How to Buy an Apartment by Installments in Turkey
In recent years, Turkey has witnessed an increasing number of people wishing to buy apartments. The population increase that Turkey has witnessed in recent years has led to an increase in the demand for apartments and housing by Turkish citizens, and the demand was not limited to Turks. After the increase in the number of foreign investors, the demand also increased to the real estate market in Turkey. Which today provides the best offers and benefits to foreign and Turkish investors, perhaps the most important of which is the possibility of selling apartments and real estate by installments, after the flourish and prosperity that Turkey has witnessed in recent years.
Are there conditions for buying an apartment in installments in Turkey?
Day by day, the number of those wishing to invest in real estate is increasing in Turkey, especially after the government facilities enacted by the Turkish government in the process of buying apartments, whether by installments or by full payment of the value of the property, as the Turkish government worked on the possibility of granting foreign investors approval to buy apartments and real estate by convenient installments for a period of time that exceeds 6 years, these facilities made the purchase of apartments in Turkey by installments one of the most popular options for investors, especially since the Turkish law does not impose any conditions on the investor who wants to buy an apartment and pay by installments agreed upon with the owner of the apartment, and here we have answered the question, which is, there are no additional conditions for the process of buying an apartment by installments in Turkey than the purchase without installments.
Ways to buy apartments by installments in Turkey:
Buying an apartment in Turkey by installments means that the investor or buyer agrees with the owner of the apartment or real estate company to pay an initial amount, then the remaining amount of the full price of the apartment will be paid in installments or payments within an agreed period of time.
What distinguishes the real estate market in Turkey is that it has provided the opportunity for investors with limited income to experience real estate investment in Turkey and buy apartments by installments, as there are several ways that the investor can buy through, including.
• Buying a ready-made apartment by installments:
Here the investor can buy a residential apartment with all the requirements he desires without paying the full price of the apartment, where he can pay an initial value of not less than 40% of the full price, provided that the price is met in subsequent payments within a period of time agreed upon by him and the seller to be able to get a proof that he owns the apartment.
• Purchasing under-construction apartments by installments:
This method is suitable for investors wishing to get late future profits after the purchase process and not immediate profit as in ready apartments. What distinguishes the method is the possibility of getting a residential apartment at a very suitable price compared to ready apartments and the possibility of very convenient installments where the investor must pay a value not less than 30 % with longer periods of time to pay the rest of the agreed price in full, but in return the investor cannot get a possession title for the apartment until after completing all the agreed installments and therefore he will not be able to sell it, which means that the profits will be delayed.
• Buying an apartment by installments through the bank:
This method is called the mortgage method, as the bank purchases the apartment from its owner or from a real estate company, and then register all the property information in the name of the investor wishing to purchase the apartment in installments, with a sign of the possession title to indicate that this property is mortgaged to the bank until all the resulting installments are paid. The investor must, according to a certain period of time, after the investor pays the entire agreed price to the bank, remove this reference and the mortgage.
What distinguishes this method is the possibility of convenient installments and suitable payments for periods that may reach 10 years, while on the negative side is that the price of the apartment will be high compared to buying it without installments.
Steps to buy an apartment in installments in Turkey
The process of buying an apartment in installments is not different from the process of buying an apartment with cash, but the only difference is the payment and payment process. When will the investor be able to obtain his title deed, if he will get it immediately after the initial payment is paid, or must he pay all the agreed installments and payments to be able to get title deed
The necessary steps to buy an apartment by installments in Turkey can be summarized thus
1- Defining the goals and desires that the investor wants and aspires to
2- Listening to all the possible offers and see the options for a purchase by installments
3- Choosing the real estate agent or the real estate office that suits him
4- Choosing the location of his apartment (selects the city - the region)
5- Choosing the view of his apartment, which will play a role in determining the price
6-Choosing the urban design and the complete furniture for his apartment
7- Visiting the site to see the offers and the apartment he was chosen for
8- Agreeing on the full price of the apartment with the main owner
9- Agreeing on the full terms of the installments (first payment - period of time - monthly installments)
10- Paying a sum of money to confirm the reservation on the apartment he chose (deposite)
11- Signing the contract with a lawyer or a notary in the presence of the real estate agent
12- The investor must have a bank account
13- Paying the first payment agreed upon with the property owner via bank transfer
14- Getting a tax number
15- Preparing all government papers required for the sale of apartments in Turkey
16 - Transferring ownership and getting a possession title for the apartment, but here it will be obtained according to what was agreed upon in the contract, whether after completing all the installments or after the first payment.
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Benefits of buying a property in Turkey
How to obtain real estate residence in Turkey?
