AndyIST

Member
Advice required on buying property in Istanbul
Hi all

I’m a real newbie to such related matters and with pratically zero experience with buying property and the Turkish mortgage system, there’s quite a few points I’m still unsure about that I’m hoping you knowledgeable lot can help me with.

My wife and I have been renting for the last couple of years in Istanbul. We’re now looking to move to be closer to her work and we’re considering buying. I’ve tried my best to search the forums and other sources but still overwhelmed.

My wife is Turkish and I’m from the UK. She is in full time employment. My employment situation is a little tricky as I do contract work remotely for a UK company who pay into my UK bank account. I’m on a residence permit here.

The property we’ve seen is an apartment in an off-plan site (the Turkish ‘site’) due to be completed next Spring. The site is being built by a large reputable company who have built many other sites throughout Istanbul. They informed us that they require a 20% downpayment on the property.

We're going to try to get an appointment with Denizbank to discuss things but if anyone could offer some advice/opinions on the below I'd be very grateful.

- In our situaton, how would we go about purchasing property in Turkey?
- What generally happens to the downpayment that is made? How is it protected should there be any unforeseen issues with completing the site?
- When would we become the legal owners of the property?
- Do off-plan properties generally shoot up in price after completion? Pretty ambigious question I guess.
- If I understand correctly, banks here typically offer mortgages at 50% of their appraisal value?
- Would military clearance still be required in our case?
- Buyer’s tax is paid to who? Seen conflicting info on the %.
- Stamp duty to who? Seen conflicting info on the %.
- Capital gains not due if we don't sell within first four years? Again, seen conflicting info on the %.
- Worth getting a lawyer involved to help us? My sister-in-law’s husband is a lawyer and would have no issue with helping us out.

As mentioned, totally new to this area so appreciate any comments or links to where I can find help.

Many thanks in advance!
 
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AndyIST

Member
Advice required on buying property in Istanbul
Yep i agree carry on renting m8t

We want to purchase as we will be here for the foreseeable future.

Probably should have mentioned in my post that in two years time I'll take Turkish citizenship as well.
 
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Shen60

Member
Advice required on buying property in Istanbul
Hi Andyist, Im no expert but be cautious especially with off plan purchases, so many horror stories, and it can happen with any reputable construction company. There are many unfinished projects. Have you considered a completed property so at least you can see what you are purchasing and the risks are much reduced. If you have access to a lawyer who is a family member then I would be using him/ her to help to ensure you have covered everything. Do your homework so you are well informed about the process. Don't be put off, as buying your dream home and moving in is also a very ejoyable and exciting time and can go smoothly. Good Luck
 

tosmur

Member
Advice required on buying property in Istanbul
Make sure there are no debts on the property, ensure that they have TAPU and Habitation certificate, just be on your guard.
 

newhorizon

"Light Years Away"
Advice required on buying property in Istanbul
Hi Andy,

I think your long term plan is to live in Istanbul, Turkey and as you will get turkish citizenship within 2 years, I'd advise to research as much as possible before committing to anything.

I would avoid 'offplan' as suggested by many here, as they are always a risk and may not be finished to standard advertised or even deliver all the paperwork or pass all the checks and have correct planning permission.

Take a look at these general guidelines of Buying property in Turkey, compiled from members on this forum:

http://www.turkishliving.com/forums.../49815-guidelines-buying-property-turkey.html

I would also ask this question in the Istanbul Category of this forum as am pretty sure we have a few members in Istanbul who may be able to give better suggestions.

The problem many have faced on this forum is many have bought on resort towns, many off-plan and have lost thousands of pounds, with no titled deeds etc so that is why everyone is cautious and strongly advising you rent first (which I assume you are doing already). I would seek advice of your family lawyer also before you even consider doing anything.

Good luck!
 

beyazbayan

Member
Advice required on buying property in Istanbul
Go for citizenship but don't rely on the two years as it seems like everything else at the moment it is chaos and taking longer. Off plan is in my opinion a mine field and you can end up with problems. Make sure where you want to buy it is easy to want a villa on a warm sunny day or a site but look at the whole picture will you need a car or are the site charges going higher and will the facilities be maintained. All problems many have had. First rent in the area even if you going to buy that way you get to know the area. İf brother in law is a lawyer get his advice then research and check what he tells you - you can not be careful enough. Always make sure the Tapu is clean and lodged safely whilst you await completion of the deal remember the tapu owner can raise money on it until the moment it is transferred to you ( when you pay the final money and get the Tapu in your name and become the owner) and then the debt is yours. You will need military clearence unless you buy in your wife's name. Make sure you have a habitation cert on the property. Re taxes etc go and ask at the Tapu office they are usually set by the local belediye and you pay the buyers the seller pays his. Above all research reserch and again research it is a mine field and buyer beware is the best advice anyone can give you. İf you buy in the right area you will be able to re-sell and get a profit but the wrong area or wrong property and you will not be able to sell easily and may not see a good return.
 
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Tommie

Sun Worshipper
Advice required on buying property in Istanbul
You don't need lawyer to purchase a property.

Quite a few have had problems using a lawyer. Do bear in mind that some seem to charge a fortune for doing next-to-nothing.

You don't own the property until you get the tapu.

Is the property priced in TL or £ ?
 

AndyIST

Member
Advice required on buying property in Istanbul
Thanks for the replies guys.

Property is in TL.

It's in Istanbul not in a resort town. We'll be in Istanbul for the long term so simply do not want to continue paying rent forever.

The mrs' brother-in-law has a lawyer in his office who deals with contract law so he will review the sales contract. Even still, we're considering to continue renting for now and wait until the development is complete and see what the prices are like then.
 

kale

Member
Advice required on buying property in Istanbul
Thanks for the replies guys.

Property is in TL.

It's in Istanbul not in a resort town. We'll be in Istanbul for the long term so simply do not want to continue paying rent forever.

The mrs' brother-in-law has a lawyer in his office who deals with contract law so he will review the sales contract. Even still, we're considering to continue renting for now and wait until the development is complete and see what the prices are like then.

Still the same message :: DONT BUY
 

juco

Member
Advice required on buying property in Istanbul
AndyIST....Please listen to what members are posting.

I wouldnt even trust your brother in law for no other reason than lawyers have a bad track record for foreigners in Turkey, Even IF your contract is water tight and you had to go to court you will get nothing back as the funds will be long gone and the builder bankrupt.....Thats the usual scam, so you win your case and get nothing back!

The solution is simple, check for debts against any property and only hand over the cash when you have the Tapu in your name, and do the deal in the Tapu office so that you know the documents are genuine..................thats how most Turks do it.
 

kemerkid

________
Advice required on buying property in Istanbul
The property we’ve seen is an apartment in an off-plan site (the Turkish ‘site’) due to be completed next Spring. The site is being built by a large reputable company who have built many other sites throughout Istanbul. They informed us that they require a 20% downpayment on the property.

Just as a rider to my short comment earlier, off plan is dicey in whichever part of Turkey you are in. You say the project is in the hands of large reputable company. There is a lot of corruption going on in Turkey recently and it is now difficult to determine who is reputable. Many large companies are under the spotlight here and could fall from grace quite easilly. Your brother in law should know this as well. A large reputable company should have the funds to complete this project without a 20% deposit and a small holding fee should be all that is necessary to show your intent. This might well be forfeited if you changed your mind after the building is completed but would be a much smaller loss than 20% if the contractor went bust.
 

kale

Member
Advice required on buying property in Istanbul
Just as a rider to my short comment earlier, off plan is dicey in whichever part of Turkey you are in. You say the project is in the hands of large reputable company. There is a lot of corruption going on in Turkey recently and it is now difficult to determine who is reputable. Many large companies are under the spotlight here and could fall from grace quite easilly. Your brother in law should know this as well. A large reputable company should have the funds to complete this project without a 20% deposit and a small holding fee should be all that is necessary to show your intent. This might well be forfeited if you changed your mind after the building is completed but would be a much smaller loss than 20% if the contractor went bust.

You have been given good advice , please don,t fall in the snake pit ,
Again my advice DON!T BUY you will be sorry
 
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Isla

Member
Advice required on buying property in Istanbul
Off plan can be very dicey but off plan sales are also very common in every country, if you look at the volume of construction projects in Istanbul and the volume of actual sales then not every one is a disaster..
The financials of the construction company are key, off plan sales are created to create additional cashflow to the project what is important is ensuring the money goes into the project you are buying into and not another one they are doing down the road....
Whats the name of the construction company ? How large is the project. ?
What stage is it at now ? What the timeline ? How many other apartments have sold at this stage ?
 

teosgirl

Member
Advice required on buying property in Istanbul
I would also add that the market in Istanbul is flooded with new builds, something which recently drew attention in the media -

Today's Zaman, your gateway to Turkish daily news

Today's Zaman, your gateway to Turkish daily news


https://www.todayszaman.com/columni...egulations-about-off-plan-property-sales.html

https://www.todayszaman.com/columni...ulations-about-off-plan-property-sales-2.html


Also, be aware of the possibility of sky rocketing site fees in Istanbul. High end developments (new builds in places like Atasehir for example) see site fees in the region of 800tl - 1000tl a month. Something which is often left out of initial discussions with the construction company and quite likely will not be guaranteed for any significant period of time through a contract. Make sure you know who will be managing the complex after completion.

Off plan really is a minefield, and in the current property climate I would also suggest renting or buying on an established complex.


Charlotte
 

FinalCall

Member
Advice required on buying property in Istanbul
The military check will only be carried out once on a development. In our case it was carried out on another family who bought in the same building, so the Tapu office had that on file when it came to completing our purchase. We are not as protected in Turkey as we would be at home is the message, however with Turkish family I would say that you are less at risk than a 100% yabanci family.

Our process was plain sailing and completed in the 6 weeks from start to finish, which according to the similar feedback I got from many members, would make us the luckiest in the world! Infact the only delays or difficulties were caused by me covering our ass in case of being ripped off.

PM me if you need any further advice, as it's not all doom and gloom ...

In terms of monthly fees, 1st I was in atisehir and fees were 225tl monthly. Next I was In a prestige mall development and they were 321.60TL per month. The new place I bought with 2 pools gym etc will be 170tl per month.
1000tl would be difficult unless you get 3 or 4 apartments :)
 

tosmur

Member
Advice required on buying property in Istanbul
Turkish people get cheated too - so don't count on that, it is not only foreigners who get cheated. cheats will cheat anyone.
 

oldfogy

Just passing through
Advice required on buying property in Istanbul
Make sure there are no debts on the property, ensure that they have TAPU and Habitation certificate, just be on your guard.
Arn't these only issued on completion?


Turkish people get cheated too - so don't count on that, it is not only foreigners who get cheated. cheats will cheat anyone.
And that also included English and Irish builders.

Personally I would recommend you wait at least until you get your citizenship, or at the moment since the recent change in the 'Residents Permit' being cut to only one year at a time you will be buying a property and not know what is going to happen from one year to the next.
 

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