Is the installment an option when buying property in Turkey?
Buying property in Turkey in installments is one of the options available for owning real estate. It is a suitable financing option, as it allows you to own a property with a deferred ownership contract until the full price of the property is paid. Its mechanism depends on paying the first installment of the property price, and the number of remaining payments and their value is agreed upon with the seller.
Can foreigners buy property in Turkey in installments?
Of course, foreigners have the right to buy property in Turkey in installments, and there is no objection to the ownership of real estate, there is no specific limit for the amount paid in the first installment, and there are no restrictions on the time period for paying the rest of the installments. All you have to do is to conclude an agreement between you as a buyer and the seller, whether it is a construction company or a bank, in which it provides all the necessary information related to the price of the sold property, the value and date of the first payment, in addition to the number and timetable of the remaining payments, and finally, review the terms of this contract before the final signing of it.
What are the common ways to buy property in Turkey in installments and how does it work?
There are two ways, the first of which is the way to purchase directly from the construction company:
1- Organizing a formal sales contract between the seller (the bank or the construction company responsible for the housing project) and the buyer.
2- Determining the required real estate price, the number of installment payments and their material value, in addition to the time period that the process will take.
3- The buyer's obligation to pay the due payments at the agreed time and value.
4- The construction company's commitment to the specifications and features agreed upon in the contract and the delivery of the property according to them on the specified date.
5- Construction companies often offer the option of selling in installments when the housing project is under construction, which makes them benefit from these amounts to finance the construction project, especially during the early stages of construction.
6- It is also well known that the approaching date of delivery of the property makes its selling price high. The more the purchase is in the early stages of construction, the lower the price of the property, and this decrease may reach 20-40% of the property price, whether it is in its last stages or when it is finally completed.
7- As for the first payment, it is known that it amounts to approximately 35% of the property price, but this matter is subject to change, as you can pay more than that and benefit from discounts on the total price of the property.
The second method is through the financing banks that grant real estate loans:
1- Using banks to obtain a real estate loan is a good thing, and it is considered a quick solution that you may resort to when the full price of the property you intend to buy is not available.
2- The mechanism of buying property in Turkey through the bank is represented by the bank buying this property and placing a mortgage sign on the sales contract and then selling it to the buyer with a deferred sale contract that is recorded upon completion of the payment of all installments.
3- In most financing banks that grant a real estate loan, the buyer must pay a down payment ranging between 30-40% of the value of the desired property.
4- As for the installments, they are often monthly and are considered relatively less than the monthly installments that are paid when buying from a construction company, and this is due to the fact that the banks give the buyer a longer period of time for payment, which may reach ten years.
5- Finally, we must note that the price of the property purchased through the banks is higher than its actual value, which limited the reliance on this method of purchase.
Information and steps to be considered when buying property in Turkey in installments:
First, you have to take a field exploration tour of the residential projects, choose the right property for you on the ground, and agree on the required price.
Secondly, you have to pay a symbolic amount as a purchase bond for the purpose of booking the property and fixing its price.
Third, you must set a date for writing and signing the sales contract.
Fourth, you should know that the deadline for making the first payment does not exceed fifteen days from the date of signing the contract.
Fifthly, the entire ownership transfer phase comes after paying all the due installments
Among the benefits of buying a property in Turkey in installments, we mention to you:
• Obtaining a property that you may not own in full at the present time, so you resort to the installment mechanism with convenient payments over a period of time that may be long or short, according to your financial ability and the agreement between you and the seller, whether it is the bank or the construction company responsible for the housing project.
• We can consider the idea of installments over several years as a factor in shortening the time to obtain a property you own, as you can receive it before paying the full price and benefit from it for housing or real estate investment in Turkey, if you compare that with waiting until you get the full price of the property and then buy it.
• In addition to all of the above, some companies offer offers and discounts when paying the first payment for the purchase of the property, whose value is greater than the usual (50% or more) and other discounts when paying the remaining installments in one go.
Here are more benefits that you will get when buying an apartment in Turkey in installments:
As we mentioned above, foreigners can buy a property in Turkey by installments from a construction company or mortgage banks, but there are other benefits that they can get when doing this:
First, they can obtain real estate residence in Turkey
Secondly, they can obtain Turkish citizenship, provided that the price of the property fulfills the condition for applying for citizenship, which is 250 thousand US dollars, provided that the property is not sold before three years have passed since the date of purchase. Therefore, after obtaining Turkish citizenship, they will have the Turkish passport and its benefits and advantages.
Third, they can enter the field of real estate investment in Turkey and its potential.
At the end of this article, we can only say that the opportunity to buy a property in Turkey in installments is a wonderful opportunity that suits everyone, and its benefits are many and profitable at all levels, whether the goal of buying is housing and stability or real estate investment ... Hurry up to seize such opportunities and do not Let it be lost from your hands.
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Diyar Turk Real Estate team
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