There are many investment options in Istanbul as the real estate market is booming right now. Moreover, the Turkish Lira has devalued around 40% against the Euro, making it the perfect time for property investment. You would also find innumerable resale properties around Istanbul at reduced prices.
There are some important points you need to know before buying real estate in Istanbul for cheap. This blog will serve as the perfect house hunting guide for people willing to purchase or looking for investment opportunities in Istanbul, Turkey.
Location Is the Key for Buying Real Estate In Istanbul
Istanbul offers excellent locations for buying property. If you like the urban lifestyle, there are upscale properties in the city center. You will get all the necessary facilities within walking distance like transportation, hospitals, shopping malls, and parks. Try to choose a location close to your office to avoid traffic jams.
There are two places to find property in Istanbul. On the European side, places like Beyoglu, Sisli, Cihangir, Sariyer, Yesilkoy, and Fatih are excellent for buying real estate in Istanbul. You will also find dream rental properties on the Asian side in places like Uskudur, Moda, Acibadem, Atasehi, and Maltepe.
Finding A Local Real Estate Agent for Buying Real Estate In Istanbul For Cheap
The next step for property purchase involves finding a suitable local real estate agent in Istanbul. There are many property dealers available in Turkey who are going to find lucrative investment opportunities for you. But you would have to be cautious in choosing the agent. Large real estate firms work for commissions but keep their reputation also in mind. They would give you the best options for real estate in Istanbul for rent. Don’t forget to ask them for suitable references when contacting these agents. A valid real estate agent will show you the licenses, credentials, and also provide suitable recommendations.
Analyze The Current Market For Real Estate In Istanbul
This is an important step for foreigners looking for Istanbul as an investment destination. Real estate in Istanbul is Turkey’s top-performing market and will always be so. There are thousands of properties sold each year, and people from Middle Eastern and European countries find the city an ideal investment destination. Developers are constructing new projects every day in the city and suburbs to attract investors. Moreover, the local municipalities are also revamping the existing infrastructure by constructing new roads, buildings, schools, malls, and improving healthcare.
The European side of Istanbul has witnessed a rapid resurrection thanks to planned projects and the establishment of the canal route. This would ensure that investors looking for real estate in Istanbul will maximize their ROI.
Knowledge About Local Laws Is Important for Buying Real Estate In Istanbul For Cheap
The property buying process for every country is different. So, foreigners looking to invest in real estate should know the local laws in Istanbul. Turkey has a bureaucratic system of functioning, and paperwork takes time. The situation is changing, but still, the problem persists. So, you should consult a good law firm before exploring real estate opportunities in Istanbul. You should be aware of commercial taxes, municipal taxes, stamp duties, and any other miscellaneous charges involved.
Istanbul has the potential to be a really big investment destination for foreign buyers. The experience of buying real estate in Istanbul would be pleasant if you keep these points in mind.