Turkey is on the cusp of offering mortgages options to foreigners. Meanwhile, investors regard this as an indication of a thriving and accessible property market with great potential for high returns on investment.
The Turkish property market is becoming even more obtainable for foreign buyers with the imminent introduction of Turkish mortgage options. Until now, the absence of finance from Turkish banks has been a sticking point amongst many investors.
Deputy Prime Minister Abdullatif Sener has confirmed that a bill regulating mortgages of up to 30 years will be presented later this year (2006).
Property purchasers traditionally arrange funding in their country of residence.
However, there has been some recent movement on the Turkish mortgage front, making it possible in the very near future for Turkish residents to obtain mortgages. This is also expected to include non-residents within 6 months.
Clients are deciding to take advantage of the excellent early opportunities available now in Turkey. Instead of a Turkish mortgage they may also consider:
- re-mortgage of their existing property
- use of personal funds
- arrangement of a personal loan
Once the Turkish mortgage is implemented, it will doubtless enhance Turkey’s position on the property investment map. This, in turn, will further boost this flourishing tourist economy and inevitably drive property prices upward.