Buying apartments in installments in Turkey is owning a property with a deferred sale contract, in which the buyer pays a down payment of the property’s value and agrees with the seller on certain periods to pay the remainder of the payments.
Foreigners have the right to buy apartments in installments in Turkey, and in every installment process, an agreement is made between the seller and the buyer to determine the amount of the payments and the first payment, and they also agree together on the periods in which the installments must be paid.
Buying apartments in installments in Turkey is one of the good options financially, as the buyer can pay easily and comfortably.
There are two ways to buy apartments in installments in Turkey:
Buying apartments in installments in Turkey directly from the construction company:
* Where a formal sales contract is organized between the construction company and the buyer in which the value of the payments, the time periods, and the price of the property are determined,
The buyer must make payments in time periods and agreed values, and the construction company is obligated to deliver the property on time, especially when the building is under construction.
The more the property was delivered after a short period, the higher the construction price.
* The normal value of the first payment is most often 35%, but the amount varies according to the construction company and the offer that it offers.
Buying apartments in installments in Turkey with a bank loan:
The bank buys the property and then sells it and puts a mortgage on the property that it does not remove except after paying all the installments.
These installments are usually monthly and their value is less than the value of direct purchase from construction companies, because banks use the method of adopting long periods of installment between 5 to 10 years, but the price of the property in the bank is higher than the construction companies, so it is considered a more difficult option than direct purchase.
Prices for buying apartments in Turkey:
Apartment prices in Turkey are so far cheap compared to European countries, and all Turkish cities seek to compete to attract investors.
There are many factors that affect the price of buying a property in Turkey and, accordingly, the value of the monthly installments, the most important of which are:
- The condition of the property in Turkey greatly affects the price of the property.
- The location of the property in terms of the floor and the presence of the property in a normal building or within a luxury residential complex.
- The property’s proximity to large projects such as the new Istanbul Canal – Airport.
- The proximity of the property in Turkey to the city center, events and markets.
- The property’s proximity to tourist areas such as: seas – lakes – forests – parks… etc.
- The area of the property in Turkey greatly affects the purchase of property in Turkey, as well as the number of bedrooms and bathrooms.
What are the benefits of buying apartments in installments in Turkey?
First: It is a good step on the way to owning a property in Turkey even if you do not own its full price, and therefore after buying it, obtaining residency in Turkey, and if the value of the first payment for the property amounts to $ 250 thousand and above, then the end is by obtaining Turkish citizenship, which is an attractive destination for many foreigners, and the Arabs.
Second: It is possible for companies to make discounts on the price of the property in Turkey in the event that the first payment is greater than usual, i.e. almost 50%.