exemptions:

Owning property in Istanbul can come with tax benefits!

• First-time investors with no residency permit are exempted from property tax.
• Consulate a lawyer about what Tax exemptions can apply to you.

Buying real estate in Istanbul is an exciting adventure. However, you need to be informed and prepared to enjoy this adventure. After reading this test, you should have some knowledge of what to expect. 

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