Purchasing property is a serious decision that can be accompanied by temporary financial difficulties.
To solve this, in Turkey, as in many other countries, the popular practice of providing property instalments exists.
But what is this and is it really beneficial for buyers? Let's find out.
What is Property Instalment in Turkey?
Property instalment in Turkey is a purchasing system (mainly at the construction phase), where the buyer, after paying the initial deposit, can divide the cost of housing into parts and pay them over a specified period of time.
This system allows buyers not to pay all the money at once and eases the financial burden.
Terms for Property Instalments in Turkey
Property instalment periods can vary significantly depending on the specific developer, project, and transaction conditions.
However, most frequently, instalment periods range from 12 to 36 months, equivalent to 1-3 years. Some developers also offer more extended terms that can reach 5 years or more.
Sometimes, instalment can be provided even on completed projects, although these options are very few in the market.
Advantages of Property Instalments in Turkey:
1.Financial Flexibility: Instalment allows distributing the cost of property over a longer period of time, making the purchase accessible to many more people.
2.Interest-Free Payment: In most cases, instalments are provided without interest, making it more attractive than loans or mortgages.
3.Investment Opportunity: Instalment might be interesting for investors who perceive potential in the Turkish property market. They can acquire property for subsequent sale or lease, using instalment as a financing method.
4.Variety of Property Options: There is a variety of property options available for instalments in Turkey, including flats, villas, houses, and apartments, sometimes even land plots.
This allows buyers to choose a property that matches their needs and budget.
Conclusion
In general, property instalments in Turkey offer a host of substantial benefits, making housing purchase more accessible and flexible for a wide range of people.
However, it’s important to remember that the terms of the deal can vary depending on the developer or seller, so it's necessary to closely study the conditions and consult with professionals before making a purchase.
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