All What You Need to Know About Buying a House in Turkey by Installments
The issue of real estate in Turkey has become a common issue and there has been a lot of talk about it. Among the questions that are raised in this regard (buying a house in Turkey in installments, what are the conditions that must be met? What are the most important details that you should know about this topic?)
In this article, we will provide you with all the details and information related to this topic, and we will highlight the most important aspects, such as how to buy a house in installments, and the most prominent benefits that will accrue to you from this matter.
We wish you a useful reading.
Important information about buying a house in Turkey in installments:
- It is a deferred payment contract for the sale of real estate.
- The first installment of its price is paid and the rest is agreed upon on later dates for its payment.
- There is no fixed or agreed amount in the first payment (each company determines the amount that suits it, but often it ranges between 35% and 50%).
- Foreigners have the right to buy apartments in installments in Turkey (they are entitled to what the Turks are entitled to).
- The higher the payment, the higher your chances of getting discounts.
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How to buy a property in installments in Turkey?
Through the following paragraph, you can see the spectrum of owning real estate in installments in Turkey, and you should know that you will have two ways to choose between them:
1 - Buying a house in installments in Turkey through the construction company:
- The first way is to deal with the construction company directly.
- You pay the first part of the property value and the rest is divided over the coming months and years.
2 - Buying a house in installments through a bank:
- In this method, the bank buys the property from the construction company and then sells it to the buyer.
- The bank places a mortgage sign on the property until the full price of the property is paid.
What distinguishes the two methods from each other is that when you buy the house through the bank, you will get longer years to finish paying the price of the property, but in the first method, the period is shorter.
In this regard, we mention that if you choose the second method, the benefits that will accrue to you are great in contrast to the construction companies that offer special offers, especially if the project is in the early stages of construction.
What are the main advantages of buying real estate in installments in Turkey?
- A foreigner who buys an apartment in installments with a value of two hundred and fifty thousand US dollars or more can obtain the Turkish citizenship. (Did you know that previously, Turkish law did not allow those who buy a property in installments to obtain citizenship?)
- f the property is residential, you can apply for real estate residency permit.
- Installment homes are a great opportunity for those who do not have enough money to pay cash, or for those who need their money in another project.
- If you choose to buy it through construction companies, its price is low if it is compared with the prices of ready-made properties.
- It can be invested after the construction stages are completed, either by renting it out to get a high return or by reselling it to take advantage of the price difference (the prices of properties under construction rise after their construction is completed by between 20% and 30%).
- Spaced intervals are often set between each payment and the other in order for the buyer not to feel that he is doomed for a short time.
- You will have an opportunity to add your own touches to the property and to choose the specifications that you prefer.
Important notes when buying a house in installments in Turkey:
There are many points that you should take into consideration when you want to buy an apartment or property in installments in Turkey, and this is what we will present in the following lines.
- Do not take the step of buying a home in installments until you are sure that you are able to make the payments in the agreed time.
- Beware of resorting to debt in order to pay the installments in order not to face the problem of not being able to pay.
- Look for the best offers offered by construction companies (from time to time they offer great offers that you can take advantage of).
- It is preferable to use a reliable real estate company or a trusted real estate agent to ensure that you get the best and safest opportunities.
- Make sure to include all the terms agreed upon in the contract (such as the date of delivery of payments - specifications that must be adhered to in the property).
Another important note is that any delay in making the agreed payments will expose the buyer to a fine (which is agreed upon earlier and written into the contract).
The importance of real estate ownership in Turkey:
- Real estate prices in Turkey are somewhat appropriate and moderate, and they have exceeded real estate prices in European countries.
- There is news indicating the possibility of a rise in real estate prices in the coming period by a percentage that may reach sixty percent.
- The Turkish government supports the real estate sector, as it issued decisions to reduce real estate taxes.
- The real estate appraisal document is a great guarantee of the buyer's right because it accurately determines the value of the property and protects him from falling victim to real estate fraud.
- Turkey has a modern and developed infrastructure and embraces the largest strategic projects that significantly affect the value of the property, the most important of which are:
- Istanbul new airport.
- New Istanbul Canal.
- Basaksehir Medical City.
- Highways that helped solve the problem of overpopulation.
- Tunnels - bridges.
- Universities - schools.
In addition to all of the above, the reviving Turkish economy plays a major role in encouraging foreigners to buy real estate, as well as the distinguished geographical location and tourism character that stimulates real estate investment.
The most important thing you need to know about buying a house in installments in Turkey was presented to you through this article. We hope that you have got the full answers to your inquiries in this regard.
Do not forget that we help you choose the right property for you as soon as you contact us, and our good relations with the most important construction companies ensure that you get special offers and safe investment opportunities.
We are ready to answer all your inquiries, so do not hesitate to contact us via WhatsApp.
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