Many home buyers from abroad have shifted from mortgages to installments. Recall that since January 2022, foreigners are not legally allowed to take out mortgages, according to the update of the Circular on the Movement of Capital in Turkey.
However, this cannot be called «infringement of the rights of buyers»: they even won in some ways. In the sense that the possibility of a mortgage has been replaced by installments. It is usually valid until the end of the construction of the object and this period can stretch up to three years, but sometimes installments can be issued from the developer even for a ready-made apartment: developers who need buyers are just now willing to meet the interested parties.
So, it became even more convenient: with an initial contribution of 25% to 50%, the rest of the amount can be «smeared» without additional interest paid to the bank for a very long time.
It's much easier with documents: now, instead of collecting a bundle of papers, it's enough to provide, in fact, one passport (except for paying the entry fee), and it takes a few minutes to get a tax number in Turkey.
Turk Estate reminds that the installment agreement must be concluded directly with the developer (developer).
From other «legal field» news:
real estate agencies began to «fur» for violations;
- the details of five-year lease agreements have become clear;
- rental conflicts will be resolved no longer than a month.