Buying an Apartment in Istanbul on Installments (Guide)

5 September 2025

Buy an apartment in Istanbul on installments: developer payment plans, how they differ from a mortgage, residence and passport impact, and legal tips.

Buying property in Istanbul has long been one of the most attractive investment routes for foreigners. One reason the market is so popular is that you can buy an apartment on installment terms without paying the full price in cash. This guide explains how developer installments work, how they differ from a bank mortgage, how they affect residence permits and citizenship, and what to check before you sign an installment contract.

Why Is Buying an Apartment in Istanbul by Installments Attractive?

• Easier payments: Many projects offer payment plans of 12 to 60 months.
• Lower down payment: Buyers usually sign the contract with a 30% to 50% down payment.
• Off-plan pricing: Projects under construction are usually cheaper than ready units, and their value tends to rise by the time of delivery.
• Interest-free installments: Most direct developer installments carry no bank interest and are fixed in dollars or euros.

Developer Installments or Bank Mortgage?

In Turkey there are two ways to buy without paying in full. Developer installments are more common: you sign a contract directly with the construction company, there is usually no interest and fewer documents are required, but they are mostly offered on new-build and off-plan projects. A bank mortgage is also possible for foreigners, but interest rates are high, the bank asks for proof of income, and it usually covers only a limited share of the property value. We compare them in full in our guide to getting a mortgage in Turkey as a foreigner.

Typical Installment Terms in Projects

• 35% down payment with 24 interest-free monthly installments.
• 50% down payment with 36 monthly installments.
• Some projects offer 48 to 60 month plans, which usually come with a higher total price.
• In many contracts, part of the price (for example 10% to 20%) is paid at key handover.

Before choosing, compare the cash price and the installment price. Sometimes the gap between the two is effectively the interest hidden inside the installments.

Installment Purchases and a Turkish Residence Permit or Passport

• Property-based residence permit: Only possible once the official title deed (tapu) is issued in your name and the property is worth at least $200,000. For off-plan projects that do not yet have a title deed, you usually have to wait until the deed is issued. Details are in our article on getting a Turkish residence permit by buying property.
• Turkish passport: For citizenship you need at least $400,000 fully paid, provable through the title deed and bank receipts. In other words, with an installment purchase only the amount actually paid counts, not the total contract price. Full conditions are in our article on getting a Turkish passport through property purchase.

Best Areas in Istanbul for Installment Purchases

• Bahçeşehir and Esenyurt: New projects at good prices, popular for installment purchases.
• Maslak: Luxury towers with flexible payment terms for investors.
• Büyükçekmece: Villas and large seaside complexes.
• Kartal and Maltepe on the Asian side: New-build projects close to the metro and the coast.

Before buying in any district, check that the neighborhood is not closed to foreign buyers.

Legal Points to Check Before Signing an Installment Contract

1. Developer reliability: Check the track record of previous projects, on-time delivery and the company's financial standing.
2. Project permits: Look at the building permit and the status of the land title (kat irtifakı).
3. Official contract: An off-plan sales contract must be drawn up at a notary (noter) as a sales promise agreement (Satış Vaadi Sözleşmesi) and preferably be registered on the title deed.
4. Payment schedule and penalties: Write down the exact amount and date of each installment, the currency (dollar, euro or lira), late-payment penalties and termination terms.
5. Delivery and title deed dates: State the developer's penalty for late delivery and the time of title deed issuance in the contract.
6. Bank payments only: Pay every installment to the company's official bank account and keep the receipts.
7. Earthquake insurance (DASK): Mandatory after delivery and title deed issuance (see our guide to DASK earthquake insurance).

Risks of Installment Purchases and How to Reduce Them

• Project delays or stoppage: Buy from a reputable developer and register the contract at a notary.
• Currency fluctuations: If your income is not in dollars, calculate your ability to pay foreign-currency installments under different scenarios.
• Delivered unit differs from the plan: Attach the net and gross area, the plans and the specifications to the contract.

To learn about other costly errors, read 7 dangerous mistakes when buying property in Turkey.

Frequently Asked Questions

Can foreigners buy property in Turkey on installments?

Yes. Developer installments are also offered to foreigners and usually require no proof of income. Buying with a bank mortgage is also possible but has stricter conditions.

Are the installments in dollars or lira?

Most developers set the price and installments in dollars or euros for foreign buyers. State the currency clearly in the contract so you do not lose out to exchange-rate swings.

What happens if I pay an installment late?

Depending on the contract, a late-payment penalty is charged, and after a long delay the developer may have the right to cancel. For this reason, have a legal adviser review the penalty and cancellation clauses before you sign.

✅ Summary

Buying an apartment in Istanbul on installment terms is a flexible way into the Turkish property market, as long as the developer is reputable and the contract is official and transparent. If your goal is a residence permit or a passport, match the title deed timing and the amount paid to the legal requirements from the start. ALO TURKEY specialists introduce you to reliable installment projects and review the contract before you sign. Browse installment projects in Istanbul or contact us for a free consultation.