Look Inside My Istanbul Home Renovation
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Not only Turkey is one of the hottest things in the "Second Citizenship industry" right now. It's also a highly attractive place for real estate investment.
Istanbul, for example, is full of great deals right now. From penthouses in some of the most coveted neighborhoods to new land developments in the suburbs, Istanbul offers a great ROI for those willing to do the legwork.
In this video, Andrew shares all the details of why he bought his apartment in Istanbul and what the results were.
00:00 Start
0:22 Investing in Turkey
2:12 Turkish Lira
3:44 Renovation Services in Turkey
5:07 Benefits of Investing in Istanbul
7:18 How to Not Lose Money
10:40 How to Move to Turkey
12:36 Economic Situation in Turkey
Andrew Henderson and the Nomad Capitalist team are the world's most sought-after experts on legal offshore tax strategies, investment immigration, and global citizenship. We work exclusively with seven- and eight-figure entrepreneurs and investors who want to "go where they're treated best".
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Andrew has started offshore companies, opened dozens of offshore bank accounts, obtained multiple second passports, and purchased real estate on four continents. He has spent the last 12 years studying and personally implementing the Nomad Capitalist lifestyle.
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Would you like to see more real estate tours?
YES
Y
Yes, also how you find and manage all the people that take care of your properties around the world (buying, designing, renovating, maintaining, cleaning & landscaping, )
Yes absolutely!! Especially the renovations with before and after. 👍🏾
Yes, please. Tbilisi before and after, please.
Just left Istanbul. Currently hold two passports and turkey is on my radar even though I don't have 400 k to buyout right at the moment for a place but definitely working towards it.
Definetly buy-in before may 14th. once the current government changes, they will immediately clamp down on foreigners buying citizenship.
As a designer myself, I cannot get over this reno. I watched the before and after videos back to back. That entry tile…PERFECTION! Climate control is often my biggest concern when it comes to living in other countries - I cannot do heat/humidity without air conditioning, so I’d be interested to know more about the mechanicals in these type of places.
Hi Andrew, for sure a place like Istambul will retain the real value of a real estate. In high inflation countries obviously items like houses, cars and other invaluable stuff are priced in Dollars or pounds.
No they're not! Dollars and pounds are increasingly not accepted in the East, which is increasingly rich and successful as the impoverished failing west sinks into oblivion. The US is the most indebted, poor nation on earth, with the hopeless UK close behind. Greater China and the Middle East have most of the wealth in the world today. Here in Singapore, along with 18 other nations regionally, financials have stated we will no longer transact dollars, pounds, and yen effective January 1 per the RCEP agreement.
You can say all those about the west, buy the numbers say otherwise. The strength of the dollar keeps going up long term, and it's often best to just hold dollars, and exchange them during times of weakness on the target currency.
@@caronridge6912 uk, us and the west are fucked up in many ways but dollar and pound, unlike euro, are still sovreign currencies, so as long as there is political will and understanding, they simply cannot go down
@@nomadnationalist2776 i do not have any dollars at all. I just believe dollar's problems are purely political (mostly foreign) and not intrinsic macroeconomic.
I am not rich enough to even think of diversifying. I am doing a bit better than the average in my country, just because of my job,but i am still trapped in the euro. I like this channels and contents though
I remember the tour when you bought this place. The renovation came out very well.... would have liked to see what you did with the terrace.
Excellent choice of neighbourhood. Buy wisely and you will enjoy. It’s the best city in the world. 🙂
I was thinking about investing in Istanbul about an hour ago and you just uploaded this video 😄
This is a sign. 😄 Feel free to contact our team nomadcapitalist.com/apply/ our team will be happy to serve you.
Beautifully remodeled and furnished apartment Andrew! I went through a similar project to renovate an apartment in a non-Western country and was surprised how nice it turned out.
Loved this video...Rubber meets the road, practical, personal experience with numbers! Thank you!!
Love your taste. No one flips homes like you
You're very kind, Mohamed.
Thanks for the update.
Love this update, I remember how it looked originally. Not only did you buy at the right time but I like the decor! I definitely value Istanbul but missed the 250,000$ purchase for citizenship.
Thank you!
Thank you Andrew. I look forward to each and every one of your videos. Each presenter brings a different style.
Always happy to read your comment, Xavier.
Ahhhhhhhhmazing!!!!! You had me at: "I'm not a purveyor of bargains"
How do you keep your houses around the world tidy and clean? Do you have cleaning staff and construction workers that access your houses while you’re not there?
Love the pink touches.
Wow Andrew your channel developed nicely.I suscribed in early days and I am glad that you doing well😊👍👏
Thank You again for such valuable insight!
Glad to have you.
this apartment is class ! tips on decoration ?
Go with groups of three. Three candles, even in different shape or color, three pieces of porcelain, three pictures on the wall. three pieces of nick knacks on the shelf. Groups of three give the impression of done on purpose. One piece or two pieces could be there by chance. You can also play with color schemes, like several items in the same color. That is my advice.
@@petermages9482 That's interesting, thanks !
Thanks Andrew!!
Im amazed when listening to you.....fantastic
Home looks lovely, good taste!
I LOVED your book and I LOVE Penang!!
I have never seen anyone regret buying a property in Turkiye but seen a lot of them regretted not buying because the prices are high. I am not a huge fan of investing in real estate but it doesnt change the fact that the owning a house or two or more is always the number one choice for Turkish people when it comes to investing.
It is not a financial advice.
I remember you showed us this apartment when you bought it. Looks gorgeous!! Did you show your Bogota apartment after the renovation?
The property came out absolutely beautiful. Definitely inspiring.
Thank you!
@@nomadcapitalist I'm a low risk investor aiming to buy a rental income property.
Do you recommend Istanbul or Dubai for a safe investment?
Hi Andrew, You should look into north Cyprus as it is currently the cheapest place to buy property for retirement
another excellent video!
Coming from a background where we have been blessed to have homes/assets all over the world, I can assure you its involves a lot of avoidable busy work and stress.
Much easier to just own quality US or other solid stocks that pay regular divs and be free to travel the world and stay at the best places without locking oneself into any place other than perhaps one or two home residences at most.
‘Possessions possess, don’t let possessions posses you.’ : )
I recall you looking at properties with the Turkish Canadian broker. Very nice condo.
I found your renovation video!
Andrew, can you please tell us what is the size of your apartment? Tks
Nice makeover…….👍
Thank you for this video - you have certainly made a beautiful job of decorating your Nişantaşı flat. And it is a great area of Istanbul to live in. Would the acquisition of Turkish citizenship create complications for your personal taxation status?
Would be interested to hear about your consideration for holding Thai baht!?
In Istanbul right now. Huge city, it will take a while to understand it and get a feel of it before living there. Full of tourists. Full of atms. Seen probably 5 tattoo shops in kadykoy in 3 blocks, and crypto offices. Up and coming. Lack of good and honest vegan/vegetarian restaurants.
Turkey is bit known for their meat but there's a few vegan spots
@@ThiefKingofLegend yes there are but considering the size of the city and the amount of tourism there is room for more, plus a lot of people dont speak decent english yet
Love the joke about going to public school. Mr. Andrew is sneaky funny
Nice video. Most real estate in turkey has gone through the roof in recent years. So may not be the best spot now?
Have you looked at places in Lombok Indonesia?
I'm a Turkish citizen, living in Istanbul. I'm a meeting translator. If you need a translator I can help, especially at online meetings.
I think Chinese Yuan is replacing US dollar. BRICS countries are planing to use Indian Rupee or Chinese Yuan in their import export.
No, BRICS is creating a new currency backed by gold.
Andrew Henderson is a BRAND of its own right!
Hi Andrew,
I hope you're well. I've been following the impressive renovation of your house in Nisantasi. Given the current real estate demand, I believe it presents a fantastic opportunity for profit.
I specialize in connecting buyers with unique properties and would love to discuss how we can maximize the value of your home. Could we schedule a brief call or meeting at your convenience?
Looking forward to the possibility of working together.
Best,
😃👍👏👏👏
My concern about investing anything in Turkey is Turkey's strategic location, and their political position and affiliations. in regard to the currently heating up World War.
Antalya Turkey
@@joblakelisbon Yet, it's coming on winged feet. Be safe and be ready Bro.
@@nomadnationalist2776 nice, where are you from
Do you have any thoughts on commercial real estate? My wife and I are considering purchasing a hotel in Turkey.
If you focus on a tourist hotel, not a business hotel, please look were Germans and other groups go. That will help you not losing your money.
Antalya
Central Istanbul has a variety of offerings of hotel to purchase from newly built to historic buildings. Our real estate company helps foreign investors with commercial properties.
@@petermages9482
Thank you Peter.
@@charashmaa Hi Olga
Thank you for your message. My wife and I will be in Istanbul in the second week of May, perhaps we could meet? What is your companies website?
What is a LifeStyle property?
How much do you have to spend on property in Turkey to get permanant residence?
What about the demolition of istanbul apartment buildings because of earthquake readiness?
What do you think about Argentina & their peso?
If your watch is registered in Panama or St Kitts the yatch is subject to the laws of the country of the flag which is flying on the ship.
A Pied-a terre in Instanbul.
To get citizenship some people from government need tk evaluate if value of real estate is worth 400k $. But in your case you buy a property for let's say 270 k and after 2 years it's value is 400k we can get turkish passport ? So no need to pay real estate fir 400 k and lose money? That's rhe idea ?
In his case, there was no need to wait because the requirement was just $250000 before the middle of 2022.
Would you be willing to share the contact of the Bogota renovations guy? Thanks so much
Before and After pictures, please.
One could say it's a tur(n)key apartament
A friend says Istanbul stick’s saying that mildly.
Hmm interesting. How about squatters ?. I wanted to buy a property in India and a local realtor talked me out . Apparently once squatters move in no one can get them out. That's my main concern when it comes to property which is difficult to control.
If you are going to buy a property to rent, you should you have to be selective (careful to select) when choosing the tenant. Your realtor will help you to choose a good tenant.
You can ask “Findeks” report from the tenant. This is a report that shows a person’s credit score and financial history like credit card debts, credits from banks, etc. So, if he/she has a high credit score, it is very unlikely to face a problem with the tenant.
Also there is options that some banks guarantee the 1-year of rent if you are willing to pay one month of rent to the bank. (I am not 100% sure about the terms). Vakifbank (which is a bank that owned by the government) has such a rent guarantee service.
If we get back to your original question about the squatters, i can not say it is very easy to get a tenant out of your property who is not paying his/her rent. Eviction cases can take up to 2 years.
I am not a legal expert but i think it is easier to get out the tenant not paying rent from a shop instead of a house. So you might consider to buy a shop or office to rent.
I'm not sure, but I think the courts are being emotional when they decide to kick a family out of the house.
But if you face such a problem, you can hire a good lawyer and start the legal process.
And finally, if the tenant pays the rent regularly but you still want to get him out for some reason, you should have a really good reason like proving that yourself will move in the property.
How to find property that won't collapse in the first earthquake?
new buildings are your best bet however old and good building on a hill i believe it will be fine
@@joblakelisbon i studied engineering in istanbul and lived in US and Dubai and I also bought in istanbul more than few.
@@joblakelisbon yes and Istanbul is on a major faultline and due for an earthquake. So I want to know how to pick properties that are well built to survive a quake. Very few in Turkey are
"You've seen 30%... return on property". From 2019 to 2020 average gold price also increased around 30%. And US M2 also increased 30% from 2020 to 2022. So I figure it's more about inflation of US dollar than ROI.
Keeping up with inflation during a period of high inflation is good performance in and of itself.
Can you live in your gold coin or rent it out? Wtf
@@redx11x Per my understanding, in western world the cost of ownership of condominium (property tax + strata + utilities) would be equal to at least half of rent of similar place. And if you have a mortgage then interest will add up as well. I am not saying property ownership is bad but such financial decision needs a careful calculations.
Gold, stock can be easily sold. Liquidity of real estate is way-way less. But my initial statement was only about calculating ROI.
People are nice in Turkey, the country is beautiful and I actually love Turkish food. I would rather be afraid of the military service requirements that comes with the citizenship.
You are an intelligent wise individual.👍
Thank you.
If I build a property and get it appraised for 1 million dollars is that eligible for citizenship?
I live in Istanbul. Love it here in Kadikoy. I may buy an apartment here. We should talk some time I do graphics for digital marketing.
i love kadikoy i own there also i recomend uskudar
@@BALDANDRETIRED I was just in Uskudar yesterday. Are prices lower there?
last year march i bought from bodrum 130k +30 k renovation now worthed 400k USD I am not kidding. i am so happy i entered just right time
Beware of unrealized gains euphoria
@@seldauzun7042 I m being very Conservative
No way have prices in Bodrum increased by over 100%!
Unfortunately you can not know the price of the property until you actually sell it. And after the huge earthquake in Turkey, old buildings are very low in demand.
And also there are two excange rates in Turkey right now. The actual rate vs the rate that government dictates but nobody can get. And the difference is %5 right now. So, unfortunately you are just completely far from reality
@@joblakelisbon Yes. Im living here for 38 years and the city is right on a very active fault line which spooks every resident of Istanbul right now. Where were you from and how do you have any insight about istanbul?
Hey Andrew, coyld you mqke a video on trusted turkish real estate sites or brokers. A lot of scams these days. Alao, I've heard that foreigners who bought turkish investments were thrown out of the country and their property essentially stolen away from them. Not sure if it's a rumour.
Are these condos or homes?
You get "Permanent Residents" for buying any amount of real estate in Turkey?
Correct. Has to be "liveable" though, so you can't buy ruins or just land.
What happens when it collapses? Literally the building falls down to the ground?
Istanbul is an earthquake zone. new buildings are built to withstand a possible earthquake.
I wouldn’t buy a building which is older than 15 years in Istanbul. So the first thing you should consider is not the neighborhood it is how old is the building.
If we get back to your question, if the building collapses you will only lose the building cost of the apartment. Your share of the land still belongs to you. If you insure your flat, insurance company pays some (or may be all) of your loss. Also you should make the “compulsory earthquake insurance” when you own a property in Turkey so if such a case happens, this insurance also pays some of your loss.
Not consider the neighbourhood?
Lol everyone should be checking the grounds then the building.
A new building on bad ground is not safe. Do your research before buying and don't rush 😊
As a currency collapses assets hold onto real value…the asset appreciates in price relative to the debased currency. Don’t hold onto cash. Stock markets are a good hedge against inflation, but prices become very volatile.
I'd be concerned about earthquakes and if apartments and older buildings in Turkey and Istanbul resistant and able to withstand these events.
What's the name of the region you invested in? Can't find it on google...
I was also having trouble finding it. It is: Nişantaşı
You can read it at 7:01, right next to the restaurant name
Good job
Thank you.
@@nomadcapitalist thanks Andrew im hoping to be like u someday
Which one is better Ankara or Istanbul, andrew?
I would prefer Izmir!
To get 280k back for your condo at today's rate, you will have to sell it for aroubd 5.3m lira.Question is can you sell it for 5.3m lira? just wondering..thanks
yes he can this is very good neighbourhood.
@@BALDANDRETIRED And imagine if the property values retrace to other European levels and TL returns to historical norms with the dollar?..6.000.000 TL to a 5 TL to $1?...Crazier things have happened 😂 A decade plus sga it was 1.3 tl to US $...I hope Fort Knox has gold 🤔
@@als4387 well those times will not come back to be realistic but with new opposition government we can have better than 2008 economy in Turkey yess actually 1$ was 1.8 lira in 2003 and dropped to 1.18 in 2008. Turkeys economy was really thriving . And in 2 3 years time again will be good with only new government not with erdogan
7:28
@@BALDANDRETIRED Well, with opposition government it seems very likely citizenship program will be closed very quickly.
Why only Istanbul? What about other cities?
BODRUM n antalya
Antalya
It would be good if you listed property agents, contractors etc in each country.
I’m a bit sceptical about investing into Istanbul real estate with the prospects of an earthquake in the near future.
Do you not think buying property in Istanbul is risky considering the earthquake situation? My people in the east of Turkey never got the money for the earthquake insurance
Lira now 19.40
You don't HAVE to buy in Istanbul. Antalya is worth looking at as well before making a purchase. Antalya is booming.
Can you pass you’re Turkish nationality to you’re kids if you get it by buying property.
its a family deal yess you can
But not during the deal, if the kids are born after you get the nationality
What about 4 figures entrepreneurs
You got to make over 200% to make some money...
Can one live in Turkey and not know Turkish? Is English enough?
Sure.
When you factor inflation, you are about breaking even. Just buy what you want to own and use
Istanbul has a big risk of the huge earthquake for the next few years
Elections are almost here and the opposition has a good chance of winning for the first time in 20 years. If that happens, this program can be completely canceled; causing the real estate prices to plummet. What is your view on that?
Turkish people are suffering after the strong earthquake and there is home crisis in Türkiye. People are still living in the tents.
And here capitalist are earning profit with this home crises and getting citizenship..
Turkish people are not happy with this situation. Just informing.
meantime anyone looking for property in Uskudar and Kadikoy in Istanbul and also Bodrum Central I can help
i'm turkish and living abroad since years.. like many other immigrant turks.. there are more than 10 millions turks living abroad. I lived in albania in the past but now moved to worse country because they offered me good salary.. indeed i have no idea why people may need turkish passport. so high unemployment rate, min wages are around 400 usd, more than 50 percent working with min wage. too many afghan and syrian immigrants in istanbul, experts are expecting a huge earthquake in istanbul in coming years, mr erdogan said you can't increase your rent more than 25 percent in a year while lira is dropping more than 25 percent in a year...yeah house prices are low in turkey but it does not make sense your child won't be so happy to grow up in turkey.yeah if you dont have kids, sell your 1 house in europe buy 3 house in Turkey. live in 1 house and give others to rent. live free.. yeah that can be the case for some people.... I was focused on ireland investor visa. but unfortunately they closed the route. spain or malta is not so attractive to me. who are thinking Turkey, must think twice or more..
Agreed. Live here and you are 100% right. Can't wait to go back to Europe. Was in Spain that was amazing but taxes are high there.
I think the construction quality of the buildings should be addressed, it is a VERY real possibility that Istanbul is due for a huge earthquake and many buildings will collapse, just like the earthquakes in southeast Turkey this year. The culture is to buy off inspectors for 'licenses' to 'prove' to potential buyers that the building is earthquake safety standard compliant, but in reality the developers do whatever they want without regards for lives. I lived in Istanbul for 2 years and can honestly say that the country is not worth investing in.
Andrew, you need to visit a doctor. You have a facial tick due to vitamins & micronutrients deficiencies.
Get checked & sorted.
Best health.
With regard to your comment on 'bargains': You get what you pay for.
How do Russian Armenians feel about Turkey?
Is Andrew a crypto-Armenian? uh... Well, it looks like... looks like. Hendersonian?
@@AquariumRuss His wife is of Armenian origin
Just tell the Turks that you are "Russian". You will be treated very well. I think they will even begin accepting MIR there over time.
@@AquariumRuss they love Russians and Armenians
@@harisadu8998
I thought Andrew was a confirmed bachelor?
There's no shame in being a Turkish national, Andrew.
If anyone think they can just invest in another country and buy assets, they should throw the money in trash. All your families and friends are here. You should just do it here. An experienced person saying this.
????? what?
Too bad Erdogan got reelected.
Why is that? They are fighting the inflation now
Good video, but It's Turkyie now. Don't get on Erdogan's bad side.
he is going down wait until next month
@@BALDANDRETIRED Oh man. I hope things remain peaceful. I've been wanting to visit Istanbul forever and was hoping I could do it later this summer. 🤞
@@lucasomalley most likely it will be something but not as bad as many people afraid.
@@lucasomalley I suggest you be grateful to him; compare Erdogan to the feminized imbeciles in charge of the West.
Your Turkish citizenship is worth $hit. We have an Emirati friend who denounced his Emirati citizenship and went to live in Turkey. He was traveling to Jordan when the Jordanians deported him to UAE. Long story, the Turkish government did zilch to protect him and until now have never asked for him to be returned to Turkey. He sits in an Emirati prison and has been tortured.
So what exactly do you think a person should get Turkish citizenship for? The citizenship did him nothing. Sure he bought real estate and got a Turkish passport. He renovated a beautiful villa in Istanbul .. what good is that to him? And the Turkish lira has declined dramatically.. anyone buying into Turkey needs to be aware of the currency loss they will get immediately.
Dude there was a earthquake tens of thousands died and house shortages. And you talk profits.
Not near Istanbul....fyi
@@chrismaxfield5484 that’s one reason the property prices have risen. Been there