Frequently Asked Questions
1- Are prices the same for both Turkish citizens and foreigners?
Yes, the prices are constant for both Turkish citizens and foreigners. Price lists are held by the construction company in which the buyer’s citizenship will not affect the price.
2- Are tax rates the same for Turkish people and foreigners?
Yes. Tax rates is exactly the same for all costumers, local and international. Please check the Taxes & Handy info page on our website. The given taxes are obligated to be paid to the government during the purchasing process.
3- Wouldn’t I get a better offer if I went to the construction company directly?
No, because purchasing a property through us or going to the construction company directly has the same result as the price lists are constant and given by the construction company. Usually we get special prices from several construction companies as a promotion (limited through our company only).
4- What should I do to reserve a property?
First, you need your passport. After choosing a property, 1% is to be paid as a reservation deposit (either cash or credit card). The paid amount will reserve the property for you and freeze the prices for you for 2 weeks. After that you should pay the down payment and the reservation deposit will be deducted from the down payment.
5- Can I have a bank account in Turkey?
Yes, any foreigner can open a bank account in Turkey. First get the Tax number from the Tax office (you need a passport to do that). Next you need to prepare the following papers:
1- a statement showing your current address (it could be an electricity or gas bill, or a statement from your bank in your country).
2- your passport.
3- your tax number.
With all these you can go to the bank and open an account.
6- If I have a son/daughter who is turning 18 and I applied for the Turkish citizenship, will him/her get the citizenship?
If the son/daughter turned 18 before lodging the application, he/she will not take the citizenship. But if he/she turned 18 after lodging the application then he/she can obtain the citizenship.
7- What are the penalties of terminating the contract with the construction company?
Usually in sales contracts, there is an article related to termination penalty. Its value is approximately between 10-20% of the sales price. If at any stage the buyer decides to terminate the contract, this penalty will be deducted and the remaining amount will be paid to the buyer by the construction company.
8- What can I get when the construction company does not finish the project on time?
Given by the law, an extension period of 6 months will be granted to the construction company to complete the project. After 6 months, if the construction company still does not deliver its promises, the construction company is obligated to pay monthly a penalty to the buyer which is stated in the contract.
9- Is buying at early stages of construction gives me any benefits?
Yes, actually buying at early stages gives you the most beneficial way to gain profit, buying at the launching stage is always grants you a regular increase in the profits as the sale prices will keep increasing until the completion.
10- I want to buy a property in the center of Istanbul?
There is a misconception about the center of Istanbul, where there are some landmarks that are considered the mainly touristic areas like Sultanahmet and Taksim. However, Istanbul is divided into districts, and each district has its own center. In addition to the metro network that is being made, all district will be connected by metro lines.
11- I want to cancel my reservation, can I get a refund?
During the reservation period, which is 2 weeks, you can get a full refund for reservation fees.
12- Are there installment plans?
During the launching and the construction phase, there is always installment plan. The down payment is usually between 20%-50%.
13- What are the annual costs for owning a property in Turkey?
Maintenance fee which is around 1-1,5 USD/m2 monthly
Property tax which is %0,2 of the property value yearly.
DASK (Compulsory Earthquake insurance) which is around 70-80 USD yearly.
14- What is the rental income tax I have to pay?
Basically, rental income tax is increasing progressively. Up to a limit there is no tax. After that limit, the tax to be paid will be increasing from %15 to %35. However, many costs can be cut from this income and this tax can be reduced. Please check useful info section to get more information about this topic.
15- Is owning a property in Turkey freehold?
Yes. Whoever buys a property in Turkey from any nationality will own the property freehold in other words with all its rights.
16- Are there English teaching schools/collages?
There are many international schools in Istanbul in different districts which is generally full of foreigners. Besides, there are lots of universities with English programs for international students.
17- How is the climate in Istanbul?
Istanbul is one of the luckiest cities in the world for its climate with all four seasons. The characteristic weather here can be seen as a cooler version of the Mediterranean climate; a great spring, ideal summer temperatures which is maximum 30-35 degrees, an easy autumn with blue skies, and a rainy winter around 5 degrees.
18- Can we use credit card in Turkey or is it better to have cash with me?
You can almost use your credit card everywhere which is maybe the safest way to do shopping. Still, we advise you to have some cash in your pocket to use for taxis or other needs.
Please do not hesitate to contact us by filling the contact form below to get a prompt reply about any of your other questions.