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Mortgages in Turkey 2021

Turkey is one of the most promising real estate markets in Europe, and the mantra “location, location, location” rings especially true for this country. Strategically situated at the crossroads of Europe, the Middle East, and Central Asia, and home to almost 82 million people, Turkey offers great opportunities for real estate developers and investors by combining a large construction sector with growing commercial and industrial output.​Mortgages in Turkey 2021.
 
  • The real estate sector accounted for approximately 8.4 percent of GDP in the last decade. On the investment side, FDI inflows stood at USD 13 billion, with real estate and construction garnering USD 5.9 billion (45 percent) of total FDI in 2018. Mortgages in Turkey 2021.

  • Urban renewal and mega projects dominate the agenda for the foreseeable future, particularly in Istanbul. Some projects in the city include Marmaray, Canal Istanbul, Yavuz Sultan Selim Bridge, Eurasia Tunnel, 3-Storey Grand Istanbul Tunnel, and Istanbul’s 3rd airport.

  • The Urban Renewal and Development initiative will encompass 7.5 million housing units. The initiative has a budget of USD 400 billion, with a large contribution coming from the private sector.

  • ​The total number of homes sold in the Turkish property market reached 1.4 million units in 2018; likewise, sales of real estate to foreigners began to increase following the abolishment of the reciprocity law in 2012. In 2018, 39,663 homes were sold to foreigners in Turkey, marking a year-on-year increase of 78.3 percent. Regarding home sales to foreigners, Istanbul was the top-performing province with 14,270 sales in 2018, followed by Antalya with 7,938 sales, Bursa with 2,720 sales, and Ankara with 2,133 sales. 

Housing Mortgages for Foreigners Who Wish to Purchase a House in Turkey

Mortgage Finance for Foreigners finances non-Turkish residents of Turkey who wish to purchase a house with the most convenient conditions.

Ask our specialist and get further information about the Mortgage Finance for Foreigners.

Features of the Mortgage Finance for Foreigners

  • An alternative payment plan can be prepared with up to a 120-month period at convenient profit and allocation fee rates.
  • Financing support offered may represent up to 75% of the expertise value for the soon-to-be-owned-house.
  • The valuation for the real estate is conducted by independent companies licensed by Capital Markets Board (CMB).
  • If the foreigner’s residence is registered abroad TRL, Foreign Exchange Loan and Foreign Currency Loan may be extended. Loans are extended only in TRL for those residing in Turkey.

Application Criterias for Mortgage Finance for Foreigners

  • The applicant should file mortgage request directly at our bank for financing support or issue a letter of proxy for a lawyer/individual in Turkey authorized to use loans and sign loan contracts.
  • The application documents to be submitted should be issued in the official language of applicant’s country of origin.
  • Issued in abroad, these documents are required to be certified by the authorized bodies in the country of issue and bear an “apostille” confirming that they are duly issued. The apostille is valid for the member states of the 1961 Hague Convention.
  • Documents bearing an apostille should be translated into Turkish by sworn translators in Turkey and the translations should be certified by a notary public office.Mortgages in Turkey 2021.
  • If the country of origin (like United Arab Emirates) is not a party to the above-mentioned Convention for apostilles, the documents issued in the official language of that country should be certified first by the Ministry of Foreign Affairs and then by Turkish Consulate.
  • The certified documents should be translated into Turkish by sworn translators in Turkey and the translations should be certified by notary.
  • As per the procedures and principles specified in the national regulations pertaining to the real estate acquisition by foreigners, the applicant is required to receive permission from the relevant authorities before the sale is performed in the directorate of land registry.
  • Real estates bearing the ‘sales unavailable to foreigners’ note are out of coverage.
Mortgages in Turkey 2021

Mortgages in Turkey 2021

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