Things to Consider When Buying an Office in Istanbul
Istanbul has been a center for many civilizations throughout history, where the pulse of the trade and finance sectors beat. And even today, it carefully preserves this quality. Perhaps as a result of this situation, Istanbul hosts many projects that can compete with the examples from around the world and even surpass their competitors in some issues. Projects which have different architectural and design marvels are presented to the buyers every year under the name of new office projects. This marvel of design offers its buyers the opportunity to experience all kinds of activities under the same project name. It is possible to say that these projects will add prestige to your prestige in the business world, under which there are highly successful and well-known companies in Turkey. In addition, with the recent appreciation of the office real estate market, you can use these precious projects as an investment tool. If you are considering buying an office, there are details that you should pay attention to.
- Having an easily accessible location for the office to be purchased: Having an easily accessible location for the office you intend to buy will be beneficial for both you and your customer. This is also one of the factors that add value to the office.
- The fact that the project was made as a workplace: Recently people have been using homes as their offices. Offices with such a situation may adversely affect the use of the office in architectural, design, and technical terms. For this reason, it would be a better decision to buy an office defined as a workplace instead of buying a house with an official title.
- Where the facade faces and the width of the facade: The facade of the Office and its width are important factors. This will also affect the interior ambiance of the office.
- Having usage areas such as garden and parking area: Parking is especially important for an office. Garden and parking areas are among the factors that affect office value.
- How much the rental income is and whether it can be rented to a corporate firm.
If you are considering buying an office for investment purposes, it should be investigated how much the rental income is compared to the market. It should be noted that it has previously been leased to a corporate firm or is suitable for leasing to corporate firms. If you are thinking of implementing a brilliant business idea, if you have decided to change your current Office, or if you are planning to own an office for investment purposes, you can take a look at the projects below.
How Are Office Prices Determined in Istanbul?
There are various factors affecting office prices in Istanbul. These factors can be expressed as factors that directly affect the value and prestige of the office.
Office prices in Istanbul are determined according to the below list.
- The location of the office: Having easy and various transportation opportunities is the primary factor affecting the price of office projects. For this reason, office projects are commonly located in city centers. It not only provides transportation diversity like the subways etc. but also provides proximity with social opportunities.
- Office width and suitability for use: Other factors affecting the price are that the office is large, has a large usage area and is spacious. Having a spacious and wide working environment increases the office price.
- The office’s having a new and modern project: The office’s having a new and modern project in terms of design and technique provides a visual advantage to the office.
- Social usage areas of the office: Parking area, garden, swimming pool, gym, conference hall, etc. These factors create opportunities to turn the office into a living space. And this affects the office price.
Office sizes in Istanbul vary in m². The net area of the offices, as well as the characteristics of the region where they are located, affect the m² price of the offices. It is possible to find offices in every region of Istanbul in the size that is suitable for your needs. m² prices vary according to the characteristics of the region and the selected office. Offices in Gunesli are sold on average for 446.44 USD per m². Office sales prices in the Zincirlikuyu region are on average 591.20 USD per m². Offices in Kagithane have an average sales price of 337.83 USD per m². Prices may vary depending on the exchange rate.
What are the Price Ranges of Offices in Istanbul?
When we examine the two regions in Istanbul where offices are concentrated, the prices vary depending on the design and technical features of the office. There has been an increase in office prices, which have been fluctuating especially since last year. At the following, m² for Besiktas and Sariyer locations with the highest office density in Istanbul.
M²selling price (m²)
Prices may vary depending on the exchange rate.
What are the Advantages of Buying an Office in Istanbul?
Owning an office in Istanbul, which has been considered a trade center from past to present, provides great prestige to the customers. The interest in Class A offices has increased in Turkey, especially considering the past 15 years. The reasons for this are examined, it is seen the development of the Turkish economy and the increase in the number of companies in different sectors. This situation is regarded as the main reason for investors in many parts of the world to invest in the Istanbul real estate market. The advantages of having an office in Istanbul for the buyer are as follows.
- Prestige of having an office in Istanbul: Having an office in a city like Istanbul, which is the world’s well-known commercial and financial center, will give you a more prestigious image.
- Market diversity: Doing business in a cosmopolitan city like Istanbul allows you to find different business opportunities in different markets.
- Considering it as an investment opportunity: You can invest in the real estate market in Istanbul, which has recently attracted the attention of investors from all over the world, or you can turn the situation into profit with offices with high rental income.
- Opportunities in transportation: Istanbul is a city that has many transportation opportunities at the transportation crossroad.
- Opportunity to reach the most suitable office with the projects made in Istanbul: You can reach the most suitable project for you in terms of design or technique, with the variety of projects that have been made and are under construction in Istanbul.
- Opportunity to become a Turkish citizen: You can become a citizen of the Republic of Turkey if the appropriate conditions are met with your investment.
Who Can Buy Offices in Istanbul?
The real estate market in Istanbul offers very attractive opportunities to its investors. Due to the ‘Reciprocity Law’ implemented in the past, citizens of about 50 countries could not purchase real estate products such as residences or offices in Turkey. With the change in the law that took place on May 19, 2021, it is now possible for almost all citizens of the world to purchase real estate products from Turkey. Except for the citizens of Syria, Armenia, Cuba, Nigeria, and North Korea, who are restricted in purchasing real estate, citizens of all countries of the world can buy offices in Istanbul.
In Which Districts of Istanbul Can I Buy Offices?
If you are thinking of opening an office, the first thing you should pay attention to should be the location where the office will be located. Among the most important factors are its good location, and the opportunities that will give you an advantage as the presence of social areas like restaurants and cafes. This is a factor that directly affects the prestige of your company. If you are considering owning an office, Istanbul is an ideal city. Although it is ideal, the fact that it is quite large can make it a bit difficult for you to decide. You can find the ideal places to open an office in Istanbul in the list below.
- Bakirkoy: Bakirkoy, which includes more than one office option, can be called a business center. This district also attracts buyers with its proximity to the metro and public transportation.
- Maslak: Maslak is a region that has many offices. The diversity of offices and proximity to public transportation facilities are among the factors that affect customers. This region has the distinction of being the largest business and financial center of Istanbul.
- Levent: This district, especially famous for its plazas, includes many business centers and shopping malls such as Sapphire, Kanyon, and Metro City.
- Sisli-Mecidiyekoy: It is a preferred center both because of its proximity to public transportation and its surrounding facilities such as shopping malls and hotels. It is a crowded and constantly moving attraction.
- Kartal: Kartal, one of the favorite districts on the Anatolian side, is also one of the financial centers on the Anatolian side.
Can I Become a Turkish Citizen by Purchasing an Office in Istanbul?
Subject to certain conditions, it is possible to obtain Turkish citizenship by purchasing an office in Istanbul. You can become a Turkish citizen with a real estate investment of at least 250,000 USD in Istanbul. You can use the following details for the purchase process.
- Foreigners who want to buy real estate in Turkey should make an appointment via the Land Registry Appointment System of the General Directorate of Land Registry and Cadastre.
- The required documents; real estate valuation report, real estate title deed, TCIP (compulsory Earthquake Insurance) policy, real estate market certificate issued by the municipality, passport, or identity document should be available.
- It should be agreed with a reliable company to carry out the process.
- It is not sufficient to perform the preliminary sales contract only in the presence of a notary public. Official transactions, which are the last stage, should be carried out in the land registry offices.
Is There Office Tax in Istanbul?
With the definition of tax in the dictionary; It is expressed as the money that the state collects from the citizens by the law to be used in public services. And property tax is one of the taxes collected in this context. Since the office is considered a real estate product, office owners are also responsible to pay taxes. In other words, everyone who owns an office in Istanbul is obliged to pay taxes.
At the pricing point of taxes, if the size of the office is less than 150 m², the VAT rate is determined as 1%. Top-class offices in big cities are required to pay 8% or 18% VAT.
Office-status immovables in Istanbul are subject to property tax, which varies between 0.1% and 0.6%.
The annual property tax for commercial properties in Istanbul is 0.4% in big cities and 0.2% in small cities.
Tax payments can also be made online to the local municipalities where the office is located.
Do Foreigners Pay Taxes to Offices in Istanbul?
Foreigners are also obliged to pay taxes because they own an immovable within the borders of Turkey.
What are the Features of Offices in Istanbul?
Offices in Istanbul offer architectural, design, and technically equipped projects to their customers that you can use to manage your business or the service you provide. These projects can be a few m² or hundreds of m² depending on the customer’s needs. Office types used in Istanbul are classified under three headings.
- Class A Offices: These offices are the most prestigious in every sense. They are the buildings with the highest rental income compared to the buildings in the same category in their region.
- Class B Offices: The term ‘standard offices’ may be used for these offices. They have a standard rental price. They appeal to a fairly large group of customers. We can say that it has enough functions for these offices. It has a good standard in terms of architectural and design materials according to its region.
- Class C Offices: Offices in this class have architectural and design values below the standards according to their region.
What Jobs Can Be Done in Offices in Istanbul?
Istanbul is a diverse city in terms of industry. Therefore, there are no restrictions on the work to be done in the offices in Istanbul. In this diversity, hotels, restaurants, consultancy, and advertising companies are the sectors that are frequently encountered. Illegal business cannot be done in offices in Istanbul.
Is It Safe to Buy an Office in Istanbul?
Yes, definitely. It is safe to buy an Office in Istanbul. especially in this process, if you work with a reliable and prestigious company, you will not encounter any legal or system-related problems. The probability of encountering obstacles is very low. Realty group promises you the office of your dreams with its experience in the sector and its wide portfolio. You can choose your dream office from the exclusive real estate catalog within Realty Group projects.