Turkey and especially Istanbul attracts many Arabs and foreigners for buying real-estate for different reasons like investing, vacation or for obtaining the Turkish citizenship. When making a decision for buying a real-estate in Istanbul, you will be facing a huge number of options with many differences.
Here are the main steps you need to follow to choose the best property for you:
Determine your purpose of buying
The purpose and objective differ from one to another based on their life style and future plans. In general, buying purposes fall into the following categories:
- Long-term or short-term investment like reselling or renting.
- As a vacation destination in Turkey which is considered one of the best touristic destinations worldwide due to its diversity, nature and historical inherent.
- Moving to live in it with your family or as a student where you can benefit from the high quality of its educational system in all levels.
- Obtaining the Turkish citizenship.
Determine your budget and a suitable payment plan
many variables can affect the price of a property and to start off the right foot you have to determine how much you are willing to pay and what payment plan suits you best. This will help avoid any unnecessary waist of time and money with option not within your budget.
Here are the most common variables to keep in mind when setting your budget:
- The quality of construction in addition to it being in a distinctive location or in the city center.
- Having the property within a compound or in an independent building.
- The desired floor, since the prices tend to increase as you move up.
- The nature of its view.
- In case you wish to pay in installments you need to set the amount of down payment, monthly payment and the duration of installments.
- You have to pay attention to the fact that all prices are in Turkish Liras therefore can be influenced by the currency exchange rates.
Choosing a location
The things to consider when choosing a location:
- Real-estates in the city center are of a higher price than the ones in the superb.
- In case you are looking for an investment opportunity, it is recommended to go with areas under development (such as near Istanbul Canal, airport, Basin Express Highway, new metro stations, Meydan Kent, Medical City, Botanic Park and other projects) or go with commercial real-estates (offices, hotel apartments, or shops).
- In case you are planning on living or renting the real-estate, it is recommended to choose a vital and well serviced area preferably close to transportation means (Metro, Tram, Metro bus, Taxi, etc.) and close to shopping malls, schools, hospitals and so on. You have to get a clear idea from your real-estate agent about the investment value before making a final choice.
- In case you are only looking for a vacation destination, it is recommended to choose an area with a beautiful view such as near the Marina, a lake, the sea, the Bosphor strait, Belgrade Forest or the Asian side of Istanbul.
- You also need to consider the fact that some areas are more conservative than other.
Determining the property specifications
If it is a residential property, you need to consider the following:
- Is it within a compound or a normal building.
- The quality of construction.
- Your preferred floor and the number of apartments in it.
- The view.
- If it has partial of full glass front.
- Having a balcony, terrace or a garden.
- Having a Smart Home or Smart Furniture system.
- Being a duplex or a normal flat apartment.
- Having an American kitchen (open) or a closed one.
- The desired number of rooms and bathrooms.
If it is a commercial real-estate, you need to consider the following:
- Being in a commercially active area.
- Being within a shopping center or a commercial building.
- Having a guaranteed rental income by a signed contract.
- The ease of access (near transportation means).
If it is for investment or re-selling, you need to consider the following:
- Being completed or under construction (since most construction companies start with a low selling price which later get raised with the completion of each phase of construction).
- Being in an under-development area.
- The constructing company is of a good reputation.
After setting your budget, needs and standards, it is recommended to get the assistance of a real-estate agent in order to help you find the most suitable real-estate and facilitate the purchasing process and other procedures.