Buying apartments in installments in Istanbul is one of the proposed and well-known financing options for buying an apartment, so that the price of the property does not constitute a burden on the person wishing to live or invest in real estate in Istanbul.
Benefits of buying apartments in installments in Istanbul:
The most characteristic of Istanbul is that it is the capital of culture, science, beauty, urban development and real estate investment, and buying apartments in installments in Istanbul is an encouraging factor for investment for the following reasons:
1. Not putting the investor’s financial ammunition in one basket, i.e. not freezing a good amount of capital in one place or in one real estate and waiting for a period of time to collect the profit return at a time when the investor can pay an initial payment of the property’s value by installments over several cash payments at certain time intervals.
2. Diversity of the investment portfolio. Instead of the investor investing a certain amount of money in one property by paying its entire price in one go, the investor can buy several different assets and in installments with the same amount of money, and then invest them and benefit from several profit returns at the same time.
3. Rotation of the investor's capital, meaning that the investor, by buying apartments in installments in Istanbul, can benefit from part of the investment returns of these apartments in paying each other's installments, and the other part revolves as capital gains.
4. Facilitating the acquisition of real estate, in many cases, people do not have enough financial ability to pay the value of the apartment in Istanbul in one go. Therefore, the option of buying apartments by installments in Istanbul is an ideal option to secure adequate housing for the family quickly by paying an acceptable down payment and then installment the rest of the value on Comfortable payments over a certain time period.
Success factors for buying apartments in Istanbul:
Here are some points that help to buy the right apartment in Istanbul:
1- Not being satisfied with your modest personal knowledge of the real estate market, in order to buy a property, you must communicate with one of the real estate companies that are located in Turkey as a guarantor for you, for fear of falling into the trap of real estate investment, as it offers you a lot of advice and appropriate options that you can choose among them.
2- Inspect the property that has been chosen to purchase by taking a tour of the property area and ensuring that it matches the specifications desired by you and avoiding the online purchase process that does not convey to you the spirit of the place or its true specifications well.
3- Full briefing of the technical and legal conditions that must be met to buy the property in order to buy the right apartment in Istanbul.
4- The initial payment of the value of the property is paid upon signing the sales contract between the seller and the buyer, and all receivables and fees resulting from this step are cleared so that these costs do not become a burden for the new owner of the apartment in Istanbul.
5- After completing the remaining procedures and agreeing on the method of paying the value of the property, the title deed is extracted after paying the entire remaining value. During this period, this property can be benefited from through investment.
6- There is no need to be afraid after today of the possibility of providing the full value of the property in cash to buy an apartment in Istanbul and enjoy staying in this beautiful city, where you can easily benefit from the advantages of buying apartments in installments in Istanbul.
Ways to finance apartments in Istanbul:
Through bank loans from real estate banks that lend you a sum of money to buy a property in Turkey, and then you pay the value of the loan in installments to the real estate bank with an interest rate determined by the bank, thus making it as if you bought a property in Turkey in installments.
2. Through the stock exchange, which is based on the principle of dividing the value of the property into shares, and each share has a certain nominal value, so you buy shares in the real estate market in Turkey until you pay the full value of the property, which is like buying a property in Turkey in installments.
Factors that affect the costs of buying apartments in Istanbul:
In addition to the price of apartments in Istanbul, some additional costs are added, regardless of the type of apartment you want to buy. We summarize them as follows:
The timing of buying apartments in Istanbul, as buying an apartment in the peak demand for real estate in the seasons will increase the price of the property by approximately 35%.
In the event that you obtain a real estate loan from a Turkish bank to buy an apartment in Istanbul, you will be required in this case an amount that constitutes the interest rate on the loan.
Expenses of translation into Turkish for all papers and documents required for the purchase and sale transaction.
Maintenance costs, where the costs of buying an old property differ from a modern one. When you buy an old property, the costs of rehabilitating the property are waiting for you to make it suitable for housing and investment.
The proximity of the property to development projects and vital facilities directly affects the price of apartments in Istanbul.
The property you want to buy in Turkey may be restricted with fees and fines, and you can reveal this from the property title deed.
The location of the property if it is in the city center. The costs of purchasing it differ from the property located on the outskirts of the cities away from the service and transportation centers. Also, the price of apartments in the European side of Istanbul is somewhat different from the price of the property in the Asian side of Istanbul, Even within the same section, apartment prices differ from one area to another.
The costs of dealing with intermediary real estate companies that provide facilities and advice to buy the right apartment in a wide and very diverse city such as Istanbul.
The costs of opening a bank account in order to pay the price of the apartment through a bank transfer exclusively.
Fees for obtaining an Energy Performance Certificate, which categorizes the energy efficiency of a building in order to obtain services such as electricity and water.
The fees of the lawyer who supervised the process of buying the appropriate apartment in Istanbul according to the financial capabilities and specifications you desire.
Buying apartments in installments in Istanbul is one of the ways to finance the purchase of real estate traded in the real estate market and is well known in the real estate investment world, which helps to increase the buying and selling process and contributes to real estate development on an ongoing basis.
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