Property in instalments

Buying real estate in Turkey in instalments

Turkey is a beautiful, colourful, and friendly country. Today it is, without exaggeration, extremely popular among foreigners. Groups of joyful tourists flood the streets during the season. The number of visitors is growing every year, as the country offers affordable prices, a good climate, beautiful nature, and high-quality service. Many foreign citizens strive to become real estate owners in Turkey to have a cozy place to live and relax. When buying an apartment, the owner automatically acquires a residential permit and can also apply for citizenship. Some owners rent out their living space and gain a stable income that covers all the maintenance expenses for the house.

Real estate prices in Turkey are very reasonable, and a large selection allows you to find the most suitable real estate in all respects. The cost of modern real estate in the resort depends on several factors: location, size, layout, new or old housing stock, stage of construction, and others. Is it possible to buy an apartment in Turkey inexpensively? Certainly yes. There are several options: the secondary market, purchase under construction, and instalment plan.

Buying property in Turkey in instalments

In the Republic of Turkey, the practice of buying real estate in instalments is very popular. Such a scheme has been working for a long time and has clear regulations. More than half of real estate in the country is sold in instalments. While the real estate is under construction, the buyer pays the agreed amount in instalments, and by the time of commissioning, the amount has been paid.

What is payment in instalments? It is an opportunity to pay the owner in instalments. Unlike bank loans, no interest is charged. This method of purchase can be used in any area of the country, whether it be Alanya, Antalya, or other cities that are interesting in terms of capital investment. Construction companies are happy to offer an instalment deal to foreigners, as they can immediately use the money for construction and reduce the risk that the apartments will not sell. Although, on the verge of the country's popularity, this situation is impossible to imagine.

Depending on the developer, the payment period for real estate is also limited. As a rule, it is from six months to five years. It is easier to agree on an extended payment period in a residential estate under construction than in a ready-to-move-in building. There is also down payment. The average amount is about 30% of the total cost. Legally, the whole process is secured by the signing of a preliminary contract in the presence of a notary, where all conditions are prescribed. It is important to comply with the requirements of the agreement so that you do not have to pay interest and other penalties. The main document confirming the right of ownership is TAPU. It is issued after the full repayment is made. However, many developers practice an option when TAPU with an encumbrance is issued after 60% of the cost is paid. Developers are more interested in foreign investors, so you can always negotiate mutually beneficial terms. Money can be deposited from anywhere in the world.

Instalment plan in Turkey,  the main advantages:

• Simplicity. To sign a preliminary contract, you need only your passport.
• No big restrictions. So, any citizen of a foreign country from the list of officially permitted countries can apply for an instalment plan.
• During negotiations, the dates for instalment payments convenient for the payer are specified.
• No interest charges.
• Opportunity to negotiate the timing for interest-free payment for real estate and the amount of the down payment.

If you want to buy an apartment in Turkey in instalments, contact the Status Property agency. We offer a wide and up-to-date database of Turkish real estate and have personal agreements with reliable construction companies in the most popular resort areas of the country. Status Property team is ready to provide comprehensive qualified consulting assistance to our clients, a free inspection tour, and negotiate the best conditions from the developer. Contact us, and we will find the best apartments for you.