05 July 2021
How to buy Turkish property in installments?
In places located on the southern coast of Turkey and in its picturesque surroundings, the construction of modern residential complexes has acquired an unprecedented pace and volume. Increasingly, apartments in new buildings are bought by citizens from abroad, in particular from the post-Soviet countries. A new modern house with a beautiful facade, a well-thought-out layout, interior finishing, large windows, a clean entrance, and even an attractive price for real estate in Turkey - many factors speak for a new building.
How can a foreigner buy property in Turkey in installments?
In a highly competitive environment, Turkish construction companies try to be as loyal to customers as possible, therefore, in addition to various discounts and promotions, they offer favorable conditions for paying for apartments in their residential complexes, including a program interest-free installment. Not only local residents, but also foreign citizens can buy property in Turkey in installments. The conditions will be the same.
When buying real estate, an installment agreement is drawn up with the developer directly at the sales office. It should contain:
- address of the purchased object,
- transaction amount,
- responsibility of the parties,
- distribution of mandatory associated payments, as well as the timing of their payment.
To sign it, it is enough to have a passport with you and pay the first installment.
If the buyer violates the payment plan, penalties may be imposed on him. In the event that the agreement on terms is violated by the developer for any reason, the buyer receives the right to compensation.
Purchasing property in Turkey from a developer in installments is suitable for those people who have a certain amount of money on hand, and they are confident that they will be able to pay the developer the remaining amount for the object according to the established payment schedule.
For buyers, this transaction is beneficial, since there is no need to issue a mortgage loan for the amount missing for the purchase. Consequently, they not only save money on loan interest, but also do not waste their precious time preparing documentation for the bank.
Three main reasons for buying an apartment in Turkey in installments from the developer:
- Without proof of income!
- No guarantors!
- No interest!
What are the installment terms offered by developers in Turkey
Often, installments are issued for the period before the commissioning of an apartment building. That is, if it is issued at the stage of excavation, you can count on 1-3 years of repayment. During this period, you can repay the entire amount or part of it, and take the rest on credit. There are no problems and penalties with early repayment (as in banks), on the contrary - unscheduled repayment of debt is only welcome! All these conditions are also prescribed in advance.
The main condition for obtaining an installment plan from a developer in Turkey is that the buyer must pay an initial fee. This is a certain percentage of the total cost. It is determined on an individual basis. Most Turkish developers require an advance payment of 30 to 50%.
Payable by the buyer payments are made monthly or quarterly, according to the schedule in the contract of sale. You can pay for them by bank transfer, from anywhere in the world, or simply pay in cash. At the same time, no one will ask you for any documents confirming the origin of your funds.
When installing by installments, most Turkish developers draw up a certificate of ownership after the completion of construction and payments under the contract. The construction company Nordic Property Construction transfers TAPU to the purchased apartment immediately upon payment of 30% of the cost of the apartment.
Offer from Nordic
Turkish developer Nordic Property Construction is one of the leading construction companies in Alanya coast. For 7 years of its activity, several excellent residential complexes have been put into operation in this resort region and at the moment efforts are focused on the construction of several new projects. Sales department specialists will help those who wish to buy property in Turkey with a convenient payment method in the form of installment payment in one of these residential complexes.
- Nobby Garden - installments until August 2023
The modern complex is located in Avsallar, 800 meters from the beach line and consists of two blocks of 117 apartments. Architecture has its own unique and expressive look. Environmentally friendly materials and energy-saving technologies, high-quality lighting of public areas, video surveillance throughout the territory. The infrastructure of the complex takes into account everything necessary for a good rest for the whole family: a massage room, a Turkish hammam and a sauna, a fitness room, an outdoor pool for adults and a small pool for children, a bath complex, a landscaped garden, a playground and a games room, indoor parking .
- Nordic Art - Installment until October 2023
A fundamentally new space in the Kargicak area for those who dreamed of their own housing on the Mediterranean coast. A modern premium class complex is located 10 meters from the beach. A new word in construction and an ideal combination of comfort, technology and developed infrastructure. This residential complex impresses with its uniqueness and originality, exquisite interior and exterior architecture. Panoramic windows overlooking the azure coast with golden sands, large balconies with terraces, high-quality fine finishing of each apartment with elements thought out to the smallest detail. The territory also has its own internal infrastructure, which includes: swimming pools, gardens, gyms and more.
- Nobby Suite - installments until December 2022
The project is located in the heart of Alanya, surrounded by all the necessary infrastructure: banks, bars, shopping center, clinics, schools, pharmacies, gas stations, hotels, restaurants, cinemas, supermarkets. The interior finish fully complies with the European level: ceramic tiles on the floor, high ceilings (2.95 meters), security entrance doors, heat-resistant aluminum window frames, built-in kitchen with granite countertops, high-quality sanitary ware and a shower cabin. The house provides for car parking, a playground, a swimming pool, a sauna, a gym, the surrounding area is being ennobled.
For detailed conditions and options for real estate in Alanya in installments, check with the sales department of Nordic Property Construction.