How to buy an asset with a 50% discount and start earning. Foreign lending
The Turkish property market is currently in a cycle where savvy investors can reap maximum benefits.
Property prices have fallen by 50% compared to last year, and this decline has created unique opportunities for those who are ready to take action. As the owner of a real estate agency in Turkey with more than 10 years of experience, I can confidently say: now is the perfect time to buy.
Why is now the time to buy?
Real estate has always been one of the most reliable tools for preserving and increasing capital. In conditions where inflation and exchange rate fluctuations can unpredictably affect your savings, buying real estate in Turkey becomes the best solution.
Lower prices on the market not only open the door to profitable purchases, but also create conditions in which sellers are willing to make concessions. You can get discounts, installments, and even additional bonuses, such as furniture or household appliances.
Advantages of buying real estate on credit
Credit conditions in Turkey are particularly favorable right now. The mortgage rate is only 1.15% per month, and the down payment starts from 45,000 euros. This means that you do not need to have the entire amount at once to start your journey to your own home or investment property.
The income from renting out your property can cover part or all of your monthly mortgage payments. This allows you to not only acquire an asset, but also use it to create a stable source of income.
Expected market growth
Given that prices are currently at a minimum, we can confidently predict their growth in the coming years. By investing in real estate in Turkey today, you are not only preserving your funds, but also laying the foundation for their significant increase in the future.
Once the market stabilizes, you can sell your property for a great profit or continue to earn passive income from rentals.
What do you need to get a loan?
To obtain a loan to purchase real estate in Turkey, you will need the following documents:
- International passport
- Income certificate certified by a notary and translated into Turkish. Document confirming the address of residence: utility bills (electricity, water, gas, internet) or an internal passport with registration, a driver's license indicating the address.
- Notarization is not required, but a translation into Turkish is required. Tax number, which can be obtained in Turkey for free.
- Copy of the title deed (Tapu).
If you are married, additional documents will be required:
- Passport of spouse
- Marriage certificate with translation into Turkish.
- A document confirming the composition of the family (including children, if any), also with a translation into Turkish.
- Copies of passports of children under 18 years of age.
- Consent of the spouse to receive a loan, which must be signed personally in the presence of a bank employee.
What expenses need to be taken into account?
When applying for a real estate loan, you need to be prepared for the following expenses: 1 euro = 38 lira as of the date of publication of the article (28.08.2024)
- Earthquake insurance - about 600-1000 TL annually until the end of the loan term.
- Property insurance - about 2,000-3,000 TL per year, renewed annually.
- Accident insurance - approximately 20,000 TL annually until the end of the loan term.
- The mortgage setup fee is approximately 1500 TL, paid once.
- Bank report on independent real estate appraisal - about 10,000-15,000 TL, one-time payment to the bank.
- The loan issuance fee is 0.5% of the loan amount (for example, for a loan of 40,000 euros, it is 200 euros).
Credit terms
- The property must be completed to a minimum of 90% and first listed for sale.
- For secondary (finished) real estate, it is necessary to clarify the conditions with a bank representative. The loan amount can be up to 50% of the value indicated in the independent real estate appraisal report.
If you or your spouse or minor children already own real estate in Turkey, the loan amount should be discussed with a bank representative. The loan can be provided for a period of up to 120 months. Monthly lending rate 1.15%
Your chance for success
The real estate market in Turkey currently offers excellent opportunities for profitable investments. By purchasing real estate on credit, you receive an asset that can generate a stable rental income, fully or partially covering the monthly loan payments.
In the future, this asset will either become a source of passive income, or it can be sold at a profit when the market starts to grow again.
Don't miss your chance to buy real estate in Turkey on favorable terms!
Contact me for a personal selection of properties and advice on obtaining a loan. I will help you make the right choice and provide support at all stages of the purchase. Invest your money wisely and secure your future with reliable investments in Turkish real estate!