Purchase an Apartment in Seba Suites, Istanbul

The demand for apartments in Istanbul is growing together with the city and the popularity of the Turkish citizenship-by-investment program. Experts are in agreement about the attractiveness of investing in Turkish real property right now: the investments are likely to return soon. What apartment should you buy in Istanbul if you are planning to resell it at a later point in time with a profit and/ or let it on a lease thus acquiring a stable passive income in addition to a second citizenship? We invite you to consider the opportunity to purchase an apartment in Seba Suites residential complex sitting right in the center of the city.

Most foreign investors buying real property in Turkey do it with the purpose of acquiring citizenship of the country. The Turkish passport brings a number of weighty advantages and it does not take too much time to acquire it. All you have to do is buy an apartment in Istanbul or some other property in Turkey and this will make you qualified for Turkish citizenship by investment.

Located between Europe and the Middle East, Turkey has become a magnet for foreign capital and foreign entrepreneurs. Both east and west determine the direction in which the country is developing. Turkey is a country with an amazingly rich history. The earliest civilizations used to live on the territories currently occupied by the Turkish Republic.

Today, Turkey provides for fantastic economic opportunities. The locals are extremely friendly to foreigners: they will easily start a conversation with a stranger and help him or her in any way they can.

To qualify for Turkish citizenship by investment the foreign applicant shall be of age (above 18), have a clean criminal record and be in good health. The foreign investor can file a family application for citizenship adding his/ her spouse and children. The following financial options are available to those wishing to become economic citizens of Turkey:

• Option 1 – an investment in any real property in the country: The minimum required investment amount is the equivalent of US$ 250,000 in Turkish liras.
• Option 2 – a deposit in a Turkish bank: The minimum required deposit amount is the equivalent of US$ 500,000 in Turkish liras.
• Option 3 — an investment in commercial stock/ state bonds/ venture capital/ funds: The minimum required investment amount is the equivalent of US$ 500,000 in Turkish liras.
• Option 4 — formation of a business company in Turkey: Open a company in the country and create fifty new jobs. The required investment amount is not specified.

The citizenship-by-investment program launched by the Turkish Government in 2016 is characterized by simple application procedures, fast application processing, and few requirements to the investor (no personal interview, no language test, and no education or work experience requirements). Investment in real property in Turkey has been the most popular investment option thus far.  

Statistics also show that real property located in Istanbul is where most foreign investors choose to put their money when applying for citizenship of Turkey. Here we would like to bring to your attention the opportunity to purchase an apartment in the Seba Suites residential complex located at the heart of Istanbul.

Information about Seba Suites

The location of Seba Suites will let you feel the heartbeat of the megalopolis. The residential complex will give you a totally new experience of apartment ownership as it offers multiple facilities that will make your life there very comfortable.

Technical characteristics of Seba Suites

Combining high quality and elegance, Seba Suites invites immigrant investors to explore a new world and live with comfort in Turkey. Seba Suites consists of two high-rise buildings of 11 and 15 floors. The total number of apartments in the residential complex is 237 plus there are 21 commercial spaces where shops and stores are going to be located. The construction of Seba Suites was completed in June 2020 and the buyers can choose from three types of apartments there:

• One-bedroom apartments;
• Two-bedroom apartments;
• Three-bedroom apartments.

Seba Suites occupies an area of 7,250 square meters. The total area of the apartments is 37,229 square meters. Parking facilities and security surveillance are available. The following recreational and social facilities can be found at the site:

• A fitness center;
• Saunas;
• A swimming pool;
• A children’s playground;
• A vitamin bar;
• A restaurant;
• A cafe;
• A dry-cleaner’s shop;
• A barber’s shop;
• Pharmacies.

Seba Suites location

Seba Suites skyscrapers are located in a prestigious district that is a commercial, financial, and business center in Istanbul. The district is easily reachable from any part of the city.

The district where Seba Suites sit is called Kagithane and it is a rising star in the European Part of Istanbul. Thanks to the central location, direct access to the key highways, and proximity to business centers, Kagithane is becoming one of the most popular Istanbul districts perfect for living and working in the city.

Seba Suites are close to other prestigious districts in the European part of Istanbul and a few minutes away on foot from world-famous development projects including bridges and tunnels connecting the European and the Asian parts of the city. In particular, Seba Suites are close to the following places and infrastructure objects:

• Seba Suites is within walking distance from such prestigious districts as Sisli, Mecidiyekoy) Maslak, and Levent.
• The residential complex is located at a strategic point where TEA highway and international E5 highway intersect. This makes reaching the district non-problematic.
• The Kagithane subway station is only 400 meters away from Seba Suites, which makes the transportation infrastructure even more convenient to use.
• Seba Suites sits 7 kilometers away from Sultan Mehmed Bridge that will take you to the Asian part of Istanbul.
• Dolmabahce Tunnel is 7.5 kilometers away from the residential complex.  
• Kagt Hanh Square is only 300 meters away and Shalin district is 3.4 kilometers away.
• Thirty minutes by car, and you will find yourself at Istanbul International Airport.
• The districts most popular with tourists in Istanbul, namely, Eminönü and Sultanahmet are 14 and 17 kilometers away, respectively.  
• There are state and private educational institutions nearby including Gulf University and Istanbul Bilgi University.
• When purchasing an apartment in Seba Suites, you will have access to numerous well-known luxurious trade centers such as Kanyon Marketing Center (3.7 km away), for example. There you can buy goods of local and international brands.
• The residential complex is also close to several state and private medical centers that include State Hospital Kagithane, Darintepe private hospital), and Levent Hospital.
• In the vicinity, there are also large green areas including Belgrade forests. The windows of the Seba Suites residential complex give panoramic views of the green areas around the place.

These properties of Seba Suites make purchasing an apartment there a really attractive option. A growing number of local, Arab, and international companies are opening offices in the district so renting your apartment in Seba Suites to their employees is not going to be a problem in case you are not going to relocate to Turley but simply acquire the passports of the country by investment. Local real estate is in great demand already as it offers a luxurious lifestyle indeed.

Prices for apartments in Seba Suites

The apartments in Seba Suites have the following floor-spaces: 

• Studio apartment — 47.3 square meters to 59.1 square meters;
• One-bedroom apartment — 62.7 sq.m. to 80 sq.m.;
• Two-bedroom apartment — 81.1 sq.m. to 123. 8 sq.m.;
• Three-bedroom apartment 151.1 sq.m.

The ultimate price of the apartment in Seba Suites will depend on the floor-space, the floor where it is located, and the direction that the windows face.

Please bear in mind that the prices given above do not include the administrative costs associated with acquiring Turkish citizenship by investment in real estate in the country.

Information about the Seba Suites architects and developer

Koray Yavuzer Mimarlık architecture studio was the designer of the residential complex and Seba Construction was the company that erected the buildings.

The developer

Seba Construction is a family company that prioritizes constant progress in constructing residential and commercial buildings in Turkey. The company was started in 1993 and since that time, dozens of development projects have been implemented earning trust and respect from the customers. Seba Construction greatly contributes to the growth of the Turkish economy by investing in exclusive development projects that improve the image of the country and attract more foreign tourists and investors.  

The company uses the most advanced construction technologies and guarantees the highest quality to the buyers of the residential and commercial property that it erects.

Seba Construction builds houses in Istanbul, Bodrum, and other Turkish cities and provides for customization opportunities that can make your apartment truly unique.  

Over the 28 years of its existence, the company where around 250 people work have built 45 residential complexes, business centers, hotels, and other commercial buildings. These include the following development projects, among others: Seba Göktürk (Istanbul), Seba Office Boulevard (Istanbul), Seba Mare (Bodrum), and Seba Taşevler (Bodrum).

The architects

The Koray Yavuzer Mimarlık architecture studio was founded in 1999 by the Yavuzer brothers. It has become famous thanks to a number of outstanding architectural solutions that it has implemented. The company counts on bright designs, innovations, and multi-functionality. Nature and modern technologies inspire the architects to create new breathtaking projects.

The studio is engaged in designing residential buildings, commercial property, interiors, and furniture. It has won many awards for the interior designs in Istanbul and elsewhere. It has been internationally recognized and praise-giving articles about the company can be found in various magazines and newspapers.

The team of architects supervises the development projects from the start to the end. The main priorities are the precision of the designs and close cooperation with specialists in various fields beginning with engineers and ending with ecological consultants. In addition, the studio discusses the projects with the prospective clients. Cost management is another important priority that Koray Yavuzer Mimarlık studio has.

An analysis of the current situation in Istanbul real estate market

If you are thinking of investing in an apartment in Istanbul and in Seba Suites in particular thus qualifying for Turkish citizenship, you should not postpone making the decision for too long. The demand is growing fast. According to the official statistics, the sales of real property in Turkey fell by 29.1% on a year-to-year basis in June 2021, but they exceeded the figures for May of the same year by a hundred percent. Experts attribute this impressive improvement from May to June to the growth of foreign investments in Turkish real property.  

Growing in spite of the crisis

According to the Turkish Statistical Institute (Türkiye İstatistik Kurumu; TÜİK), 134,731 pieces of real property in Turkey including apartments in Istanbul changed hands in June 2021. This is more than twice as many as there were in May (59,166 pieces of residential property were sold).

It is true that the previous year was better as 190,000 apartments and houses were sold in June and 230,000 were sold in July of 2020. However, experts believe that the current fall is insignificant and the reason for it needs no comments.

Cheap mortgages have also played a role in the price fluctuations. The Central Bank of the Turkish Republic (Türkiye Cumhuriyet Merkez Bankası; TCMB) dropped the refinancing rate to combat the negative effects of the coronavirus pandemic and state banks raised the available mortgage amounts and lowered the interest. This triggered fast inflation that reached 17.5% in June 2021 so the Central Bank had to raise the refinancing rate sharply.  

In March 2021, 100,000 pieces of real property were sold in Turkey and 95,000 in April. In addition to the more expensive mortgages, the national isolation played an important role in the decrease of the sales numbers. The sales increased by 16.2% in May in comparison to the previous months, but their number was still unimpressive.

The latest statistics also shows that the cost of construction work rose by 4.41% in May 2021 in comparison to the previous month but the increase was 39.56% in comparison to May 2020. This was the sharpest increase in the construction costs since 2018.

The growth of the cost of mortgages is balanced by the demand on the part of foreign buyers

According to the official statistics, real property in Istanbul is growing in popularity with foreign investors. In June 2021, they purchased 4,784 pieces of property in the city, which is a 185.3% growth in comparison to June 2020.

The increase in the cost of mortgages has had a negative impact on the number of real property pieces sold. The number of purchase deals that involved mortgages dropped by 75.1% in June 2021 on a year-to-year basis to 28,878 deals (21.4% of the total number). On the other hand, this number was almost three times as big as it was in May when 10,560 property buyers used mortgages.

Most apartments and other real property sold in Turkey were sold in Istanbul in June 2021. The main tourist center of the country sold 19.2% (25,833 pieces) of all real property sold in Turkey. Ankara and Izmir reported 13,401 and 7,522 pieces of real property sold, respectively.

The results of 2020 and the first half of 2021

According to the official statistics, cheap mortgages caused an increase in the total number of property sales in Turkey of 11.2% in 2020. The 1.5 million pieces of property sold was a record-breaking figure.

The first half of 2021, on the contrary, saw a decrease in the number of sales of 11.5% compared to the same period of the previous year. The total number of real property pieces sold was 552,812. The main reason for that was the increased cost of mortgages. Of all property sold, 167,878 pieces were in newly built houses. Only 104,168 purchase deals were made with the use of mortgages, which is 60.9% lower than the year before. In the first half of 2021, 19% of buyers used mortgages when purchasing apartments and other types of real property in Turkey.

The period between January and June 2021 was the hottest in history as far as the sales to foreign buyers are concerned. The total number of purchase deals made with foreigners was 20,488. The threshold of 20,000 pieces of property sold was reached for the first time since the Turkish citizenship-by-investment program was launched.

Istanbul once again sold the lion’s share of property to foreigners – 10,108 pieces, which is nearly a half of all pieces of property sold in Turkey. The resort city of Antalya came second with 3,990 pieces of property sold to foreigners and the capital city of Ankara came third with 1,276 pieces sold.

Citizens of Iran formed the largest group of property buyers in Turkey. In the first half of 2021, they bought 3,070 pieces of property in the country. Then came Iraqis (3,019 purchase deals), Russians (1,759 deals), Afghanis (1,277 deals), and Kazakhs (787 deals).

Forecasts for the future

The experts of the local organization promoting Turkish real property abroad (Gayrimenkul Yurtdışı Tanıtım Derneği; GİGDER) expect that the results of the recent months will boost the morale of the developers in the country. They stress that the vaccination campaign is bringing positive effects, as more flights are becoming available and the tourist industry is starting to recover.

Experts also expect that the following factors are going to boost the sales of real property in Turkey: the deferred demand, the lifting of the lockdown, the return of the air flights, and the increasing inflow of foreign tourists to the country who can now cross the border without any (unnecessary) restrictions. Turkish developers hope to sell over 50,000 pieces of property by the end of 2021 and obtain an income of 7 billion US dollars (60 billion Turkish liras).

The expected income by the end of 2025 is 20 billion US dollars, or at least, it is the goal to achieve. If this figure is reached, the Turkish economy is going to feel much healthier.

Advantages of acquiring Turkish citizenship by investing in an apartment in Istanbul

When you purchase some real property in Turkey (such as an apartment in Seba Suites, for example), you will qualify for Turkish citizenship by investment. Together with the Turkish passport, you can acquire the following main benefits:  

• You can stay in Turkey for as much time as you wish: A foreign national wishing to stay in Turkey for an extended period of time has to apply for a legal residence permit and then extend it. The holder of the Turkish passport will be spared the need, of course.
• You will have the right to vote: Economic citizens of Turkey enjoy the same rights as native-born/ naturalized citizens of the country. Therefore, you will be able to participate in the national elections.
• A second passport with a long term of validity: If you buy an apartment in Seba Suites and apply for citizenship of Turkey by investment, you will be issued a passport that will remain valid for ten years. When this period expires, you can extend the passport without any trouble.
• You will become eligible for an E2 visa to the USA with the Turkish passport: Citizens of Turkey wishing to invest in the US economy and work in the country are eligible for a non-immigrant E2 investor’s visa. Only citizens of the countries that have made special investment agreements with the USA are eligible for E2 visas. Russia, China, India, and a number of other countries do not have such agreements with the USA.
• Turkey allows dual citizenship: Dual citizenship is allowed in Turkey so you can keep your home country citizenship when becoming a citizen of Turkey (unless your home country disallows dual citizenship).
• You will be eligible to stay in Great Britain for an extended period: Citizens of Turkey are eligible for prolonged stays in the United Kingdom on the condition that they engage in business activities in the country. This right is specified in the European Community Association Agreement; ECAA) aka Ankara Agreement.
• Simplified international travel: The Turkish passport gives visa-free (visa on arrival) access to nearly ten dozen countries and territories of the world including Hong Kong, Japan, Singapore, and others. Foreign investors purchasing real property in Turkey and acquiring Turkish passports will also gain access to Iran, which is closed for the residents of the western countries. Besides, Turkey might be able to join the EU one day: negotiations are underway. When this happens, the Turkish passport will become even more powerful.
• Fast and simple acquisition of Turkish citizenship by investment: The procedure of citizenship acquisition is transparent in Turkey and it does not take too much time (about three months). You have to visit the country only once to file the application for a legal residence permit and submit your biometric data. You do not have to prove the legality of all your capital: only the capital that you are investing in Turkish citizenship. You do not have to supply a university diploma nor an employment record. You do not have to learn Turkish or stay in the country for any prolonged period.
• Family applications for Turkish citizenship are accepted: The main applicant’s spouse and underage children (below 18) can be added to the application for Turkish citizenship. Dependent children above 18 can also be added to the application if they have physical or mental disabilities and have to live with their parents.
• Access to the Turkish socio-economic infrastructure: Immigrant investors are eligible to apply for free medical services in Turkey if they are above 65 years of age. All foreign nationals who have acquired Turkish citizenship by investment can use the social security system in the country (Sosyal Güvenlik Kurumu; SGK) and they can have access to Turkish educational institutions as well (they children can attend Turkish schools free of charge just like native-born Turkish kids do).
• A promising business platform: Turkey freely trades with other countries of the world, no sanctions are applied to it, and the Turkish economy is among the most dynamically developing national economies.

Expert support to those wishing to purchase an apartment in Istanbul

If you are interested in the opportunity to buy an apartment in Seba Suites in Istanbul thus qualifying for Turkish citizenship by investment and if you would like to learn more about the residential complex and the Turkish immigration program, please contact us by email, telephone, or our live chat. Our investment immigration specialists will be delighted to talk to you.