Mortgages in Turkey
Turkey is becoming an increasingly popular destination for those looking for an overseas property as it combines outstanding value for money in its properties as well as a thriving tourism trade that is increasing year upon year. For those looking for a Turkish property mortgage, or have any interest in Turkey and a potential property purchase, then please read on.
Turkey is a geographically diverse country; the nation itself is one of the largest in Europe with a population of approximately 65 million. It is particularly unique in the way that 97% of it is in Asia and 3% in Europe, with the Asian side known as Anatolia and the European side, Thrace.
Turkish mortgages and investment potential
The attraction of buying property in Turkey is not only about value for money, but also for the potential returns on investment. Turkey is becoming an increasingly popular tourist destination with $18 billion alone in 2005 earned from tourism revenue; when coupled with strong economic growth and changes in restrictions for foreign-owned property, the Turkish mortgage market for property investment is showing real signs of a boom.
The Turkish mortgage laws state that you are able to borrow 80 per cent of the valuation of the purchase price (whichever is lower). However, this figure applies only to Istanbul and the Turkish Riviera and for purchases and re-mortgages for home improvement in Euros and Sterling only.
For more detailed and up-to-date Turkish mortgage advice telephone Conti, the UK’s leading overseas mortgage experts on 01273 772811.
0800 970 0985