Buying an Apartment in Turkey, Paying in Cash or in Installments

The most important question for those wishing to buy real estate in Turkey is, which is better, to buy an apartment with installments or cash? This is due to Turkey's progress and distinction in various fields of investment, especially the real estate investment sector, which has become attractive to all foreign and Arab investors around the world.


Conditions for buying an apartment or property in Turkey:

Before talking about which of the two options is better, installment or cash payment, we must note the conditions for buying a property or apartment in Turkey, and the following is an explanation of those conditions:


First: The existence of the title deed of the property:

The title deed or "Tapu" of the real estate must be available with the seller from whom you want to buy the apartment, and must contain all the information and specifications of the real estate.


Secondly, there are some important documents:

The documents required to complete the purchase of an apartment in Turkey include the following:
-A valid passport of the buyer, provided that there is a copy translated into the Turkish language and certified by the notary.
-The real estate appraisal document, which includes the specifications of the property and its approximate price according to those specifications.
-Property insurance policy against earthquakes.
-Two personal photos of the buyer, and one photo of the seller.
-A notarized official power of attorney in the event that someone else is authorized to purchase the apartment or property.


How to buy an apartment in installments in Turkey?

If you want to buy an apartment or property in installments in Turkey, you can use one of the two methods,


First: Through a construction company:

 In this way, you can buy a property in installments from one of the construction companies, which offers special offers every period, and you can then pay the required first payment, then complete the remaining monthly installments, and all the terms agreed upon in the sales contract must be included.


Second: Through a Turkish bank:

You can buy an apartment or property in installments in Turkey through a bank, where the bank first buys the apartment from the construction company, then sells it to you, with a mortgage sign on the apartment, until all the installments are paid.
It is worth noting that most investors prefer the first method, because the second method increases the price of the property relatively.


The differences between buying a property in Turkey in cash or in installments:

There are several differences between buying an apartment in Turkey in installments or in cash, and the following is a detailed explanation of those differences, and you can then know which is better to pay in cash or in installments.


First: The amount required when purchasing:

In the cash payment, you must pay the full price of the property without any decrease. As for the purchase in installments, you can pay an initial value that is usually between 30% and 50%, and the rest of the property price is paid in the form of monthly installments.


Second: the discounts you can get:

When buying a property in cash, you can get a discount of up to 20% of the value of the property or apartment, and sometimes more.
In the case of buying in installments, you will not get any discount, and this is because the price of the property is paid in a convenient and long-term way.


Third: Obtaining the title deed:

In the case that you are buying a property in cash in Turkey, you can immediately go to the Title Deed Directorate, and then complete the procedures for transferring ownership of the property from the seller’s name to you, that is, you can immediately obtain the title deed or "Tapu", but it must be emphasized that this is if the property is ready and not under construction.
When purchasing a property in installments, you can obtain the title deed only after you have paid the last required installment of the property price, and then you can go to the Title Deed Directorate and obtain the real estate title deed.


Important tips for you when buying a property in installments in Turkey:

There are several criteria and tips that you should consider when buying an apartment or property in installments in Turkey, and they are as follows:
-Hire a trusted real estate company, which has close relationships with construction companies to provide you with the best real estate offers and discounts.
-You should know that there is a period between buying and receiving the property, that most installment offers in Turkey are for real estate projects under construction and not ready.
-You should take a specialized architect with real estate experience, and this is to verify that all the agreed terms are implemented.
-When you receive the apartment or property, you must inspect it well, to make sure that there are no defects.
  -You should be careful not to pay the total value of the apartment, but you should pay the price of the property gradually, with the development of the construction stages of the property.
-You should visit the real estate construction site and see it on the ground from time to time, in order to see the stages that the property has reached in the construction.
-You must verify your financial ability to pay the required installments on time and without any delay, in order to avoid fines.
-It is necessary to search for well-known and guaranteed real estate companies that offer real estate offers and discounts, so you can pay the price of the property over a longer number of years and for a longer period.
-You should study the specifications of the apartment or property in detail, in order to be sure of your decision to buy.


Criteria for determining the price of apartments in installments in Turkey:

There are factors and criteria that determine the real value of the apartment or property, which must be taken into consideration, and they are as follows;
-The city in which the apartment or property is located, as this is a very important factor in determining the value of the property, for example, prices in Istanbul are very different from Antalya or other Turkish states.
-The location of the apartment or property specifically within the city, where the prices of real estate that are located in vital areas or that are located near giant projects such as the new Istanbul Water Canal or Istanbul Third Airport, and in turn, the prices of real estate or apartments in the Turkish countryside or on the outskirts of cities decrease.
-Whether the apartment or real estate is new or not:
This criterion determines the price of the apartment, as modern apartments are higher than the relatively old buildings.
-The presence of the apartment within a residential complex raises its price a lot, compared to those apartments that are independent from each other, and this is due to the advantages and service and recreational facilities that the residential complex enjoys in Turkey.


What are the advantages of buying an apartment in installments in Turkey?

There are several advantages to buying apartments in installments in Turkey, and the following is a list of those advantages:
1 - It is considered a golden opportunity for anyone who wants to buy a distinguished property in a highly developed country and does not have enough capital.
2 - By purchasing an apartment in installments in Turkey, you can apply for a real estate residency, which is considered the best type of residencies in Turkey at all.
3 - You can apply for a Turkish identity if you purchase a property with a total value of at least 400,000$, which is a dream of many around the world.
4 - You can achieve a high profit rate after purchasing in installments, and this is by selling the property after the completion of the construction phase, and thus you will get an increase in the price of the property that may reach 30%.
At the conclusion of our article, we hope that we have provided a clear and detailed answer to the question, which is better when buying an apartment in Turkey, paying in cash or in installments?

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