Buying property in installments in Turkey… an opportunity available to many
Despite the economic difficulties facing most countries and individuals alike due to the continuing suffering from the Corona pandemic and what caused a decline in tourism, investment and trade in the world, Turkey is still the focus of many attention for stability, investment or even tourism, and therefore there is still demand for purchase Real estate in Turkey is a topic that interests many people, whether for the purpose of investment or housing
In view of the economic conditions, interest has increased in particular on buying real estate in installments in Turkey. Therefore, we will summarize in this article the most important points related to this matter.
Buying property in installments in Turkey legally
There are no specific conditions for buying a property in installments in Turkey, there are only conditions that follow the conditions for buying the property itself, as this is done, that is, buying real estate in installments in Turkey, either directly through real estate companies, as the company organizes an official sales contract, in which the value of payments is determined installment payment mechanism,
or by buying an apartment in installments through a bank loan; The bank buys the property and puts a mortgage on it until all the installments are paid.
In this case, when the ownership is transferred to the buyer, he can sell the property even if it has installments, but often the ownership is not transferred to the buyer until after the full payments are made, or if he provides guarantees
In the case of buying property in installments in Turkey, the buyer is given a certified sale contract, which is not the title deed, but it authorizes him to sell the property to another buyer, who undertakes the installments of the rest of the amounts due from the first,
On the other hand, there is no specific percentage of the price of the property and no specific time for payment until the buyer is able to sell it to a new person. However, the sales contract that is made from the first buyer to the second buyer, entails the payment of additional fees related to the notary, and it is agreed to pay it between The two parties, and the buyer in installments can sell the property to one or more persons after the approval of the owner, and delivers the title deed after paying the full installments according to the share of each one of the property.
With regard to the steps for buying property in installments in Turkey, they are as follows:
- Choosing the right property
- A copy of the title deed or the real estate statement,
- A copy of the property’s location in the municipality’s plan or a location statement,
- Get the tax number from the tax department,
- Translation of the passport into Turkish and attestation by the notary notary
- Having a quarter of personal photos,
- After that, he signs the purchase contract with the seller and submits a down payment, then submits a request to transfer the ownership to the specialized authorities. When the approval is issued, the Land Registry Department reviews the Land Registry with the seller.
Types of real estate that can be purchased in installments in Turkey
First: Buying property in installments in Turkey in projects under construction, and this type is suitable for people who are either interested in investing or are not thinking of living in the property at the present time.
When buying real estate under construction in Turkey, it is preferable to do this in installments so that the buyer can benefit from the exchange rate difference, and he will also not be obligated to freeze large cash flows for several years.
And buying an apartment in projects that are still under construction, is an excellent choice to get special offers and prices, even when choosing to pay in installments.
It is more likely that you will finish paying the installments, in conjunction with the delivery of the property, and get an apartment in an excellent residential complex, which contains all the services and sports and health facilities .. as well as amazing entertainment features, such as an open air cinema and smart home system, all at lower prices than apartments Regular ready-made apartments in the market.
Second: There are several pioneering projects that offer the possibility of buying a ready-made apartment and receiving it directly, after paying an agreed down payment. The rest of the amount is to be divided into several installments, according to the payment plan suitable for the buyer.
One of the advantages of buying in ready-made projects is that you will receive your apartment directly, and you can live in it or even rent it, and benefit from the rent allowance to pay the apartment installments, and the expenses of participatory services in the complex.
When choosing apartments for sale in Istanbul in installments, the buyer is given a purchase contract notarized by the notary public in Turkey – Noter. Then he gets the title deed in his name, after all the installments are paid.
Other information about buying property in installments in Turkey
When buying property in installments in Turkey in projects under construction, sometimes the new owner obtains the title deed directly when buying an apartment in Istanbul in installments, whether it is ready or under construction.
Usually, a reservation sign is placed on the title deed in favor of the company, which is easy to raise immediately, once the full payment of the installments is completed.
Turkish citizenship can be obtained in the case of buying an apartment in installments, provided that the payment of installments of more than 250 thousand dollars of the value of the property is completed; Even if there are unpaid installments after the $250,000.
