Did you know that a foreigner can buy apartments in installments in Istanbul just like any Turkish citizen, and it is the ideal option for those who do not have the ability to pay the value of the property in cash, or who want to use the amount they own to establish other projects.
If you want to know everything related to buying apartments in installments in Istanbul, you should follow this article with us in which we will present everything related to this topic.
As a result of not being familiar with the laws and regulations in Turkey, it is natural to ask such a question. Are there specific ways to follow?
The first way: to buy an apartment in installments in Istanbul through construction companies that periodically offer a lot of special offers, attractive prices and high discounts. But you have to deal with a famous and important company in order not to be a victim of fraud.
The second method: buying an apartment through one of the banks that had previously bought the apartments from the construction company to sell them to customers and put a mortgage sign on the property until the full price is paid.
What should be noted is that the two methods are safe, but the first is the installment period is less and the price is lower, while the second gives the buyer longer years to finish paying the payments due, but in return the price is higher.
The third method: buying a property in installments that is ready for housing, and although the offers that are available in this way are few, this does not negate its existence, and the first payment is about 40% of the total property value.
In your opinion, what are the benefits that you will get by buying installment properties? Through the next paragraph we will review it in full.
1 - Many construction companies offer only a five percent discount on the price of the property.
2 - If the property is under construction, the prices rise significantly upon completion of the construction work, and the percentage may reach 70%.
3 - You will not have to look for a way to secure the price of the property, as you will pay for it in separate stages, which gives you great comfort.
4 - If the property is ready, you can benefit from it before you pay the full value, for example, to live in it.
5 - You will be completely far from the possibility of borrowing, as it is not recommended that you resort to this possibility, and you will find that you have two problems instead of one (managing the debt and paying the price of the property).
6 - When you buy an apartment in Istanbul, you will have fulfilled the first condition that must be met in order to obtain real estate residency, and you can apply easily and quickly.
7 - If the value of the apartment is two hundred and fifty thousand US dollars or more, an application can be submitted to obtain Turkish citizenship.
We have a set of notes that you should take into consideration when you decide to buy this type of apartment in Istanbul or in other Turkish cities.
1 - Do not think about buying an apartment in installments if you do not have the possibility to make all the payments on the specified date.
2 - The down payment ranges from 35% to 50%, and the larger it is, the higher the discount.
3 - If you are late in making the payments on time, you will have to pay the fines.
4 - All terms and conditions that will be between you and the seller must be included in the sales contract.
5 - Look for offers that provide you with the possibility of paying the value of the property over ten years or more.
6 - Focus with all the items that you will agree to, especially those that refer to the date of delivery of the apartment.
There are those who wonder if you can find this type of apartment easily in Istanbul, or if they will find it difficult? If you are familiar with everything related to the Turkish real estate market, you will know that it is very easy, as construction companies are racing among themselves to offer the most distinguished offers and options.
If you are looking for luxury and sophistication, we advise you to choose Basaksehir, which is one of the closest vital projects in the city, such as Istanbul's new airport and the new water canal It is the best option, whether you want to live or invest, as real estate prices are constantly rising, and this matter has emerged clearly in the last three years, when it recorded a 45% increase.
Also, if you choose Beylikduzu, you will find many special offers, as it has become one of the most important places that construction companies choose to build the finest modern-style projects. You have to know that prices in this area are considered low compared to the prices that you may find in the neighboring areas, but this will not last for long, as it is expected that prices will rise significantly during the coming period as a result of the great demand for buying real estate in it.
You may wonder whether the installment apartments are better or the apartments that are paid for in cash. In fact, both options have negatives and positives, but despite the advantages of installment apartments, many people do not prefer them and choose to pay in cash for many reasons, the most important of which are:
- Take advantage of huge offers of up to twenty percent.
- feeling safe.
- Obtaining the title deed immediately.