Turkey has developed a reputation for a value-for-money destination, helping to enhance the country’s popularity as a property investment destination. Spurred by relatively inexpensive property costs, demand for Turkey property is growing.
Weak Turkish currency
A recent report from the Post Office named Turkey as one of the world’s most economical places for Brits’ to see, due to sterling’s strength against the Turkish lira. Yet, the Turkish money is expected to drop in value in 2009, according to Deloitte Turkey, making low land costs even less expensive.
Purchasing property in Turkey is a smart move from the present economic climate since it’s away from the eurozone and therefore your pound goes further.” Find more information on real estate apartments in Turkey via various online resources.
Turkey, which now attracts around 25 million tourists each year, was last year called number one vacation destination for British tourists.
Nonetheless, international visitor numbers to Turkey are expected to grow further this year. Traveling association body, ABTA, forecasts that Turkey will be one of two “large growth areas” in 2009, together with Egypt.
The Turkish market, which is partially and unsurprisingly reliant on tourism, seems to be well equipped to resist the current global financial calamity, after recovering from its own crisis in 2001.
A leveling up scenario – wage inflation, growing prosperity and access to constrained mortgage finance – is driving greater domestic and global demand for properties in Turkey.
Mortgages in Turkey were released in 2007, enabling buyers under the age of 75 to borrow around 80 percent of the property’s value for a maximum term of 20 years, based on Eric Kaya, director of Cumberland Properties. Mortgage borrowing rates currently start at around 5.8 percent.
Kaya claims that the previous inability to acquire mortgages was “stifling demand, preventing individuals from buying property and holding our (Turkey’s) economy back. The new mortgages that are now available are good news for both Turkish and overseas buyers.”
He adds: “Prices of land in Turkey are a good deal cheaper than a lot of the remainder of Europe” and this introduces “a lot of opportunities for investors to make very good returns from home.”