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Tips for negotiating the price of a property in Istanbul
Negotiating the price of a property in Istanbul can be a bit difficult process, we give you some tips that you can follow to increase your chances of getting a good deal:
- Do your research on the Turkish real estate market: Before starting negotiations, research the Turkish real estate market in Istanbul to get a better understanding of prices in the area you are interested in.
- Understand the seller's motive: Try to understand why the seller is selling the property. If the seller is in a rush to sell, they may be more willing to negotiate the price.
- Set your budget and set a maximum price you can pay: Set the maximum price you are willing to pay for the property and stick to it during negotiations.
- Make a reasonable offer: Make an initial offer that is lower than the asking price, but still reasonable. This will give you room for negotiation.
- Determining any defects in the property: Determining any defects or problems in the property that may justify a decrease in the price, for example, if there is a need for some repairs in the property, you can request a price reduction.
- Hiring a professional real estate agent: Consider hiring a professional real estate agent who is familiar with the local market and can help you in the negotiation process. The real estate agent has more experience and will be able to negotiate on your behalf. Another advantage of working with a real estate agent in Istanbul is their accessibility and exclusive rates and offers. Real estate agents have access to a wide range of properties, including exclusive listings not available to the general public, through their relationships with builders, project owners and landlords. By working with a reliable and professional real estate agent in Istanbul, you can access a wider range of properties.
Real estate prices in Istanbul 2023
The real estate market in Istanbul has contributed to the apparent growth of the Turkish economy in recent years. There has been an increase in demand for apartments and other real estate, which has led to higher prices. The Turkish government surprised the world in 2023 with new and vast projects that will revitalize the residential real estate market.
Turkish real estate experts and economists expect real estate prices in Turkey to keep rising in the year 2023 due to the continuing problems of global inflation in the prices of raw materials, which in turn leads to a further rise in real estate prices in Turkey, especially at the present time when the demand for real estate is increasing and on the other hand there is a shortage In supply of luxury real estate, apartment complexes, villas and more.
Frequently asked questions
Why are real estate prices so high in Istanbul?
Real estate prices are high in Istanbul compared to the rest of the Turkish cities because it is considered the economic capital of Turkey, and because of the great urban boom that it is witnessing, and its strategic location on the map, in addition to the great interest of the Turkish government in the city of Istanbul, and the development of infrastructure through many projects it has undertaken.
Also, Istanbul is considered the first destination for Turkish and foreign investors, as it is considered the best by achieving the largest profit margins in recent years for investors.
The prices of apartments in Istanbul are usually very high compared to other cities, due to its historical and commercial importance, as well as the most important commercial and archaeological centers.
What are the reasons for the high real estate prices in Turkey?
There are several basic factors that led to a significant increase in real estate prices in the recent period, especially after the end of the Corona epidemic, the most important of which are: global inflation, which significantly affected the prices of building materials, on the date of 6/2023, the increase in iron prices reached 80%, and for the rest of the construction materials increased by 25%. Also, supply and demand, which greatly affects real estate prices, especially in Istanbul, due to the lack of lands suitable for construction near areas with important infrastructure, and the great development and urban renaissance taking place in Turkey, especially Istanbul, also affects the high price of real estate.
Can I get an apartment in Sisli or Maslak at a price of $100.000?
No, Sisli and Maslak are among the most expensive areas in Istanbul, because they are central areas and are considered one of the best residential areas in Istanbul, and the price per square meter in these areas starts from $5.500.
What are the taxes associated with purchasing property in Turkey?
The taxes associated with purchasing property in Turkey include the title deed fee, which is 4% of the property's value, and service and utility fees such as electricity and water.
Can I obtain residency by purchasing property in Turkey?
Yes, foreigners can obtain a residence permit by purchasing property in Turkey. The residence permit is valid for one year and can be renewed.
Can I get a bank loan to buy property in Turkey?
Yes, foreigners can obtain bank loans to purchase property in Turkey. Loans are provided based on the terms and guarantees specified by the bank.
