The real estate purchase in installments option is one of the most successful options available to owning real estate in Turkey, where you pay a part of the price of the property as a down payment and agree with the seller over a period of time to complete the rest of the amount, you own the property with a deferred ownership contract.
Buying the property in installments for foreigners:
Foreigners have the right to buy any property in installments and it is not limited by any restrictions either in terms of the amount of the amount or in terms of the time installment period, and the installment option is very comfortable, some terms have reached 7 years, which made it a suitable option for investors and those who want to own.
How to buy a property in installments in Turkey:
Turkish law does not bind any specific conditions when buying a property in installments and is done with a formal sale contract between the production company and the buyer, as the amount of the property, the amount of each payment and its time are agreed upon, provided that it is delivered in its specified amount and time, and the construction company has an obligation to deliver the property according to the specifications and time agreed upon.
Often the first payment is 35% of the property amount. This percentage may differ from one company to another and according to the total value of the property.
There are two ways to buy a property in installments in Turkey, the first includes interest and the second is without interest, and therefore many people prefer the second method which they buy the property directly from the brokerage companies with an official sale contract, and the other way is to buy the property through a bank loan where the bank buys the property and mortgages it until the amount is Completely paid.
Real estate installment and Turkish citizenship:
Some amendments have been made to the Turkish nationality laws, whereby the foreigner has become able to obtain Turkish citizenship by purchasing a property in installments, provided that the value of the first payment should be 250 thousand US dollars at least.
As for real estate whose first payment is less than 250,000, the buyer must wait until the amount of installments paid reaches 250,000 at least. Then he can apply for it.