Turkey is a great place for holiday home investment. Read on to discover everything you need to know about the buying process and the best place to invest.
What is the buying process?
Of course, the buying process can differ slightly depending on the property you are purchasing and the real estate company you use. Nevertheless, in most cases, there will be four stages of the buying process.
Firstly, you will have to put down a reservation deposit, which is usually the equivalent of a few thousand pounds. This is non-refundable. It ensures the property is taken off the market and kept for you.
After this, you will have several payment stages if purchasing a new build, as it will depend on the time scales of the project. Nevertheless, the final payment is when you receive your TAPU, i.e. title deeds, and thus you become the official owner of the property. You will need several documents if you are to purchase a property, including your local tax number, passport details, a Turkish bank account, and two recent passport size photographs.
You should also consider hiring a lawyer to help you throughout the process. They will ensure that everything is handled above board and that you fully understand the contracts. They will also be able to negotiate on your behalf if necessary. Don’t forget to factor in the extras you may need to pay for, such as tax and property management if you’re not intending to live there.
What Is A TAPU?
In the UK, when you buy a house, you get a copy of the purchase contract. This does not happen in Turkey. Instead, you will receive a TAPU, which translates to ‘Title Deed’ in English. If you do not have a TAPU, you can’t call yourself the owner of a property.
The TAPU office, which can be compared to the UK’s Land Register, issues the TAPU, which is an extract from the Turkish real estate registry. The TAPU will feature information regarding property data, TAPU type, location, as well as a photo of the owner. There are two types of TAPU, red and blue. The former is the most common. This is what you will receive if you buy a house or an apartment in a complex. A blue TAPU is for the likes of building land and farmland, so it is unlikely that you will need to be concerned with this.
There are then two types of red TAPUs; the Kat Mulkiyeti and the Irtifaki Kat. The former is what you get once you sign the contract at the end of the buying process at the TAPU office. This shows that you are now the legal owner of the finished building. The Irtifaki Kat is used to indicate that someone owns the unfinished building and the land.
Istanbul – The investment hotspot
Apartments for sale in Istanbul with a sea view included present you with the best way to enjoy this part of Turkey. Istanbul is known as being a diverse area, with so much to see and do in the city. Top this off with a beautiful view of the sea, and you add a relaxing and luxurious element to your experience there.
It does not matter whether you are planning to move to Istanbul on a permanent basis or you are purchasing a holiday home, a stunning apartment that overlooks the sea is the best way to enjoy the city. You also open yourself up to more potential renters and buyers if you are purchasing the apartment for investment purposes.
Istanbul property offers a wide range of interested parties in any case, from young professionals to local families. However, if you also have a sea view, you will no doubt attract interest from tourists as well. You should consider offering Sabiha Gokcen airport transfer as part of the service to make your holiday rental as attractive as possible.
Therefore, the options are well and truly endless, which is exactly what you want when looking for property for sale in Turkey to make a profit. You may think you are going to have to break the bank for this type of property in such a big and popular city. Surprisingly, property prices are still affordable in Istanbul.
You do have all options available, from budget apartments to luxury penthouses. So, you should establish a budget from the offset and simply shop within this. It may be that you need to purchase something on the outskirts of Istanbul, but you will still yield high returns on this.
Act quickly if you wish to invest in Istanbul
Apartments in Istanbul are being snapped up like hotcakes. If you want to invest in property in this part of Turkey, you are going to have to invest quickly to capitalise on prices while they are still affordable. This is certainly a property market that is booming. Read on to discover more.
Apartments in Istanbul offer diversity. This is a city that has an incredible mixture of new and old, and thus there is something for all tastes and all budgets. You can find conventional and authentic Turkish properties as well as ultra-modern apartments. This diversity in this area is also represented in the prices of apartments and properties in the area.
For a smallish apartment, you can expect to pay around £115,000. You will find a lot of penthouses and apartments that have been tastefully renovated in Ottoman-style at the popular spot of Boshphorous for around this price. This is ideal for those who are seeking more of a traditional feel. There are a lot of commuters around Istanbul, which has led to a lot of developments being built on the outskirts of the city.
These low entry-level apartments are a lot cheaper and they offer good returns. You can find apartments for as low as £35,000 on the outskirts.
However, as mentioned in the introduction, you do need to be mindful of the fact that property prices are rising considerably. This is because of the economic success in Turkey and the housing shortage in Istanbul, meaning properties are bring snapped up at the speed of light. So, you need to act fast if you’re interested!