PROPERTY NEWS - Buy Property in Turkey with Mortgages

If you’re a property investor or a would-be expatriate who had lost interest in Turkey due to the mortgage constraints, the time to give this beautiful and emerging destination a second look is now.

Recent changes in the mortgage situation in Turkey have made this country much more attractive to investors and even expatriates who had been renting property in Turkey previously for example.  Britons and others looking to buy property in Turkey with mortgages will find the lending climate has very much warmed for them in recent months.

Prior to the rule changes earlier this year, investors looking to buy property in Turkey often found themselves faced with two options – take out high-interest mortgages from their own overseas banks or pay the full asking price effectively in cash. 

Thankfully the changing lending landscape has made much more affordable mortgages available to foreign investors who wish to go through local Turkish banks.

Although the Turkish currency took a battering last year and the local economy took a bit of a nose dive earlier this year, many financial experts believe Turkey’s star is set only to rise.  Some in fact have said the economy is likely to become one of the world’s fastest growing in the coming years.  This is attributed to a lowering of inflation and interest rates, along with a strong demand for property thanks to the new mortgage laws that affect foreign investors directly.  Tourism also remains a major booster to the Turkish economy, which of course is good news to investors looking for buy-to-let opportunities.

Hot investment areas are found throughout the country – especially in areas along the Black, Aegean and Mediterranean seas and some properties on the interior are also worth a closer look.  Investors will find Istanbul, Alanya and Kusadasi are particularly intriguing markets with many new developments under construction for example, but resort-style construction is under way across the country’s coastline so there really is plenty of choice.  It is hard to find a coastal destination without at least one new resort style development on the drawing board!

British buyers will find properties are currently priced in a variety of ranges.  It is more than feasible to find two bedroom apartments for roughly GBP 35,000 for example but prices do go up considerably depending on the area and the style of housing desired though.  Freestanding villas can go for more than GBP 250,000 depending on the region and how elaborate the property happens to be.

Some financial experts are forecasting that Turkish property values will not stay low for long as more buyers are looking to the region for their investment assets.

With the doors now much more open for investment and Turkey’s star on the rise, many are asking if this country of incredible beaches and beautiful mountains will become the next Spain.  While the Spanish would likely beg to differ, there is no denying that Turkey is a desirable location for investors, tourists and expatriates alike.

Thanks to new mortgages and a bounty of new construction projects, the Turkish property market seems well worth a closer look.  An easing of restrictions has opened the door wide for mortgages and it seems as if investors are more than welcoming the news.

source: shelteroffshore.com