If you have some question marks in your mind about buying real estate in Turkey, this page will help you to find it out your answers. If you do not find your answer on the Frequently Asked Questions (FAQ) page, we will be glad to receive your questions from the contact page.
- Mortgage & Finance
- Property Ownership
- Turkish Citizenship
- Before Purchase
- During Purchase
- After Purchase
Do banks charge me when I open a bank account in Turkey?
No, there is no cost of opening a bank account in Turkey.
Is it time-consuming to open a bank account in Turkey?
Unlike most other countries, transactions are much easier and less time-consuming in Turkey. You can open a bank account within an hour when you get to the bank with ready documents. Learn more about opening a bank account in Turkey.
Are state banks more secure than private banks in Turkey?
No. All banks in Turkey are subject to the state banking law. There is no difference between state banks and private banks in terms of security.
Can someone withdraw money from my bank account with a power of attorney?
Yes. Banks accept POA for financial transactions in Turkey. So, your proxy can withdraw money from your bank account by showing a valid power of attorney.
How is the general cost of living in Turkey compared to European countries?
You’ll find most items up to 50% cheaper than the European countries and the USA. However, electrical items are the most expensive ones compared to these countries. Read more about the cost of living in Turkey.
Can foreigners get mortgages from Turkish banks?
Yes, foreign property buyers can get mortgages in Turkey. We have completed this process with %100 success for foreigners since we established our company.
Is it advantageous to get a mortgage in Turkey?
It depends on the interest rates of the buyer’s home country. If your residential country provides mortgage with lower interest rates, you can prefer getting the mortgage in your country for an overseas property purchase. You can also consider buying properties with an installment from construction companies.
What is the LTV (loan – to – value) ratio in Turkey for foreign property buyers?
In Turkey, the LTV ratio is 50% for foreign real estate buyers. This means you can get a mortgage up to 50% of the sales price of the real estate and you should already have the rest amount for advance payment.
Can I get a mortgage in Turkey if I do not have a bank account in Turkey before?
Yes, foreigners can use housing loans in Turkey. There is no obligation to have an account in advance. In accordance with the banking practice, the mortgage is offered with the main income currency of the loanee. For example, Europeans can get Euro credits. Before opening a bank account, they proceed by evaluating your credibility according to your declarations and opening an account immediately if positive. Learn more about mortgages in Turkey for foreign property buyers.
Can I pay for the property by cheque?
In Turkey, cheques are not accepted as a way of payment for real estate purchases. We only accept cash, bank transfer, and bitcoins.