Since January 15, 2022, foreign buyers have faced challenges in obtaining mortgages for real estate in Turkey. In response, many developers have introduced interest-free installment plans that remain active until project completion. Recently, in 2024, some developers extended these installment periods to cover up to 1.5 years after construction finishes. However, this duration may not suffice for all prospective buyers. Currently, no installment options exist for fully completed properties.
On a positive note, starting in February 2024, banks began offering mortgage programs for foreign investors, providing an alternative financing option. If the funds available under a residence permit or passport fall short, there are now viable solutions to help finance apartment purchases in Turkey. Here, we will delve into the specifics of property installments in Turkey. This purchasing system allows buyers to pay an initial deposit and then split the remaining cost into manageable installments over an agreed timeframe, primarily during the construction phase.
Main features
Many developers offer interest-free installment plans during the construction phase, significantly enhancing affordability. Typically, these installments span 1 to 3 years, with personalized payment schedules to suit individual needs. The initial payment generally ranges between 30% to 40% of the property’s total value.
A major advantage of these installment plans is that they do not require buyers to demonstrate financial solvency. This opens up opportunities for foreigners, even those without a credit history in Turkey, to acquire real estate seamlessly.
Additionally, property prices are often fixed in euros or dollars. This approach shields both buyers and developers from the risks associated with fluctuations in the Turkish lira's exchange rate.
Buyers have the option to sell their property during the repayment period or to pay off the outstanding balance earlier than agreed. This flexibility is particularly beneficial for those looking to invest in further projects or to capitalize on market value increases post-construction.
As real estate prices in Turkey continue to rise — often by 30-40% annually in sought-after areas like Antalya and Istanbul—installment plans become even more enticing for investors. This price growth allows buyers to profit significantly before the construction is even completed.
In conclusion, the installment payment options available in Turkey's real estate market present a viable path for many investors. With flexible terms, opportunities for early payoff, and protection against currency fluctuations, purchasing apartments becomes a savvy financial decision in a rapidly growing market.
Exploring post-completion installment options for apartments in Turkey
Investing in an apartment in Turkey has become increasingly accessible, especially with the favorable post-completion installment plans. One key option to consider is how to manage payments after receiving the keys to your new home.
Stay Property real estate agency is offering excellent news for potential buyers: the initial down payment has been reduced to just 10-20%, along with extended installment periods ranging from 20 to 36 months across various residential complexes. These flexible terms are available for projects located in stunning regions such as Alanya, along the Mediterranean coast, and in Istanbul.
Here are some residential complexes of different types of real estate to consider:
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EXODUS RESORT COMFORT CITY: 20% down payment; installment plan for 20 months.
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EXODUS RIVERSIDE RESIDENCE: 20% down payment; installment plan for 20 months.
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EXODUS DREAMS RESIDENCE: 20% down payment; installment plan for 20 months.
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EXODUS AQUA DELUXE: 20% down payment; installment plan for 24 months.
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EXODUS TWINS RESIDENCE: 20% down payment; installment plan for 24 months.
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EXODUS PREMIUM TOWN**: 20% down payment; installment plan for 30 months.
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EXODUS PANORAMA ISTANBUL: 10% down payment; installment plan for 36 months.
Once you have made payments up to 50%, you will obtain the Tapu — the title deed confirming your ownership. If your complex is already complete, you can move in straight away while continuing to manage your installments interest-free.
With these exclusive installment options, investing in property in Turkey has never been easier. They allow for flexibility and convenience, making it possible to enjoy your new apartment on installment while managing finances effectively. Consider these attractive plans and take the next step towards owning a home in this beautiful country.
Advantages of property installments in Turkey
Opting for property installments in Turkey presents numerous advantages for potential buyers. This approach not only enhances financial feasibility but also opens doors to diverse investment opportunities in a vibrant real estate market.
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Financial flexibility. Installment plans allow buyers to spread the cost of a property over an extended duration. This payment method makes investment property significantly more attainable for a larger audience.
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Interest-free payment. Many installment agreements in Turkey are interest-free, making them a more appealing choice compared to traditional loans or mortgages. This lack of interest can lead to substantial savings over time.
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Investment opportunity. For savvy investors, installment plans represent a chance to capitalize on the growing potential of the Turkish real estate market. Buyers can secure properties for future resale or rental income while managing their financial commitments through installments.
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Variety of property options. Turkey's real estate sector offers an impressive array of properties available for installment purchases, including apartments, villas, and even plots of land. This variety empowers buyers to select properties that align with their personal preferences and financial situations.
In conclusion, property installments in Turkey bring a range of significant benefits, making it easier and more flexible for diverse buyers to acquire homes. However, it is crucial to scrutinize the specific terms offered by developers or sellers, and to seek advice from professionals before finalizing any agreements. This careful approach will help ensure a smooth property purchasing experience.