How to finance the purchase of a property in Istanbul

Buying a property in Istanbul, one of the largest metropolitan cities in Turkey, can be a fruitful investment and a great choice for living or to increase your real estate balance, however, financing the purchase of a property can be a challenge, and this is where knowledge of how to finance the purchase of a property in Istanbul comes to help you achieve the dream of real estate investment.

Benefits of buying a property in Istanbul

1. Istanbul is one of the largest cities in the world and is considered an urban bridge between the Eastern and Western worlds, as it is located between the continents of Asia and Europe.
2. Istanbul combines a long history and rich heritage mixed with diverse cultures.
3. The city includes many economic opportunities, businesses and large companies.
4. The real estate market in Istanbul is booming, which means there are various options for purchasing.
5. In Istanbul you find a variety of architectural styles, from classic properties to modern buildings.
6. Surrounded by the sea on three sides, it offers stunning views of the sea.
7. Istanbul has an excellent public transportation system, including the metro, trams, and buses.
8. In Istanbul, you will find a variety of properties of different sizes and styles.
9. Real estate in Istanbul is an excellent investment thanks to the expected increase in value.
10. The city has a developed infrastructure and good public services.
11. Istanbul includes many sports schools and universities.
12. Many tourist attractions and entertainment places are located in the city.
13. Istanbul is known for its traditional markets and modern malls.
14. Istanbul has great restaurants serving delicious Turkish cuisine.
15. Türkiye and Istanbul are considered a safe and politically stable area.
16. The city offers many opportunities for sports and recreational activities.
17. Istanbul has high-quality medical facilities and excellent hospitals.
18. The city is witnessing rapid development in the technology and innovation sector.
19. Real estate investors can obtain permanent residency in Turkey.
20. Istanbul offers stunning landscapes and places to spend leisure time.
21. An opportunity to obtain Turkish citizenship , a Turkish passport, and real estate residency in Turkey by purchasing a property in Istanbul 

Financing the purchase of a property in Istanbul and its conditions

To obtain financing to purchase a property in Istanbul or a mortgage, the applicant must submit official documents proving his monthly income and the repayment period for a real estate loan or real estate financing in Istanbul depends on the agreement between the customer and the bank, and usually ranges between a minimum of three months and a maximum of ten years.

Furthermore, the age of the applicant for the loan or financing to purchase the property must not exceed 80 years and in addition, the property must be at least 80% ready, and the title deed or taboo must be delivered within a short period of time, which usually takes three months at most and these conditions and rules ensure the safety of real estate transactions and protect the rights of buyers and banks.

Documents required when financing the purchase of a property in Istanbul

1. A passport translated into Turkish.
2. A copy of the buyer's passport.
3. A copy of the title document.
4. A copy of the real estate developer’s data.
5. A Turkish tax number that the buyer can obtain from the local tax department.
6. A bank account that the buyer can open in a Turkish bank.
7. Account statement covering the last 3 months.
8. A specialized report on the property evaluation.

How to withdraw a loan from the bank to finance the purchase of a property in Istanbul?

1. Before you start looking for a property, determine your budget and the amount of real estate financing you need and this will help you narrow your real estate search.
2. A foreign citizen wishing to obtain a real estate loan must obtain his Turkish tax number from the local tax department
3. Before purchasing, make sure to review all information about the property’s title deed with the Land Registry Department to verify its accuracy and that there are no legal problems.
4. You can seek the help of a specialized real estate agent to assist you in purchasing operations and dealing with banks.
5. Gather and complete all documents required to obtain a mortgage and ensure that they are in good order.
6. Submit a detailed application to your chosen bank for the mortgage.
7. After submitting the application, you may need to visit the bank to complete the procedures and submit additional documents if necessary.

Steps to finance the purchase of a property in Istanbul

1. First, agree with the bank on the terms and conditions of the mortgage and the amount of money you need and this step includes preliminary discussion without submitting any papers
2. After you have decided to purchase the property, submit a formal application for the mortgage and at this point you will have to provide personal documents such as your identity, proof of income, address, and insurance information.
3. The lending institution will evaluate the property you want to purchase and this evaluation aims to verify the price of the property and compliance with legal requirements.
4. After the evaluation, you will receive a formal offer from the bank setting out the terms of the mortgage including the loan amount, interest rates and repayment schedule.
5. In the final step, you may hire a lawyer to legally transfer ownership of the property to your name after accepting the offer and signing the contract.

In conclusion, purchasing a property in Istanbul represents a wonderful investment opportunity that allows you to enjoy the great features and benefits that this modern and diverse city offers, but to achieve this goal, the process of financing and obtaining a real estate loan must be thoughtful and organized and with good planning and adherence to financial procedures and requirements, you will find that financing the purchase of a property in Istanbul can be possible and successful and these investments with high real estate value will be a great opportunity to achieve financial stability and take advantage of the active real estate market in this wonderful city.

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Real estate investment in Türkiye2024