How To Buy Property In Turkey If You Don’t Have Enough Money

Housing in Turkey is in constant demand – picturesque nature, mild climate, beautiful oriental traditions, and relatively low cost of real estate attract investors. However, sometimes foreigners are faced with the fact that they want to buy an apartment or a house in Turkey, but their own funds are not enough to make this dream come true. How to deal with this situation? You should not give up on your dream, because there are several ways to solve this problem. Have a look at real estate for sale in Oba, Istanbul, and Antalya at the Turk.Estate website and make up your mind about the type of property you want to purchase.

Buy an apartment in Turkey by installments

This is the solution that many realtors offer their clients. It is worth noting that for most Turkish developers, an installment plan is standard practice, while the conditions for clients are offered as profitable and comfortable as possible.

The conditions offered by different developers may vary, but installments can be provided for up to 40 months. Its duration largely depends on the degree of readiness of the property. When making a deal at the stage of excavation development, you can count on the longest possible period, but if the housing is almost ready, then it is possible to provide an installment plan for 12-24 months.

Note that the installment plan is provided mainly if we are speaking about real estate under construction, but such conditions can also be obtained when making a sale transaction and a purchase of ready-made apartments and houses.

Obtaining a mortgage in one of the Turkish banks

Do not forget about the possibility of obtaining a mortgage loan. When providing a full package of documents, Turkish banks are ready to issue a loan to foreigners. However, it should be noted that after the financial crisis of 2014, the consideration period of the application is significantly longer, and the conditions are less attractive.

Today, you can get a mortgage loan:

• for an amount of no more than 35-40% of the cost of the off-plan property,
• For a previously owned apartment, an amount of no more than 25-30% is provided.

The rate on a home loan differs from bank to bank and depends on the currency in which the loan is issued: 13-14% per annum concerning a loan in Turkish lira and about 8% in euro.

Teaming up to purchase

There is another option if you are one of those who dream of their own housing on the coast with the aim of family trips to the sea a couple of times a year. If you have relatives or friends who think about the same as you, why not unite financially and buy a house or an apartment by teaming up? If none of you plans to purchase property in Turkey for permanent residence, you may well be able to draw up a schedule of trips “to a summer house by the sea” that would suit everyone who took part in the purchase.

Real estate in Turkey

Over the past years, Turkey has been one of the world leaders in the growth of real estate prices. Now is the best time if you want to start investing in Turkish property. To do that wisely consult the specialists from Turk.Estate agency. They will help you obtain property in Turkey and not spend all of your savings on that.