Posted on 10 June 2010
Overseas mortgage provider Conti has revealed massive growth in demand for Turkish mortgages. Conti has said that demand for mortgages for Turkish property has been growing steadily over the past year, but that quotes doubled in May compared to April.
This is the biggest sign we have had that growth in demand for Turkish property recorded last year, will continue into this year.
The biggest factor was the massive decline of Sterling against the Euro, which massively reduced Brits spending power in the traditional destinations like Spain and Italy. This made Turkey the new destination of choice for low-budget British holiday makers and property buyers.
Now that there are signs this is continuing into this year, then this year could be an even better year for Turkey. There are signs that overall demand for overseas property is increasing this year, and further, that lower-income buyers (Turkey’s core market) are also returning, whereas the market has previously been dominated by wealthy buyers capitalising on their ready-to-buy situation to get the best deal on the best properties.
The Conti report is also well timed; Rightmove Overseas has just released its chart for May, which showed searches well up for Europe’s traditional favourites, with Turkey getting no mention. The Conti report shows that searches are one thing, but buying is another, and when it comes to buying Turkey is seeing massive growth in 2010.
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