Istanbul is a beautiful city with a booming real estate market. If you have dreamed of owning a second home in a glamorous locale, why not consider joining the list of foreigners who are snapping up property in Istanbul? It is completely doable and there is a large variety of price ranges available, depending on your specific needs. Before you make the decision to purchase, there are a few things you should consider.
- Make sure you are eligible to purchase property in Turkey. Before you buy any foreign property, you need to check out your country’s laws regarding foreign ownership. You also need to check and make sure that your country is on Turkey’s list of approved countries. If you meet the criteria in both countries, you can move onto the next step.
- Make sure you know all the tax implications. In addition to making sure that you are eligible to purchase property in Turkey, you also want to be familiar with what it means to own foreign property. It is a good idea to check your country’s law and consult with an accountant or a real estate attorney and make sure you have all your bases covered.
- Make sure the property fits the criteria. Turkey has strict rules about what kind of property foreigners can buy. It is much easier to buy a pre-built home than to buy land and build your own property. There are also rules about how property a foreigner can hold, how much of an area can be owned by foreigners and there are areas that are restricted from foreign purchase. Before you put down on a property, you want to make sure that it fits all the required criteria.
- Have a trusted representative. Unless you have the freedom to be in Turkey for the entire time that your real estate transaction is taking place, you will need someone local to act on your behalf. Your real estate agent should be able to recommend someone you can trust. You will have to give this person the right to speak for you and make decisions on your behalf, though you will want to be consulted about any important decisions. It is important to choose your advocate very carefully, since buying property is a significant financial decision.
- Keep careful records. Like with any real estate purchase, it is important to keep copies of all important documents. Because you will be doing a lot of your business remotely, it is even more important that you have copies of everything. If you do any business over e-mail, you want to keep copies of those too. You want to make sure that you are well informed and well protected.
As long as you are careful and do your research well, there is no reason not to buy property in Istanbul. It is a booming city with a romantic, old world feel but with all the conveniences you can expect from a major city. Do your research and in a few months, you will be enjoying vacations at your new property.