Five Things to Know Before Buying Property in İstanbul
Published on:·1 min read
İstanbul rewards buyers who do their homework and punishes those who treat it as a single market. Five points come up in nearly every transaction we handle.
First, the city is not one market but dozens. A price per square metre in Şişli tells you nothing about Beykoz, and the European and Asian sides move on different cycles. Second, the official valuation report — not the asking price — governs both the citizenship threshold and the transfer tax, so obtain it early.
Third, check the iskan, the occupancy permit. A building without one cannot be legally occupied and can be difficult to resell regardless of how finished it looks. Fourth, budget for the costs around the price: transfer tax, notary and translation fees, and the compulsory earthquake insurance policy.
Fifth, and least glamorous: read the management agreement. Service charges on towers with extensive amenity floors vary widely, and they are the running cost that most often surprises overseas owners in the second year.
