Benefits of Buying an Apartment in Installments in Turkey

Recently, the percentage of sales of apartments and real estate in Turkey has increased significantly, and this is due to the increase in the demand for the Turkish real estate investment market, and companies are providing distinguished real estate offers where you can now buy an apartment in installments in Turkey with easy and quick steps, and the installment period can reach 240 months, i.e. long-term installment, and it is worth noting that the installment offers are not limited to locals only, but are also made available to foreigners, hence the real estate investment in Turkey is preferred by foreign investors.

Conditions for buying an apartment in installments in Turkey?

Many foreign and Arab investors also seek to buy apartments or real estate in Turkey, with the aim of obtaining Turkish citizenship through real estate investment, or with the aim of housing and residence in Turkey, but some of them do not have the required capital, hence the idea of ​​buying an apartment or property in Turkey in installments.

It is worth noting that the conditions for buying real estate in Turkey in installments do not differ much from the conditions that must be met in the event of a cash purchase, and the following is a list of items to be considered when buying an apartment or property in Turkey in installments:

First: The nationality of the foreign citizen wishing to purchase

Where the buyer's nationality should not be one of the nationalities prohibited from owning real estate in Turkey, and they are five nationalities, including Cypriot, Syrian and Cuban.

Second: the real estate area

When you are a foreign citizen, you are not allowed to buy real estate or apartments in Turkey with an area of ​​more than 30 hectares, and also, the real estate owned by you must not exceed 10% of the administrative area of ​​the real estate area.

Third: the legal safety of the property

One of the most important conditions for buying an apartment in installments in Turkey is that there is no mortgage or seizure on the property you want to buy.

Fourth: Security approval

It is necessary to obtain security approval from the competent authorities, especially if you want to buy an apartment or property near a military site in Turkey, and this approval is important to complete the purchase procedures in a proper legal manner.

Is it possible to buy an apartment under construction in installments?

The idea of ​​buying an apartment in Turkey in one of the projects that are still under construction is an excellent idea to win real estate offers and special prices, especially if the purchase is in installments. 

And often the installments for the apartment or property end upon the completion of its construction, that is, with the delivery of the property to its owner, so it is considered an investment idea that achieves the buyer all his goals at the lowest possible prices. Here you can get an apartment within a distinguished residential complex, which includes all service and health facilities, not to mention entertainment services such as cinemas, restaurants, etc., and all this at prices much lower than regular apartments ready for delivery.

Steps to buy an apartment in installments in Turkey

The prices of real estate and apartments in Turkey are cheap compared to real estate in other European countries and some Gulf countries, and for this reason, many investors are looking for ways to buy a property in Turkey in installments, and the following is a detailed explanation of those methods.

First: buy the apartment directly from the construction company

 This is through a formal sale contract between the two parties, the buyer and the construction company that offers real estate for sale. In this contract, the price of the property, the value of the monthly or annual installment, and the time period required to pay the installments are determined.

It is worth noting that the buyer is responsible and obligated to pay the installment payments on the agreed dates, and to pay the financial value specified in the contract.

On the part of the construction company, it is obligated to deliver the property or apartment on the specified date according to the contract, and that the property has all the specifications that were agreed upon.

It should be noted that construction companies in Turkey offer the opportunity to purchase real estate and apartments in installments when they are under construction, especially in the initial construction stages, and thus construction companies benefit from the first installment payments in financing the construction of the property.

It is also known in the real estate market, that the closer the property is to being ready for delivery, the higher its price, meaning that selling in the initial stages of construction is often 20-40% cheaper, but the value of the first payment varies according to the company and the available offer, but the first payment is often 35%.

Second: Buying an apartment or real estate through a loan from the bank

Some foreign investors or those wishing to buy real estate in Turkey tend to obtain a real estate loan within a Turkish bank, and this is the second option to buy an apartment in Turkey in installments.

In this method, the Turkish bank buys the property from the construction company, then sells it to the willing buyer, but a mortgage sign is placed on the sales contract, and then that sign is raised with the last installment that the buyer must pay.

And between 30 to 40% of the total value of the property is paid in the first installment, and the installments are monthly, but the value of the installments here is less than the monthly installments when buying a property directly from the construction company, and this is due to the long period that banks set for installments, as it reaches up to ten years in some cases.

But there is a certain drawback in this method, which is the high price of the property through the bank compared to its real price, and for this reason many do not prefer this method of buying in installments.

Important legal criteria to be observed

-When buying an apartment or property in Turkey in installments, there are some legal issues that must be taken into account:

-The buyer can sell the property after transferring the ownership to him, even if there are still installments to be paid, but real estate companies often do not transfer the ownership to the buyer until all the installments are paid.

-The sale of the property can be carried out if sufficient guarantees are provided in favor of the company, to guarantee its right to the remaining installments on the property.

-When selling the property to a third party, the real estate company must be present, because it is the original owner of it.

-There is no certain percentage that must be paid before the property can be sold to the new buyer. 

What about buying real estate other than apartments in installments?

A question that many are looking for, can I buy any other property in Turkey in installments other than apartments?

The answer is yes, of course, as there are many types of real estate that you can buy in installments in the Turkish real estate market.

Where you can buy investment hotel apartments, or luxury villas in Turkey in installments, in addition, you can buy commercial real estate in installments, and this includes commercial offices, shops, malls and exhibitions.

After answering your question, you just have to contact one of the leading real estate investment companies in Turkey, determine the property you want to buy in installments, and then choose the right one for you within the available real estate market, which is very diverse, and you will definitely find what you need.

ADVANTAGES OF BUYING REAL ESTATE THROUGH BINAA INVESTMENT REAL ESTATE COMPANY :

_ Our experienced real estate team will shortlist the suitable properties for you based on your wish list.

_ Extensive knowledge of the Turkish real estate market to protect you from  fraud .

_ Agents with superior negotiating skills that ensure you get the best properties at the most reasonable prices.

_ Save time and effort, as our construction agents have a distinguished group of apartments for sale in Turkey to put them in your hands. All you have to do is contact us and we will take care about everything.

At the conclusion of our article, it became clear to us the importance of real estate investment in Turkey, and that you can buy apartments in long-term installments, and achieve high profit rates, and we hope that we have provided comprehensive information about the benefits of buying an apartment in installments in Turkey, and a complete guide on this subject.

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