FAQ

 

ISTANBUL / TURKEY REAL ESTATE PROJECTS VISION AND PURCHASING STAGES

 

Step 1

1.Day / Welcome & First İnterview

When you have your flights and your hotel, we will meet you at the airport. We transfer our customers from the airport to the city using modern and comfortable cars. We are happy to offer welcoming and transfer services at Istanbul International Airport. First we will help you settle in, depending on your arrival time at your hotel, when you are ready, we will show you the areas you are interested in, or we will host you in our office depending on the time.. By the way, our sales representative friends will be answering your first questions.You will be discussing the real estate options for your budget and needs and determining the trip route..The first day will be met,met and ended up with a brief briefing.

Step 2

2.Day / Real Estate Projects Tours

After the first interview our experienced sales consultants will pick you up from your hotel. According to the distance conditions of the projects previously considered as general on the visit and purchasing options on the most affordable,feature-rich,investment value of the most appropriate real estate option assessments are made on the option.

Step 3

3.Day / Project Analysis and Purchasing

Once again, the projects that were visited and liked were visited or the details of the project were decided to buy, the necessary legal paperwork was completed and the booking guarantee was deposited and the purchase process was realized.

Step 4

4.Day / Departure & After-Sales Services

All procedure operations are completed and roadmap for after sales operations is drawn.  Our sales consultant will safely take you to the airport for your flight time.

 

FAQ

 

While you search for apartments for sale in Istanbul, there are many abbreviations and terminology used in real estate as well as lots of terms that are only used in the Turkish market. The following  is a guide to some of the real estate terms used for renting, buying or selling a property in Turkey, as well as some financial and architectural terms relating to real estate.

It should be noted that the following terms are not legal terms or complete definitions and the aim is only to provide general guidance only to seekers of apartments for sale in Turkey. You must necessarily communicate with your real estate company who are experienced in real estate issues before buying real estate in Turkey.

Q : What is Purchasing contract vs the Title deed t “Tapu” ?

A : During the approval of the offer by the construction company, a contract is established between you and the real estate company. Once you have signed your purchase offer, it will be installed and documented for both parties (buyer and seller) to abide by the terms of this contract. During your purchase of a residential complex in Istanbul, for example, this contract will be signed after the reservation payment is made to the property owner to complete the agreed property price and payment method.

The purchase contract differs from the title deed or Tabu. The Tabu is a document that confirms your full ownership of the property and authorizes you to act in the whole property such as the sale or lease or mortgage. Those interested in ownership in Istanbul residential complexes should know that some construction companies that offer the possibility of payment by installments and receive the title deed after the first installment, then the deed of ownership is for the construction company and can not become otherwise until the last payment.

Q : What is Down Payment vs Deposit ?

A : The initial payment is the amount initially paid by the buyer to finance the purchase, usually as a percentage of the total purchase price. In Istanbul residential projects, the initial payment amount is usually 25% of the property price, which means that the buyer will pay 25% of the purchase price in advanced.

The amount of the reservation is the deposit that is paid only to confirm the intention of buying and booking the property at the closing price that was agreed upon, which is often between 700 and 2000 USD.

Q : What is Mortgage loan vs installment payment ?

A : The mortgage loan is a secured loan from banks that is specifically linked to real estate property. The property is mortgaged to the borrower in exchange of the money paid by the borrower in installments over time. The mortgage allows the borrower to use the property so that the object is to own the property independently once the loan amount has been paid in full. The monthly installments of the loan are paid, and the lender can book the property and act in full with it.

The mortgage loan in Turkey is made through a Turkish bank that provides this service, and many people do not differentiate between the mortgage loan and the purchase of the property through the installment from the construction company, usually the difference between the mortgage and installment payment is that installments do not contain interests.

Q : What is Purchase costs (or closing costs) ?

A : The total expenses paid by the buyer after the signing of the purchase contract to start the procedures of the transfer of property and payment, including these expenses, warranty fees and documentation and translation of contracts and attorney fees and fees for registration of documents and property insurance.

Q : What İs The typical apartment ( model ) ?

A : Is the design of the apartment model or apartments contained in the residential complexes which is still under construction, the typical apartment building is separate from the project to be presented to those interested to buy some unites in the of the project, which is similar to the unites to be delivered after purchase.

Q : What İs Barter real estate (Real estate swaps) ?

A : Real estate swaps means buying real estate for real estate or buying property for money and real estate. For example, you can buy a $ 150,000 property, swap it with a $ 120,000 property and pay $ 30,000 to the seller.

Q : What İs Real estate valuation or valuation?

A : Is to work to determine the market value of the property and is made by experts licensed in the evaluation of real estate, and is used to evaluate real estate in many cases of sale and purchase and cases of mortgage application to finance the purchase of property in Turkey.

Q : What İs Finishing the property ?

A : Completion of the apartment after the completion of the construction process and provide all necessary to be habitable, and in Istanbul residential complexes, the construction companies are working on the complete finishing of the property and provide it even  with some necessary electrical supplies.

Q : What İs Transfer of ownership of the property ?

A : Means the ownership of the property and the title of the property shall be transferred from one person to another or from the owner of the property to the buyer with a financial consideration equal to the value agreed upon in the contract of sale.

Knowing the terms used during the purchase of real estate in Turkey provides you with a lot of effort while touring the properties in turkey, and you can understand the many details that will help you to make the right decision to choose the right property for you.

Q : What İs Attorney ?

A : Our tips, suggestions and recommendations regarding the appointment of someone who will act on your behalf when purchasing Turkish property.

Q : What İs Sales Contracts ?

A : Once you have selected the house you want to buy, a sales contract will be prepared and a deposit will be issued. The agreement lists all important parts of the sale, including the terms of payment and most importantly the delivery of the deeds.

We have already done background checks on all the properties listed on our website, so make sure that the seller is the real owner and that the house is checked for debts and related legal documents. The sales agreement is in Turkish and in your own language.

At this stage, you will also need a lawyer and an interpreter that we can recommend certified and registered professionals if you don’t already have one. You may also want to select a power of attorney even though it is not a legal obligation.

Q : What İs Valuation Report Process ?

A : Valuation report is a required document before the transfer of title. This report includes a detailed assessment of the value of the property of the expert evaluator, such as photographing, checking the registry in the land registry office, checking the plans registered in the municipality and finally collecting comparison prices. After 2 days, the evaluation report is ready to sign the deeds.

Q : What İs Title Deeds ?

A : We will help you get a tax number to prepare, open bank accounts for payment, translate your passport and make a notary approved and prepare the photos. Within a week, the land registry will inform us that the deeds are ready to be signed. You and the dealer will meet at the land registry office. The interpreter will explain the process and you will be the official owner of a Turkish house when you sign it.

Q : I want to open a bank account in Turkey. How do I open a bank account?

A : you need a tax number and specify evidence. When planning to come to Turkey, bring proof of address where your address and name are written on the invoice. According to bank regulations , Your Address, Your Name and your name must be proven by an electricity, water or internet invoice .

Q : who can buy property in Turkey?

A : citizens of each country may buy property in Turkey  except in countries that Turkey does not recognize as diplomatic.

Q : What is the real estate agent service fee?

A : Whenever you buy property from a real estate agent, registered and licensed real estate agents have the right to charge 2% of the actual selling price of the property from both the buyer and the owner.

Q : why should I use a real estate agent?

A : buying an apartment from New Life Istanbul has several advantages: First of all, you are looking at a wide variety of features to suit your budget and your quality expectations. Second, you realize the differences between different property developers and not just construction companies. Thirdly: you see the benefit of our professionalism, safe buying process and excellent after-sales services.

Q : can my company abroad buy property in Turkey?

A : Yes and no. There are no restrictions on selling property to foreign companies. If you invest in a factory or industrial production, it may belong to a foreign company. Foreign companies are not allowed if you just want to buy and sell a property. The provincial governor’s committee decides whether a company is a property owner.

Q : What kind of ownership document should I have?

A : title deed is given in Turkey .

Q : the title deed (Tapu) like what?

A : title deed is an official registration document in Turkey . Evidence that you have ownership rights on the property. This property certificate is your registration in the Directorate of Land Registry and cadastre.

Q : What is the evaluation report? Why is that necessary?

A : valuation report is a report that shows the actual price of the property you are purchasing or selling. When a person buys a property, The Land Registry and Cadastre requests an evaluation report verified by the SPK prior to the transfer of the land registry to ensure that the agreement is protected against fraud. This process takes 3 to 6 days.

Q : Can I establish an investment company on behalf of my foreign company?

A : Yes. We’ve experienced it several times before. We have established investment companies owned by your private company abroad in Turkey .

Q : can my company abroad buy property in Turkey?

A : Yes and no. There are no restrictions on selling property to foreign companies. If you invest in a factory or industrial production, it may belong to a foreign company. Foreign companies are not allowed if you just want to buy and sell a property. The provincial governor’s committee decides whether a company is a property owner.

Q : Can I obtain residence permit in Turkey if I buy property (residence permit)?

A : According to the new law, foreigners can obtain a residence permit for 1 year ( renewed with the title deed every year ) until they sell their property .

Q : Do I need a residence permit to buy real estate in Turkey?

A : No! You can buy property in Turkey without a residence permit.

 

How to Obtain Residence Permit & Turkish Citizenship?

 

 

New and flexible conditions for foreigners to obtain Turkish citizenship were passed in Parliament. With the decision published on 19.09.2018 on the Turkish Official Gazette, The law on obtaining Turkish citizenship for foreign investors has changed.

There are many reasons for owning real estate in Turkey. Because Turkey has become one of the largest real estate markets in the world. It is an opportunity that should not be missed especially for those who want to own or invest in real estate abroad.

 

Turkey is now one of the most attractive places to live on the Mediterranean coast due to its nature, weather,fun culture and history. Therefore, the Turkish government encourages foreigners to buy and invest real estate in order to keep the real estate sector alive and to contribute to national development.

 

Q : How to become a Turkish citizenship and how does this process work?
A : After purchasing the property valued above 400.000 USD, you can apply to General Directorate of Land Registry and Cadastre. It is one of the fastest ways of getting Turkish citizenship. This application form is sent to Ministry of Environment and Urbanization. Appraisers check and verify the value of the properties if they are more than 400.000 USD value. But bear in mind, you will not be allowed to sell this property up to three years. Finally, the application is sent to General Directorate of Population and Citizenship Affairs and you are invited for final signatures.

Q : Do I need to purchase only one property above 400.000 USD or can it be multiple units?
A : You can purchase various properties with a total value of more than 400.000 USD. But you need to apply at the same time for all. If the declared values are above 400.000 USD, General Directorate of Land Registry and Cadastre accepts citizenship applications.

Q : Will my citizenship be granted when I fulfill the requirements?
A : No. Primarily, it should be verified that the applicant did not pose a threat to national security.

Q : How much does this process take?
A : It takes time within 30 days if all the required documents are complete for the citizenship application.

Q : Will my family get Turkish Citizenship?
A : Yes. Citizenship is granted to you, your wife / husband and your children under the age of 18.

Q : Can I purchase a commercial property with rental income guarantee? Does this allow me to get citizenship by investment?
A : Yes, any type of property fits.

Q : What is the responsibility of the Ministry of Environment and Urbanization?
A : The Ministry verifies that the value declared in the Land Registry is more than 400.000 USD with sworn experts. All the property value must be paid to the Property Sellers by bank transfer.

Q : Do you help in the process of applying and getting a Turkish citizenship?
A : Golden Life Turkey will be with you and guide you through the whole process.

Q : Can I apply for citizenship with the property I bought earlier?
A : You can apply to Turkish citizenship with title deed applications after 20.09.2018.

Q : Who may apply for a Turkish passport? Which nationalities?
A : All nationalities who buy property with a value of more than 400.000 USD can apply.

Q : What documents do you need to get Turkish citizenship?
A : After purchase property with us, Golden Life Turkey  team helps you to supply all required documents.

Q : The process of getting Turkish citizenship takes about 2 months. Can I get Residence Permit during this process?
A : You and your family can get a Residence Permit.

Q : What is the most critical point we need to know?
A : Ministry wants to make sure that the minimum value is 400.000 USD. Sworn property valuation companies validate that the price is correct in order to prevent from price fraud. Appraisers might have up to %20 diversion (difference) than its sales price. Golden Life Turkey advice you to buy property calculating this evaluation.

Q : Do I need to come to Turkey to get citizenship?
A : No. Golden Life Turkey follow up for you all process from the begin until the end with power of attorney.

Q : Can more than one person apply for one Title Deed?
A : Yes. You, your wife (or husband) and all your children under the age of 18.

Q : We have got a child above 18 years old. Does he/she get Turkish citizenship with us?
A : No.

Q : I have an invalid child/children above 18 years old. Can him/her get citizenship?
A : If you prove they can’t take care of themselves, they may obtain Turkish citizenship with their parents with special application documents.

Q : Is there an alternative way for Turkish Citizenship?
A : You can apply for a Turquoise Card if your budget is not enough to acquire Turkish citizenship by investment. The Turquoise Card serves as the Green Card of the United State. Turquoise Card gives its holder all the rights of a citizenship except for the right to vote and the mandatory military service for the men.

Q : Is it possible to have multiple nationalities in Turkey?
A : Turkey Government allows multiple nationalities. However, you may check with your consulate regarding your original nationality cause some countries such as China, India and Saudi Arabia do not recognize multiple nationalities.

Q : When I become a Turkish citizen have to renounce my current citizenship?
A : No, Turkish laws allow dual or multiple citizenships. It depends on your own state regulation.

Q : Is it necessitate living in Turkey to obtain citizenship?
A : No.

Q : Is there any necessity for the applicant to bring his/her whole family to Turkey during any phase?
A : There is not a necessity to bring your whole family to Turkey during any phases. Only documents belonging to your whole family should be with you.

Q : Is there any necessity for interview or test at any phases?
A : No.

Q : Is the applicant chance to do any business in Turkey?
A : Yes.

Q : I am Syrian – Can I own a property in Istanbul?

A : Yes, you can establish a company in Turkey. Before you set up a company you can now buy off-plan projects. However, you will need to set up a company before you receive the deed. Our lawyer can help you set up and protect the company.

Q : When do I get the deed if I pay in installments?

A : The title deed will be given at the end of the payments and after the completion of the project. If the payment plan is longer than the completion date, the land registry will be made after all payments are completed.

Q : Are foreigners allowed to buy property in Turkey?

A : Yes, foreigners are allowed to buy property in Turkey.

Q : How long does it take to get the deed?

A : It takes about 2-5 working days when you apply it.

Q : Can I get a title deed with the name of my partners?

A : Yes, you can.

Q : What does a freighter mean?

A: The freehold title deed means that you have full ownership and ownership rights on the property you can acquire, sell or rent at any time.

Q : Before I buy the deed, can I sell the property to someone else? (projects under construction)

A : Yes, you can, but there will be a cost associated with this change. The amount of this cost will vary from one developer to another, which will be clearly stated in the sales contract.

Q : If I buy a property in Istanbul, can I stay?

A : Yes, you can.

Q : How do I get a residence permit? If I buy a house in Turkey

A : The residence must be applied through the police department and must take approximately 1 month to obtain permission. Our company attorney can help you in this process.

Q : Which family members will be eligible to receive residency benefits?

A : Wife / husband and children under 18

Q : What is the minimum amount I have to invest in buying a home in order to apply for residence?

A : There is no such restriction

Q : What inheritence law?

A : Turkish inheritance law will apply to foreigners who have died in Turkey. According to Turkish heritage law, he shares his inheritance with his husband or wife. If there is no child, his wife or husband will share it with the parents of the deceased. There is a detailed calculation for inheritance law tax. However, this usually varies between 1% and 3%.

Q : Can I pay in installments?

A : Yep. Usually all construction projects provide installment payment plans and some completed projects do so as well. However, most completed projects require full cash payment.

Q : What is the longest time I can pay in installments in Istanbul?

A : Some of our projects offer more than 48 months of payment, but the majority does 36 months of installment plans.

Q : Your prices are expensive, a Turkish friend purchased in the same project is much cheaper than your price

A : There are different prices for the same type of apartment in a project. in other words, the same project prices for 1 + 1 bedroom apartments are different according to the floor, size, direction and views. The prices of new life are the same for all of the developer.  However, to provide you part of your mind, we are not only guaranteed to match any price but we have guaranteed to defeat any written offer!

Q : Your prices are expensive, another agency offered me a cheaper price for the same apartment as

A : There are different prices for the same type of apartment in a project. in other words, the same project prices for 1 + 1 bedroom apartments are different according to the floor, size, direction and views. Tresta is a market leader in Turkey and we offer the best deals for our customers and we can guarantee that our prices are the best on the market. However, to provide you part of your mind, we are not only guaranteed to match any price but we have guaranteed to defeat any written offer!

Q : Why would I buy it with you?it’s not alone.

A : We are market leaders in Turkey and our size allows us to offer you the best opportunities on the market. In addition, we work with respected developers who only have all the necessary documents and have the financial power to complete their projects to protect our reputation and reputation; and you will receive full support for many features from Golden Life, post-sales process, Land Registry, payment tracking, public services links and A to Z. with us, you can safely buy it without any hassle.

Q : What is the average return on investment in real estate in Istanbul (ROI)?

A : In the last 5 years, on average, housing prices in Turkey increased by 15% per year. However, in 2014, the new development rates in Istanbul increased by 25%! Depending on the future prospects of offering such as facilities in the property project or in the nearby area, there are great investments coming in the area such as a subway line, shopping center, hospital etc. you can get higher rates than these.

Q : How much can I rent my apartment?

A : On average, Istanbul rental income is about 6% of the real estate price per year.  You can earn more or less than this rate depending on your property, location and facilities. To make the most of the rental income, you must target a high-rent project. In terms of size, the studios should have 1 bedroom or 2 bedrooms, since they are easier to rent. It is also easier for people to rent apartments with certain amenities and compounds that they prefer to live in places that offer a quality lifestyle.

 Q : How many bedrooms are good for investing in features?

A : We recommend that you focus on 1 & 2 bedroom properties as the best property for investment, because life in Istanbul is more compact and practical, families are smaller and the number of people living alone increases. People also do not want to pay extra money for maintenance fees or heating bills because they are calculated according to the size of the property.

Q : What is the best area to invest in Istanbul? Asian or European side?

A : Many think that Istanbul’s European side will invest better than the Asian side of the city (and the experience and figures support it). The majority of the population of Istanbul lives on the European side, 20 km radius of Taksim. In addition, the historical city centre, along with major infrastructure projects, has concentrated more on the European side of the city than most of the city’s business and commercial life. Almost all foreigners buy on the European side of the city for urban projects such as new Istanbul airport, Canal Istanbul

Q : Why do you need to invest in real estate in Istanbul?

A : There are many reasons to invest in real estate in Istanbul. First of all, Istanbul has a long history, cultural heritage and a vibrant social life that makes it attractive for all kinds of people. It’s the only city on two continents, and now you can reach anywhere. Istanbul is also one of the fastest growing metropolises in the world and is still at reasonable prices compared to other major cities in the world. The city can actually be called a “hidden gem” that is now re-discovered. In addition, Turkey is one of the most stable countries in the region and offers a peaceful environment and welcomes people of all backgrounds.

Q : How much do I pay when I rent my property?

A : You will pay 15% of your annual rental income as tax.