You do not have to be rich to own property in Turkey

One of the most common misconceptions about buying property in Turkey is that many of those who want to own a property think that they need a huge financial budget so, that only the wealthy foreigners can afford to pay, and it is a totally incorrect idea that there are several ways for it to save you spending all your money in one payment for the sake of  buying property in Istanbul or any other type of property in Turkey, including buying a property in installment, so what is meant by this option and how do you grab the opportunity of the best property sold through it and what will you save if you buy your property in Turkey in installment?

What is meant by buying a property in installments?

Buying property in installment in Turkey is one of the most common and successful financial options where the investor or buyer can own the property with a deferred sale contract under a first financial payment provided that he pays the remaining remaining payments on time limits or according to the so-called installment system during periods agreed upon by the buyer with the seller in a certified contract.

Foreigners who want to own a property in Turkey benefit from this advantage just like Turkish citizens, as Turkish law does not prohibit the foreigner from owning the property in installment and does not specify a specific amount or a period of time that he cannot exceed, as he can buy the cheapest property in Turkey in installment provided that as we mentioned  A predetermined agreement between the parties, "Buyer and Seller", regarding the value of the first payment and the rest of the payments, as well as the time period required to finish paying the total property value.

The method of buying a property in installments in Turkey is divided into two options:

• The option of direct purchase from a construction company

The process of buying the property in Turkey is carried out directly from the construction company by organizing an official sale contract between the company responsible for building the property and the buyer himself, where the price, the value of the payments and the time required to finish all the installment are determined and here the buyer must adhere to the necessity of making all the resulting payments with the financial values and timelines specified within the agreed contract.

The obligation is not limited to the buyer only, but also imposed in the contract on the construction company, which is obliged to make several obligations in the first delivery of the property ready in the agreed time and with the construction specifications mentioned in the promotional advertisements that the buyer is familiar with beforehand.

It should be noted here that the payment of money in installment is beneficial to both parties, the seller "the construction company" and the buyer who is the customer, as the construction company can guarantee the source of financing its housing project with the first payment that the buyer pays, the latter who can in turn gain more time to pay the total amount of the property  Whose value is high compared to its budget and also can take advantage of discounts in the initial prices of real estate that are low by up to 40%, as it is difficult to find such opportunities as it is limited to the beginning of construction, as the known rule in Turkey says that prices rise whenever approached from ready or sold ready.

It should also be noted that there is no specific value for the first installment of the property to be purchased in installment, it is subject to the construction company and the nature of the offers made. In general, paying 35% of the total property value in the first installment is the most reasonable amount and the higher it is, the more the buyer finds himself facing a lower premium value.

• The option to purchase by bank loan

Paying the value of your property in Turkey through a bank loan is among the most good options, especially for those who have the desire to buy with the inability to pay during the period in which they find offers that suit them and here the bank buys the property and resells it to the buyer himself provided that a pledge is placed on the sales contract  Temporarily until the completion of all payments to the bank by the buyer and usually the value of the first installment ranges between 30 to 40% of the total value of the property or to transfer the bank loan for the purchase of the property.

One of the advantages of buying a property through a bank loan is a comfortable payment of the installment compared to buying from the construction company directly, where the bank puts in the hands of the buyer a long period of time and a small value of the installment, but it must be taken into account that the total price of the property is higher than its real price and this is what made the demand for buying property directly from construction companies more than the bank loan method.

This is what you earn if you buy a property in Turkey in installment

From the word installment, you can deduce the first benefit from buying a property in Turkey in this way, which is obtaining the opportunity to own the property by paying a deadline, not to mention some properties in which the payment period reaches 10 years, thus you can live and pay in complete comfort.

Also, all real estate projects that offer subject to installment have a high discount rate compared to the ready ones.

Indeed, all these facilitation measures in Turkey have proven that buying a property is not necessarily the exclusive prerogative of the wealthy in society.