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New finance law 'will open up Turkish market'
From "Press Release" on 17 April 2007
Investing in Turkey is set to become more popular following changes in the country's laws, an online estate agent has said.
According to RightmoveOverseas, the introduction of mortgages for non-residents will result in an influx of foreigners buying homes on the Turkish coast. Until now, overseas property buyers have been unable to purchase a Turkish property unless they paid cash. However, with inflation pushing up house prices, the government changed the law to keep the housing market buoyant. "Turkey is now set to become one of the next big things in overseas property thanks to a change in Turkish law," said Justin Figgins, head of RightmoveOverseas. "This change means that foreigners can now obtain Turkish mortgages, which will inevitably lead to an influx of investors to the Turkish coastal resorts where the real bargains are." However, he said that because the mortgage market in Turkey is very new, potential investors must do their homework before making a commitment. There are around 63,500 properties in Turkey owned by foreign investors, mostly along the coast or in the big cities.
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