Can We Buy Property in Turkey on Installments?
It is possible to buy property for sale in Turkey in installments. It is a sound financing choice since it allows you to own a home with a delayed ownership contract until the full purchase price is paid.
Many people prefer to buy property in Turkey in installments over cash to save money. The process is based on paying a first installment of the property price. The remaining amount and duration of installments are agreed upon with the seller. A contract is then drawn which contains all the details related to the installments and their monthly values.
The payment plan is determined by the agreement made with the construction company or the bank. Some corporations offer customized payment plans created according to the buyer’s capacity to pay. Other projects can offer installment plans that last for years.
When you buy a house in installments in Turkey, you may receive the title deed immediately or after paying 70% of the property’s price. However, a down payment is necessary and the amount varies depending on the project.
Installment Sale Real Estate in Turkey
Properties Under Construction
Construction companies give the option of selling in installments while the housing project is under construction. This option allows you to pay in installments, and the payments will most likely be terminated when the property is delivered.
The earlier the property gets purchased, the lower the price. This reduction may amount to 20-40% of the property price, depending on whether it is in its last phases or when it is done. You can benefit from these amounts to finance a construction project.
This can be done through bank loans. Using banks to secure a real estate loan is a quick solution that you can use when you want to buy a house in Turkey on installments.
The process of buying property through a bank in Turkey is by the bank purchasing the property and setting a mortgage sign on the sales contract. Then selling it to the buyer with a delayed sale contract upon completion of all installment payments. The buyer must pay a down payment ranging from 30-40% of the value of the desired.
The installments payment amount is lower than that of construction companies. This is because banks usually give more time frames to finalize full payment.
Apartments on Installment in Turkey
It is easy for individuals looking to buy apartments in Turkey installment to get affordable down payments. Buying an apartment in Turkey is a very rational bargain nowadays as there are many benefits. Apartments in luxury residential compounds are of high quality. There are many amenities and services to enjoy such as playgrounds and gardens.
Property buyers in Turkey get many government privileges. You can obtain a residence permit in Turkey directly after receiving the title deed. There is also the opportunity of applying for Turkish citizenship after all installments have been completed.
Tips for Buying Property in Turkey on Installments
You should always do thorough research when looking for a property. It is recommended to conduct viewing tours of several properties to select the best property for you. Then, you must schedule a date for signing the sales contract upon the agreed required price.
You should be aware that the first payment must be made within fifteen days of the contract's signature. After that, the whole ownership transfer process occurs after all due installments have been paid.
You can look at our buying guide for more detailed information on the process.
In conclusion, purchasing real estate in Turkey in installments is not difficult and has no limits or conditions on investors.
As a leading real estate company, we offer very attractive property options to our customers. Rest assured you will get the simplest installment plan and the most profitable investment.