Turkey · Money and mortgage
How to save for a down payment on a flat in Turkey
A realistic savings plan, where to keep money during Turkish inflation, and how much you actually need to set aside to buy a flat in İstanbul, Ankara, İzmir or Antalya.
The main barrier on the way to your own home is more often not the price of the flat but the down payment. Turkish banks typically require at least 20% of the value; for some products — 25–30%. For a flat costing ₺2 million you need to save ₺400,000–600,000. Not easy, but with a clear system — realistic. This guide speaks in numbers, not motivation.
§ 01
Define the target
- 01Calculate the real sum
Count not only the down payment but all the costs of the transaction. The tapu duty (4%), notary, bank fee, removal costs and initial repairs may add another 5–8% of the flat's price. Include this in the target sum — otherwise, at the decisive moment, the money will run short.
- 02Measure realistic monthly savings
Open your statements for the past 3 months and see how much you actually set aside. That figure is more reliable than a dream figure. Knowing the monthly potential, it is easy to calculate in how many months you will reach the goal.
- 03Understand how the down payment affects the credit cost
The difference between a 20% and a 30% down payment is not only a smaller loan. At some banks it also affects the interest rate. Saving another 6 months to raise the down payment can save tens of thousands of ₺ in overpayment.
§ 02
Where to keep your savings
- 01Deposit and time deposit
The safest place for short-term savings. In periods of high inflation compare rates regularly — the difference between banks can run to several percentage points per year. If the amount exceeds the TMSF deposit-insurance limit (₺1,000,000 as of 2026), spread it across several banks.
- 02Gold and foreign currency: with caution
Given the historical volatility of the lira, keeping part of your savings in dollars, euros or grams of gold is a common strategy. But these instruments have their own volatility. As the purchase date approaches, reduce currency risk.
- 03Stay away from the stock market
Money you will need in 2–4 years is risky to invest in equities or funds. The market can fall just at the moment you need liquidity. For short-term goals, capital protection matters more than yield.
§ 03
Automate your saving
- 01Set up an automatic transfer
On payday set up an automatic transfer of a fixed sum to a separate savings account. The 'I save what's left' method almost never works. Save first, spend the rest.
- 02Make the savings account 'invisible'
Hide the savings account from your main banking app, or open it at a different bank. Money out of sight is spent less often — especially in tough months.
- 03Send extra income straight to savings
Bonuses, tax refunds and any extra income should go straight to the savings account, never mixed with the current budget. A single annual bonus can replace 6 months of saving.
§ 04
Where to cut expenses
- 01Concentrate on big items
Instead of giving up coffee, concentrate on the three biggest spending lines: rent, transport, food. They typically account for 60–70% of the budget. One change in a big line yields more than economising on small ones.
- 02Optimise the cost of renting
Moving to a smaller flat or a more affordable district can save hundreds of ₺ a month and tens of thousands a year. Send every ₺ saved straight to the savings account.
⚠ This material is for informational purposes only and does not replace legal advice. For major transactions always work with a qualified specialist in your country.