Advantages of buying a property in installments in Istanbul
The unparalleled race in the Turkish real estate market over the past few years has contributed to a qualitative leap in apartment sales in Turkey, by giving the investor the possibility to buy an apartment in Turkey with comfortable installments for long periods of up to 240 months, not only for local investors but also for foreigners. Some installment offers for foreigners have been delayed for seven years, which made the option to search for apartments in installments in Turkey a suitable option for all those who wish to own and invest.
What are the conditions of installments in Istanbul?
Turkish law did not oblige the buyer to have specific conditions when buying an apartment in installments. After selecting the appropriate property and submitting a copy of the title deed "Tabu" or "land statement", a copy of the property's location in the municipality plan or a statement on the site, and taking the tax number from the Tax Department, the buyer translates the passport into Turkish and confirms it from the notary with four personal photos, then he signs a purchase contract with the seller and makes the down payment, and then transfers the ownership application to the specialized agencies.
How to buy an apartment in installments in Istanbul?
There are two ways to buy apartments in installments in Istanbul, and people prefer the first method that is without interest, through the direct purchase of apartments from brokerage companies. Whereas, the company organizes a formal sales contract in which the value of payments and the method of payment of installments are determined. The second way is through the purchase of apartments with a bank loan; The bank buys the property and puts a seizure sign on it until all installments are paid.
Are there interest-free installments for apartments in Istanbul?
With proper research and patience, you can inevitably find the best deal in the field. Including the best opportunities for installments without bank interest, installments with ease of payment, benefiting from the currency difference and obtaining a more appropriate price, in addition to reducing the rigidity of money, as most of them require a 35% payment in some installment options, which gives a great opportunity for those wishing to own real estate in installments. There are options for a 50% down payment and after two years 50%, and there is a 15% down payment and the rest in installments over two years.. and many other options.
Important legal matters when buying an apartment in installments in Istanbul
There are some important things when buying an apartment in installments that we explain in this paragraph, so if the ownership is transferred to the buyer, he can sell the property even if it is in installments, but real estate companies - in many cases - do so.
Not to transfer the ownership to the buyer until after completing the payments, unless he provides certain guarantees in favor of the company to guarantee its right. Private or government brokerage firms also offer an approved sales contract to the buyer.
This does not mean the transfer of ownership, but rather the sale of the property to another buyer, who will settle the remaining amounts incurred by the first. The company must be present at the time of the sale to the third party because it is the original owner of the property.
Also, there is no fixed percentage or specific time to be paid from the price of the property before it is sold to a new person. The first buyer is obligated to the second buyer to pay additional fees related to the notary and it is agreed to be paid between the two parties.
The buyer may also sell the property to one or more persons after the consent of the owner, and hand over the title deed after full payment of the installments depending on each share in the property.
Many buyers face this option when the necessary funds to purchase are not available. You can find a property for 45 thousand dollars and it can reach one billion dollars in Turkey. It is one of the largest and best real estate markets. Therefore, it is natural that this option (ie, installments) is always available. The government facilitates this option and makes it permanent, along with other facilities that bring foreigners from abroad before Turkish citizens.
Turkey has a correct view in this regard, which has already contributed to the advancement of the Turkish real estate market and the collection of large real estate capital all over the area of Turkey. This is reflected in industry, commerce, and tourism, of course, and not only in the real estate sector.
Why Istanbul real estate?
Buying property in Istanbul has become the first desire of a large number of investors and residents who are looking for apartments for sale in Turkey, and this is due to the great diversity in Istanbul real estate, as the real estate market includes various options, as you can find cheap apartments for sale in Istanbul within many areas, and there are luxury apartments in Istanbul in various shapes such as palaces and smart apartments, without forgetting that there are villas in Istanbul, and also the prices of apartments in Istanbul are competitive considering their many components, and this is what attracts many people to Istanbul properties.