When you are looking for a property you have to keep in mind all the stages of the purchase process. Buying a property can be a lengthy process. To speed things up you should better use the service of a real estate agency in Turkey and a website that can help you find the one is Turk.Estate. The broker can help you with the mortgage process as well, starting from preparing the documents and to the signing stage.

Invest in real estate in Turkey

The answer to this question depends on the purpose of your purchase. If you dream of living by the sea or having a property to spend a seasonal holiday on the Mediterranean coast, then yes, Turkey definitely suits you perfectly. This country is one of the most visited in the world, more than 45 million foreigners become guests of Turkey every year. A large number of real estate purchase transactions are also made by foreign citizens. And this is perhaps the best confirmation that in Turkey you will find ample opportunities for both recreation and comfortable living.

Turkish real estate is no less interesting from the point of view of investors. You can purchase local housing and use it as a recreational space as well as income generation. After all, with high tourist demand, housing on the coast is very popular. And more than 40 million tourists a year is a good source of income if you are one of those who have property in Turkey and are ready to rent it out. It can bring from 3% to 15% of annual income.

Another reason why it is worth buying an apartment in Turkey is the possibility of its profitable resale. Even if you buy a finished property, then after a few years you can sell it with a profit of 20% - 25%. Well, if we are talking about buying real estate under construction, then your profit will be much greater. Plenty of investment opportunities in Turkey are associated with the high activity of the domestic market, the constant growth in demand and real estate prices.

Despite the fact that the choice of property abroad is an individual matter, there are several objective advantages regarding Turkey:

• pleasant climate;
• beautiful nature;
• the proximity of two seas - the Mediterranean and the Black;
• distinctive vibrant culture;
• the opportunity to obtain a residence permit when buying real estate;
• high level of development of the country's economy;
• high quality of life;
• developed areas of education, medicine, social security;
• available goods and services;
• favorable environmental conditions;
• affordable prices and a large selection of high-quality modern housing;
• low mortgage rates;
• the opportunity to receive passive income from renting housing to tourists.
  
  

If we consider the disadvantages of buying housing in the republic, then among them we can name the need to pay taxes, the cost of maintaining and insuring property, the difficulty in choosing a suitable housing due to the wide variety of offers.

But the main advantage of buying a home in the country is, of course, the opportunity to live or relax on the beautiful Mediterranean coast.

Documents when registering a mortgage loan

Mortgage conditions in different banks in Turkey may differ, as well as the list of the attached package of documents. There is, however, a standard list of documents:

1. A copy of the TAPU (certificate of ownership of real estate), concerning the property described in a sales contract.
2. A photocopy of your passport, notarized.
3. Certificate of salary. It must be certified by the employer.
4. Certificate of receipts to your account (no later than the last 3 months).
5. Credit history data.
6. Documents of ownership of property in your country.
   
   

All papers are translated and certified by a notary.

Now Deniz Bank, Garanti Bank, Ak Bank, Fortis Bank are in charge of lending loans to foreign customers.

The high security of Turkish banks at the legislative level allows not only showing a low percentage of refusals but also not worrying about payments by borrowers. So, if the client has a delay in payment for several months, the bank has the right to sell the living space without the participation of a court or any other difficulties, and this is certainly a very simple additional investment for them.

Stages of obtaining a mortgage for foreigners in Turkey

A mortgage for Turkish property is issued in several stages:

1. The choice of the property by the buyer.
2. Choosing a bank in Turkey and preparing a package of documents to start the registration procedure.
3. Obtaining a TIN (tax identification number).
4. After agreeing on all the conditions, the client fills out a questionnaire, which marks the beginning of the loan process.
5. An appraiser is sent from the bank to the real estate and evaluates the cost of the housing unit. The procedure takes about 2-5 days.
6. Issuance of a letter of guarantee on the readiness of the bank to give the buyer funds for the purchase of the housing unit.
7. After receiving the letter of guarantee, the client pays for the bank's services when issuing a loan.
   
   

Additional expenses

Financing the purchase of a real estate in Turkey, like in any other country, comes with additional costs. When paying off a mortgage, additional costs are:

• bank commission in the amount of 2% of the sum;
• state duty for the issuance of a new TAPU;
• services for preparing papers;
• sworn translator's fee;
• state duty for a property;
• DASK earthquake insurance.
  
  

Real Estate in Turkey

You can choose and buy a home abroad on your own using the Internet. But it is more profitable and safer to seek help from a licensed real estate broker, for example, Turk.Estate. They will select the best apartments and houses and assist you with the process of getting the mortgage.