Turkey has been tipped to become the next property hotspot thanks to the introduction of mortgages in October 2006. Mortgages were only introduced in Turkey a quarter of a year ago, but insiders are already stating that the effect this is having on property there is extraordinary.
Property expert Assetz have stated that capital growth on homes and dwellings in the Middle Eastern nation is strong, as is demand. With mortgages introduced at completive rates of 6.5% per cent which will only encourage demand for holiday homes and investment property market.
Now the country has been tipped by several experts as the next big emerging property destination for Britons and other overseas property buyers and with the introducing of 70 per cent loan-to-value mortgages, investors and holiday home purchasers will now find it much easier to be able to get themselves a property in the sunny climes of Turkey.
It is now possible for non-Turkish citizens to get mortgages in Turkey for their property in Turkey, providing they are entitled to buy property there. The Turkish Property market is booming and around 17,000 British investors already own property in Turkey. The Independent's Laura Howard recently named Turkey as the number one location to purchase a home abroad (Mar 08).
The method used to buy an overseas property very much depends on individual circumstances and often requires financing. The system for mortgages in Turkey is in its infancy having only been recently established. However, even at this relatively early stage there are a variety of financial products available both in the UK and in Turkey.
Altınkum Property has thoroughly researched the market and we are now offering mortgages in Turkey of up to 70%