Turkish Mortgages

Posted on 19 July 2007

Mortgages available from 2008

Turkey was recently voted one of the most improved markets in Europe by Global Property Guide and topped Currencies Direct’s index of global emerging markets for the second time in a row. The market has also just received a further boost in the form of a new law on mortgages set to make finance available locally from the beginning of 2008.Davidson explained:

“With the advent of local mortgages, set to come on stream within the next 12-24 months, current rising levels of wealth in Turkey will be translated into increased demand for property, thus driving up prices. As local brokers start to lend to foreign investors, this growth will surely accelerate, especially as speculation builds around the prospect of EU membership in the next 6-8 years.”

Julie Anthony, Sunseekers Altinkum UK Representative and partner of Fisks International commented:

“Turkey is a popular place for people to buy property due to its unique geographical location as the crossroads between East and West. It also has a rapidly expanding economy which grew by 7.4% in 2005, meaning that Turkey is now one of the top 20 largest economies in the world.”

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