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As the largest city in Turkey and one of the top investment destinations in the world, Istanbul offers a wealth of opportunities for real estate investors. Its fusion of cultural influences, rich history and high quality of living make it the perfect place to invest in property. However, buying real estate in Istanbul is not a simple process. Especially for foreign nationals, it is important to know the steps involved and have all necessary documents prepared.

The first step is to find a suitable property and carry out the due diligence process. This should include inspections of the property and an appraisal from a qualified real estate appraiser. A solicitor should also be appointed to handle the legal side of the transaction. This person should be an English speaker and have the appropriate qualifications and accreditation.

Another crucial part of the purchase process is negotiating the price and terms of sale with the seller. The estate agent will also help with this. Once a sales contract is agreed upon, it should be signed by the buyer and seller and a reservation deposit will be paid.

Once the purchase is finalized, a solicitor should be appointed to verify and complete all paperwork, including registering the new ownership at the Tapu office. A fee of four percent of the property value is required to be paid for this. The solicitor will also prepare a certificate of tax exemption for the property, which is needed to obtain a mortgage.

While buying a property in Turkey, it is important to be aware of the different taxes and fees that are applicable. These include the property transfer tax, land registry fees and notary fees. The tax amount varies depending on the location and type of property. Additionally, a property purchase may require approval from a governmental institution, for example military clearance for properties close to military zones.

If https://ana.ir/fa/news/902600/%D8%B3%D8%B1%D9%85%D8%A7%DB%8C%D9%87-%DA%AF%D8%B0%D8%A7%D8%B1%DB%8C-%D8%AF%D8%B1-%D8%AA%D8%B1%DA%A9%DB%8C%D9%87-%D8%A8%D8%A7-%D8%AE%D8%B1%DB%8C%D8%AF-%D9%85%D9%84%DA%A9-%D8%B3%D8%A7%D9%84-%DB%B2%DB%B0%DB%B2%DB%B4 is required, it is possible for foreign nationals to apply for one. However, the requirements and eligibility criteria vary between lenders. For instance, Akbank, Garanti BBVA and Isbank offer mortgages to non-residents.

A good investment in Istanbul property is likely to increase in value over time, thanks to its growing tourism and business sectors. However, it is essential to keep in mind that property prices in the city are volatile and are often subject to change.

As a foreign national looking to buy a property in Turkey, it is advisable to seek professional advice and work with experienced estate agents. This will ensure that the process is handled smoothly and in accordance with local laws and regulations. In addition, it will reduce the chances of legal complications in the future. Furthermore, it is recommended to appoint a Turkish lawyer who can conduct a property title search and assess any potential issues or encumbrances. This will ensure that all taxes and fees are paid correctly and in compliance with local law. Moreover, it will protect your interests during the buying and selling process.