Hidden Gems of Real Estate in Istanbul
TABLE OF CONTENTS
- What types of objects are there in Turkey?
- Why do some projects sell faster than others?
- How is the dynamic in the brokerage offices?
- Why are some prices more competitive than others?
- Studying the project.
- Useful Links.
l. What types of objects are there in Turkey?
There are different types of properties on the Turkish real estate market such as residential properties, commercial properties, or land. To find a property that is best suited to the individual needs and preferences of a customer we recommend spending at least five days in the favored region or district to ensure there is enough time to check out the region and currently available properties and construction projects in that area. Good relations with construction companies as well as private property sellers are essential and allow a real estate agent to provide a diverse portfolio as well as detailed and updated features- and price lists. A well-maintained portfolio on top of good relations with sellers and construction companies facilitates the search for properties and ensures buyer and seller satisfaction.
Il. Why do some projects sell faster than others?
Timondro has a dedicated portfolio team that regularly checks and updates price lists and the availability of our featured properties. In light of the ever-changing market, high-quality options with a good price-performance ratio are usually sold out quickly. No customer enjoys learning that the favored apartment or house has just been sold or that the price has increased substantially within the last few days or weeks. Some of these issues will be addressed below. The reason why e.g. smaller projects sell faster than some of the heavily marketed properties is the high demand for such properties. Most of these projects cannot be found on the company's website. On average, around 70% of properties are already sold before they even make it onto the website, therefore - and to maintain an up-to-date price list of available properties - it does not always make sense to present properties if they are no longer available after a week or two. Properties that are still under construction are sold more frequently than properties tagged as ready to move, one of the reasons for that is that construction projects can usually be purchased at attractive discount prices and also offer installment payment options. Many of these heavily marketed projects do not reach the foreign market, but rather focus on the local market. Now the question arises: Can a local Turkish citizen afford a one-bedroom apartment right in the city center of Istanbul? If yes, what is his or her budget? If you look at this country's gross domestic product, the majority of the local population will struggle to buy a one-bedroom apartment for 50.000 $ or 60.000 $ or more. Only a small percentage of people living in Turkey can afford it.
One of the questions to ask yourself when buying a property is: how long will it take me to sell my property if I find myself in an emergency? Nobody wants to invest in an apartment or house that will no longer have any market value in the future. Can I sell my house in three to four months? Which criteria are important here? First of all, buyers should be aware that as mentioned above, only a small percentage of the population in Turkey can buy expensive properties. If a customer values the potential to sell their property quickly, it might make sense to buy something more affordable for the local population.
III. How is the dynamic in the brokerage offices?
The quality of real estate agencies in Turkey. Of course, this is about building a trustworthy relationship with the customer but also with construction companies and all involved parties. As soon as you step into a realtor's office, you will get a full presentation of a selection of projects that suit the customer's preferences. You will be shown model apartments and living complexes and after that, a more detailed discussion and the negotiation of a contract will begin. To avoid excessive costs, it is recommended to buy a project that is still in the so-called early phase. This means that the project is still under construction. If you want to buy a property, you will first receive detailed information about the property as well as the location, the neighborhood, and the infrastructure.
- Which points are crucial here?
- Number of rooms.
- Outlook of the project.
- Square meter of the property.
- Budget etc.
For example, if you want to buy a luxury project in a good location, i.e. in the center of Istanbul, we recommend buying something in the early stages rather than a project that will be completed soon. Because the associated developers are initially eager to quickly cover their investment, quality real estate can often be acquired at considerable discount prices. Once a certain percentage of apartments or houses/villas in a project are sold, sellers and construction companies are usually less inclined to offer discounts.
Concerning construction projects: will the project be completed on the delivery date? Will you receive your key on the delivery date or earlier? Now the following question arises for the buyer: The numbers and the price are ideal, but is such a purchase emotionally possible for you? Are you mentally prepared to receive your key after the construction is finished? Many people are not familiar with the country, its regulations, and the real estate industry in Turkey. To avoid risks and to receive professional and detailed information, the advice of a competent and trustworthy property specialist is important when considering a purchase. Timondro has carefully selected experienced and well-established construction companies as cooperation partners in Turkey.
The power of attorney must be officially approved and certified as a legal document under Turkish law and notarized by a Turkish notary. Notarial certification by a Turkish notary is proof that a document has been duly signed by Turkish law. There is no substitute for this procedure.
Notaries will require the grantor of the power of attorney to sign in their presence to identify the signatory and witness the signature. If the POA is drawn on behalf of a legal entity such as a company, the notary may also ask to see evidence of the existence of the company and that the person executing the POA is authorized to sign on behalf of the legal entity.
Opening hours of notaries in TurkeyMonday - Friday: 9 am to 5 pmSaturday: closedNo prior appointment required
IV. Why are some prices more competitive than others?
Projects are often more competitively priced for resales.
Example: Landlords who previously owned the land or the old building that was razed and the new project that is being built. Two options are offered to them by the developer in this case:
- The developer buys out the land or old building from the owner, which means that the entire project now belongs to the developer himself.
- Offering the owner of the land or old building that has been demolished a share in the project, for example, 15 or 20 units depending on the ability of the project. So the owner didn't pay a cent for this property but gave his land or the old building that was about to be demolished in return to the developer.
When it comes to the so-called barter transaction: painters, electricians, construction workers, etc. are sometimes not paid in cash but in real estate, which is usually sold directly in order to receive cash.
V. Studying the project.
Customer trust and satisfaction are among our top priorities. It is therefore vital for us to be intimately familiar with our advertised projects, whether this is a large or small project is irrelevant. Are you for instance looking for an apartment right in the city center of Istanbul? Of course, criteria such as the number of rooms, the basic structure of the apartment, etc. are relevant. However, the location of the apartment, the area, and the infrastructure are just as important. We have a comprehensive selection and analysis process to find suitable properties once we understand what customers are looking for. One of the first steps is to get to know our customers; Why have they chosen Turkey, what are they looking for? E.g. a holiday apartment, a permanent resident, or maybe a lucrative investment. Would you like to find your dream property and are you ready to invest? We provide our customers with a detailed overview of the current situation of the real estate market in Turkey and what type of properties customers can expect to find for a specific budget. If a customer inquires about a property in our portfolio we will try to find something better, or, if the expectations are a bit unrealistic, we will give feedback and let a customer know that he or she might have to increase his or her budget or reduce his/her expectations.
VIII. Useful Links
- Turkish Consulate in United States Of America
The official website of the Turkish consulate in Washington. The embassy is eligible to conduct all legal transactions including Power of Attorney.
For further information you can visit and for taking an appointment please visit Turkish Consulate in Washington .
- Turkish Consulate in United Kingdom
The official website of the Turkish consulate in London. The embassy is eligible to conduct all legal transactions including Power of Attorney.
For further information you can visit and for taking an appointment please visit Turkish Consulate in London.
- Turkish Association of Notaries
The official website of the Turkish Association of notaries. They are responsible for listing and regulating notaries.
For further information, finding the closest notary and other official services please visit Turkish Association of Notaries.
- Find the closest emergency notary open on weekends
In most cities Turkey has emergency notaries for urgent matters that are open on public holidays as well as on weekends.
For further information please visit the Emergency Notary List Turkey.