Turkey Cuts Interest Rate Again – Now is the Time to Buy Property

Posted on 21 August 2009

Turkey, which had already cut its key interest rate by more than any G20 country has reduced the rate by a further half a percentage point to just 7.75% earlier this week. Turkey has now reduced the over-night borrowing rate by 9% in the last 12 months.

The reductions do appear to be working; inflation is slowing to levels that will be accepted for entry into the EU. And what’s more Turkey certainly has room to manoeuvre when it comes to interest rates; Turkey’s main banks all revealed their profits have grown massively in the last fiscal year. So it would not be a total shock if this is followed by further interest rate cuts in the future.

Now is most certainly a good time to buy Turkey property, for lifestyle buyers in particular, because they tend to favour property that is already completed, which is easiest to obtain a Turkish mortgage on.

British lifestyle buyers are in a particularly favourable position vis-a-vis a Turkish property purchase, with Turkish property still almost 9% cheaper to British buyers than it was in April, because of changes in the exchange rate.

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