To start with a brief history of Constantinople, as it was called till 330BC, modern day Istanbul is one of the largest metropolitan cities in Turkey. With a population of approximately 14 million residents, Istanbul has also become one of the largest cities in the world. Just like any other part of Turkey, Istanbul is also filled with natural beauty and great architectural depictions. And again, just like other cities in Turkey, Istanbul, too, has become known for its real estate sector. A lot of people are inspired by the idea to buy apartments in Istanbul, and this idea has worked very well with the Turkish economy so far.
When it comes to residence in Istanbul, not many people will be convinced with the idea. But the fact is, a lot of people from all over the world, especially Britons are inspired to invest in real estate in Istanbul. A whole lot of people, who came here initially as tourists, fell so deeply in love with the city that they found a permanent residence in Istanbul. Apart from the ancient monuments, historic architectural sites, beautiful resorts and beaches, there is a new and innovative concept of renting an apartment in Istanbul that has given birth to the desire of owning a house in Istanbul.
But, as common men, and not the ones particularly belonging to the real estate sector, how do we find a residence in Istanbul that is well suited for us, and how do we get to know that the seller is charging a reasonable price from us? The answer is, just relax and sit back while this article guides you how to buy properties in Turkey, Istanbul in particular.
- The first and foremost thing to keep in mind while hunting for your dream house is to think how you want your dream house to be. Residence in Istanbul can vary from locality to locality, different sizes of cheap apartments in Istanbul, inside the heart of the city or on the outskirts, availability of essentials.
- The next step is to find a local real estate agent or a property dealer in the area where you are looking a house in. Apartments for sale in Istanbul are available in abundance, but what is the right property to purchase is the job of that real estate agent. Make sure that you have investigated well enough about the genuineness and the license of the property dealer.
- Do your homework. DO NOT trust your real estate agent in blind faith, no matter how trustworthy you think of him. Be active about the market trends of the properties in Turkey, and get to know the reasonable prices. It has been seen that those who are in family relations, or somebody whom you met through contacts, often lead to charging you even higher prices than a normal property dealer would have. So, it’s your money, take care of it.
- Buyers, be aware of the fact that residence in Istanbul by migrants is an emerging market, and so you can be defrauded. Never rely and never take decisions based on one legal advice. Consult with experts, and even locals for that matter. Get to know what is happening around in the real world of real estate. Invest in real estate in Istanbul only when you are sure of each and everything, including the completion of legal formalities, in accordance with the regulations laid down by the Government of Turkey.
- Never settle for a backward location simply because you will save some money. Realize that how important it is going to be in the long run. The locality has to be decently acceptable; if not plush ones are affordable. But never compromise on the area of your living. Cheap apartments in Istanbul are the greatest attraction these days, but remember that each and everything has its own individual pros and cons. Analyze, and then buy.
- Remember, all that glitters is not gold. The age old mantra of old is gold does not fit well when it comes to the world of real estate. Often, pre-owned apartments are sold by convincing the buyer into the myth that old apartments would last longer than the new ones. That may not be the truth in all the cases. In fact, always prefer to buy an apartment that is in its mediocre age, so that it is more durable. A life in Istanbul can be a glittery thought, but do not get fooled in the desire of the same.
- If your purpose to buy properties in Turkey is not a living, but an investment, or to rent an apartment in Istanbul, you need to be even more careful. Often investments held for a longer period do grow in their value, but in many cases it even proves to be worthless. The investor must analyze the previous records of the area in which the property is located, and only then take the crucial decision to invest for long term in the property. In fact, the best investments also groan in the times of crisis. So, do not buy too expensive properties whose loss you may not be able to cover, if that happens.
- And the last, if your motive to rent an apartment in Istanbul, get detailed information about the tenant before you let him in. If the tenant is carrying on any illegal acts in your property, and even if you are clueless about it, you can still land into really serious problems. The proximity of this happening increases two fold when you are not a resident of Istanbul, or even Turkey. Owning a property in another country and leasing or renting it for the rental income, brings with it doubled up risks.
So, these were some of the important do’s and don’ts that you must take care of while buying properties in Istanbul. No matter whether you are a citizen or a foreigner; these points should be kept in mind by everyone so that your experience of buying property in Istanbul is pleasant.