Your Guide to Buying an Apartment in Turkey in Installments

If you are looking for your guide on how to buy an apartment in Turkey in installments, you've come to the right place. The Turkish real estate market is experiencing continuous growth, which enhances investment opportunities through real estate financing in Turkey with comfortable terms.

Through this guide, we will explain how to buy an apartment in installments in Turkey step by step, review the best ways to buy an apartment in installments in Turkey, and learn about the installment conditions for buying an apartment in Turkey.

We will also clarify the real estate financing methods available to you in Turkey and how to benefit from Mbany Real Estate's services to ensure the best offers for buying an apartment in Turkey for foreigners in installments and avoid legal complications.

How to Buy an Apartment in Installments in Turkey: Steps and Procedures

Apartment installments in Turkey vary from one project to another, but in general, the process goes through the following steps:

Researching and Choosing the Right Property:

• Start by exploring residential projects in major cities (Istanbul, Ankara, Izmir) or coastal cities (Antalya, Bodrum).
• Use real estate websites and Mbany Real Estate networks to compare prices and services.

Contacting a Licensed Real Estate Company:

• Choose Mbany Real Estate or other reputable agencies.
• Inquire about plans to buy property in installments in Turkey and possible payment periods.

Negotiating the Price and Installment Terms:

• Negotiate the price per square meter, the value of the down payment (usually from 30% to 50%), and the payment period.

Signing the Reservation Contract and Paying the Deposit:

• After the agreement, sign the preliminary reservation contract and pay the down payment.
• Make sure that the contract includes all installment details, such as the number of installments, their dates, and interest rates (if any).

Opening a Bank Account or Obtaining Real Estate Financing from a Bank:

• If you choose real estate financing in Turkey through a bank, open a Turkish account and submit the required documents.
• Submitting the application will be accompanied by a financial feasibility study from the bank.

Documentation and Title Deed Transfer Procedures (TAPU):

• Upon completion of the first installments, the title deed transfer procedures are completed in the Land Registry Directorate (Tapu Dairesi).
• Receive the official title deed in your name.

What are the Installment Conditions for Buying an Apartment in Turkey?

• Reservation Deposit: Ranges between 30% and 50% depending on the project.
• Payment Period: Usually from 12 to 120 months (1–10 years).
• Minimum Age: 18 years old, and some banks require a higher age for financing.
• Guarantees: A bank statement or job guarantee may be required.

Documents Required to Buy an Apartment in Installments in Turkey

• Valid passport.
• Turkish Tax Identification Number (Vergi Numara) or Residence Number (Kimlik No) if you are a resident.
• Bank statement proving the ability to pay installments.
• Employment contract or proof of income (for banks).
• Reservation contract and a copy of the real estate appraisal report (Ekspertiz).

Best Ways to Buy an Apartment in Installments in Turkey

Direct Installments from Real Estate Companies

• Ease of Procedures: Mbany Real Estate and its services often offer a plan to buy an apartment in Turkey in installments directly without the need for banks.
• Flexible Plans: Payment periods range between 12 and 60 months with fixed or graduated installments.
• No Interest or Symbolic Interest: Some companies waive interest to stimulate buyers.

Installments from Turkish Banks

• Low-Interest Housing Loans: Banks such as Ziraat Bankası and İş Bankası offer real estate financing in Turkey up to 70%–80% of the property value with a payment period of up to 15 years.
• Residence Requirements: Some banks require a legal residence permit or obtaining a Schengen visa.
• Additional Guarantees: A mortgage or a Turkish guarantor may be required.

Real Estate Financing Methods in Turkey

Local Real Estate Financing

• Government Financing: Programs supported through the Ministry of Environment and Housing (TOKİ) offer loans at reduced interest.
• Consumer Finance Companies: Some financial institutions offer short-term real estate loans to buy an apartment in installments in Turkey.

Financing Through Real Estate Companies

• Graduated Payment Plans: Dividing the original amount over long periods with relatively low down payments.
• Comprehensive Packages: Includes legal translation services, investment consultations, and support for a guide to buying an apartment in Turkey for foreigners in installments.

Apartment Installments in Turkey: Tips for a Successful Purchase

Choosing a Reliable Real Estate Company

• Verify the licenses of Mbany Real Estate dealers and their legal records.
• Read customer reviews and inquire about the delivery time of the building and the quality of finishes.

Avoiding High Interest Rates

• Compare offers to buy an apartment in Turkey in installments from companies and real estate financing offers in Turkey from banks.
• Try to negotiate for a fixed installment price or a guaranteed low interest rate.

How to Choose the Ideal Property in Turkey in Installments?

Property Location

• Proximity to public transportation (metro, tram).
• Availability of basic services (schools, hospitals, shopping centers).
• Tourist areas may provide higher rental returns when buying an apartment in Turkey for foreigners in installments.

Price and Value for Money

• Compare the price per square meter in the area and the level of finishing.
• Calculate the expected return from rent if you intend to rent.
• Make sure that the cost of installments does not exceed 30–40% of your monthly income.

Frequently Asked Questions About Your Guide on How to Buy an Apartment in Turkey in Installments

1. What are the installment conditions for buying an apartment in Turkey?

The down payment usually requires 30%–50% of the property value, and a payment period ranging between 1 and 10 years with the possibility of negotiating the interest or canceling it.

2. Can foreigners buy an apartment in Turkey in installments?

Yes, foreigners can buy an apartment in Turkey for foreigners in installments through real estate companies or banks after completing the required documents.

3. What are the best ways to buy an apartment in installments in Turkey?

Cooperating with licensed companies such as Mbany Real Estate to take advantage of direct installment offers without interest or for a short period, or obtaining real estate financing in Turkey from a Turkish bank.

4. How do I get the best real estate financing in Turkey?

Compare between government and private banks, choose the lowest interest rate and comfortable guarantee conditions, and make sure that you meet the conditions of residence and opening a Turkish account.

5. What are the benefits of investing through apartment installments in Turkey?

It is characterized by financial comfort, risk distribution, and an increase in the value of the property with market growth, in addition to the possibility of qualifying for Turkish citizenship through real estate investment.

Conclusion: Your Guide on How to Buy an Apartment in Turkey in Installments

In short, your guide on how to buy an apartment in Turkey in installments provides you with a clear roadmap from initial research to receiving the title deed.

By understanding the installment conditions for buying an apartment in Turkey and choosing the best ways to buy an apartment in installments in Turkey, whether through Mbany Real Estate, you can achieve your dream of owning a property in Turkey safely and with financial stability.

Feel free to start today and take the first step towards buying a property in installments in Turkey that suits your investment ambitions.