New Turkish mortgage law 'to boost property market'

Article Date : 25 June 2007

The introduction of a new mortgage law in Turkey will help to boost country's property market, it has been claimed.

Writing for website Mortgage Introducer, Jane Griffiths said that investors will now be able to take out a mortgage over a term of up to 30 years from January 2008 - currently, buyers can only apply for short-term mortgages.

She added that a recent improvement in economic conditions in the country has allowed the government to loosen mortgage regulations and open up the market to more property buyers, providing opportunities for buy-to-let investors looking to capitalise on the business created by the 25 million people who visit the country every year.

"The current economic climate in Turkey is strong and actively favours foreign investment in the property market, while most experts predict it is now sitting on the brink of a property boom," Ms Griffiths commented.

Property investment firm Principal International recently claimed that Turkey is becoming more popular with investors looking to break away from the traditional hotspots of Spain and France.

New Turkish mortgage law 'to boost property market'

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