Q: What do you have to do to book your apartment?
A: You must bring your passport when you are going to review the project. 1% of the value of the sale will be paid as a reservation fee either through your bank card or cash depending on the method you want to pay in. The apartment will be reserved in your name and fixed the price for a period of two weeks until you pay that down payment within two weeks of the reservation date. This amount will be deducted from the down payment and you will become the owner of the property
Q: Is it possible for my family to obtain residency also?
A: Yes, it is possible to obtain real estate residence permits for the entire family of the wife and children. Obtain residency after you apply to the state.
Q: What are the fines incurred upon termination of the contract with the project management?
A: Motaman does not sign fines upon the termination of the contract, but in most purchase contracts there is a clause related to the penalty that you owe in the event of termination of the contract. This can change around 10-20% of the sale price. At any point when the buyer decides to terminate the contract, this fine will be deducted and the remainder of the amount will be paid to the buyer by the project management at the end of the contract
Q: What are my rights if the project management does not finish on time?
A: According to Turkish law, the developer is entitled to obtain a six-month extension to complete the housing project. After this period has ended, if the developer does not deliver, the administration will pay a monthly fine to the buyer according to what is stipulated in the contract between the two parties. Motaman, by the grace of Allah, we finish their projects before the deadline.
Q: What are the returns on investment in Turkey in a medium?
A: The returns on investment in an average way in the city center are significantly lower than other areas, ranging between 4-5%. As for the developed and modern areas such as Istanbul – Basaksehir, the percentage rises to 7%. In addition, when you buy in the initial stage of construction, the rental returns may rise. Also, the value of your property will go up, which is about 10-15% annually. When you take into account all these factors and these projects and investments, it is very easy to get 100% profitable for your property in some years in Turkey.
Q: What are the benefits of purchasing in the early stages of construction?
A: If you want to make the maximum profit possible in the project, you should buy in the first stage of construction almost always. There is a regular increase in sales prices from the first stages of the project until the completion of the construction phase.
Q: Which areas are exactly central Istanbul?
A: This is a very common question by foreigners who want to buy and invest in the property and there is a big misunderstanding here as there is no division nor Sultan Ahmed is considered the center of Istanbul. These are the main tourist areas. Istanbul has a population of 17 million and there are 39 districts in the city. Many of these areas have a population of approximately five hundred thousand people who live in all of these areas and each has its own center according to the region in which they live. For this reason you will be able to find everything you need in the area where you live. But the current center of Istanbul is the Başakşehir district in European Istanbul
Q: Are reservation fees refundable?
A: All fees paid to reserve a property are fully refundable if, for any reason, you have the option to cancel.
Q: Can I pay in installments?
A: Almost always there is a payment plan in installments until the completion of the projects. The first payment ranges between 20% to 40%, and depending on the project and its importance in some cases, there is a system of installments, even after the completion of projects. Sometimes there can be plans to pay in installments for ready projects as well.
Q: Do I have the opportunity to sell my property before the project is completed?
A: Depending on the project you purchased from, you can sell your property during the construction phase. There may be 2% or 3% commission to be paid to the developer if this is mentioned in the sales contract in some cases
Q: Can I apply for a mortgage in Turkey?
A: In order to obtain a mortgage through the banks to buy real estate in Turkey, you need to have a regular income here and since this is usually not acceptable, it is not possible to obtain loans by banks in Turkey. However we will support you on this issue as there may be concessions for some projects.
Q: What maintenance fees do I have to pay to the complex?
A: Maintenance fees vary depending on the project. Certainly when there are more facilities in the residential complex, maintenance fees can be increased. However, compared to other cities, maintenance fees in Istanbul are very reasonable. Usually it is monthly that it will be about 0.5 to 1 dollars per square meter. For example, for a two-bedroom apartment which is 100 square meters, you will pay 50 dollars per month maintenance fee for the complex management
Q: What are the annual costs of owning real estate in Turkey?
A: Maintenance fees that amount to about $ 0.5 per square meter per month. Property tax that is 0.2% of the property’s value per year in Turkey other than the rest of the countries. Compulsory earthquake insurance is limited to $ 70-80 per year for warranty and protection.
Q: What are the final costs / taxes for purchasing the property?
A: Purchase Tax: It is 4% of the sale price. It is usually divided between the buyer and the developer where it is 2% for each party under the agreement. If the area of the apartment is greater than 150 square meters, VAT will be increased to 18% of the sale price. Utilities application (electricity, water, gas communications): about a maximum of US $ 1000 stamping fees + notary fees: payable only for projects that are funded by the government. Usually, VAT is not paid for these projects, which makes the terms almost equal for the owner
Q: What is the capital gains tax when I sell my property?
A: The tax rate for capital gains varies from 15% to 22%. This real estate tax will be paid if you decide to sell your property within five years after purchasing the property. In other words, if you keep your property for at least five years, and then sell it, you will There will be no capital gains tax payable to the government.
Q: What are the government’s plans for the metro system in Istanbul?
A: Before 2014, the metro system network was only 45 km away. By 2014, it reached 142 km and by 2020 the government aims to increase it to 430 km. This means that within five years, there will be a metro connection to all areas of the city, which will be considered the artery of Istanbul and will be the longest channel in Istanbul when it ends in 2019, which will increase the importance of investment projects and real estate in general in Turkey. Now the Basaksehir region has a metro network of eight stations, and 4 additional stations are now being extended to the new hospital and then to the new airport.
Q: Are there schools that teach in English?
A: There are many schools studying English / Arabic in Istanbul in different locations where most foreigners study. Besides, Turkey has become an important country for students who want to continue their studies abroad to join the university and many universities have lectures in Turkish and English, and there are schools specifically for Arab foreigners located in each region in Istanbul and Turkey in general. The Basaksehir region has dozens of Arab schools, such as: Al-Awael – Jerusalem – Al-Aqsa – Al-Hadi – Safir and others …
Q: Is it safe to live in Istanbul for foreigners?
A: We can definitely tell you that Istanbul is a very safe city and one of the most beautiful regions of Turkey and now it is one of the most attractive destinations for tourists in the world.
Q: How is the climate in Istanbul?
A: Istanbul is one of the most fortunate cities in the world for its climate for all four seasons. The distinctive weather here can be seen as a cooler version of the Mediterranean climate. Wonderful spring, perfect summer temperatures max 30-33 degrees, easy fall with blue sky, and rainy winters around 19-5 degrees. And its nature is considered one of the most beautiful climates in the world compared to other countries.
Q: Is it possible to use a credit card in Turkey or is it better to have cash with me?
A: You can almost use your credit card everywhere which is the best way to do shopping. However, we recommend that you have some cash with you to use in taxis or other needs.
Why is my phone not working with Turkish SIM?
A: The Turkish government wants to impose a purchase tax on those who buy mobile phones outside Turkey,
Your phone will be blocked within 120 days after you start using the Turkish SIM card in Turkey.
To activate it you need to deposit 130 liras to the tax office and then take this receipt to the Turkish GSM operator
You buy your SIM card, or you can go to any shop specializing in the subject of urinals, and it does the necessary solution.
