Real Estate & Mortgage News in Turkey from Propertyshowrooms.com

Turkey a "hotspot" for British property investors

Thu, 10 Nov 2011 00:00:00 GMT

Brits looking for a property overseas are increasingly considering Turkey, it has been claimed.

Writing for Mortgage Strategy, director of Conti Clare Nessling explained that in many locations around Europe purchasing a home "has probably never been so affordable".

One of the countries that is attracting British buyers is Turkey, she noted, pointing out that mortgage availability is "generally good".

"Turkey offers great property prices and as tourism has risen dramatically over the past few years, rental yields are lucrative," Ms Nessling commented.

She added that these factors have made the Turkish real estate market one of the largest "hotspots" for British buyers looking for a property overseas.

Potential investors may be encouraged by figures published last month by the Turkish Statistical Institute, which showed that income derived from tourism increased during the third quarter of 2011, compared to the same period in 2010.

According to the organisation, the amount generated by holidaymakers in the country rose by 8.9 per cent during this three-month timeframe, with 78 per cent of this revenue coming from foreign travellers.

Mortgage quote rise for potential property buyers in Turkey

Tue, 22 Jun 2010 00:00:00 GMT

A rising number of individuals may deem 2010 to be the year to take advantage of any properties for sale in Turkey, it has been suggested.

Conti has revealed that it has witnessed demand for mortgage quotes in the country steadily increase in the past year, with the warmer climate and stunning coastlines causing property in Turkey to become highly sought after.

In May, the leading UK overseas mortgage specialist provided double the number of quotes than the previous monthly average in 2010, with the location being sheltered from the euro being another reason for its particular appeal.

Clare Nessling, Conti's operations director, said: "These factors, combined with low interest rates and some bargain property prices, have made Turkey increasingly attractive, as well as more affordable, for UK buyers.

"Property purchase costs and taxes there tend to be lower than other popular hotspots."

She added that flights from the UK are also strong to the country with a wide array of airports making Turkey highly accessible to those looking to purchase property abroad.

Recent research by the Turkish Statistics Institute suggested that the property market in Turkey could "explode" if the population of the country continues to grow.

Foreign property investment in Turkey 'gaining in popularity'

Wed, 28 Nov 2007 00:00:00 GMT

Britons are becoming increasingly drawn to Turkey's potential for property investment, an expert has said.

Paul Collins, overseas property editor of BuyAssociation, described how the process of buying a property in the country is "becoming easier" due to changes in the mortgage industry.

He also suggested that an expansion in the number of low-cost carriers which fly to Turkey from Britain has opened up the market for more tourism, which could be good news for those who own holiday flats.

"It's becoming easier to get to the country [and] there's development not only in the types of property and the locations that people can buy and build, but also in the mortgage industry as well, which makes it easier to buy," Mr Collins explained.

The number of tourists visiting Turkey has been forecast by the Turkish Embassy to rise from 19 million to 25 million between 2006-07.

Investors urged to 'diversify'

Fri, 17 Aug 2007 00:00:00 GMT

Property investors are being encouraged to diversify their portfolios to make the most of the property boom and ensure maximum returns.

The independent mortgage broker Savills Private Finance says investors need to consider what kind of properties they wish to buy and where wish choose to buy them.

Indeed, location will depend on investors' attitudes to risk, with some areas offering the possibility of larger returns than others but coming as a much bigger gamble.

"As with any investment the key is establishing your appetite for risk and diversifying as much as possible," Savills manger Miranda John told The Telegraph.

"In an ideal world, and budget permitting, you should look at investing in different types of market broadly defined as high, medium and low risk."

High risk markets include those where until recently foreign buyers have been unable to invest because of legal or political restrictions.

Meanwhile low risk markets, such as France and Spain, tend to be much more established and have competitive, transparent lending markets.

According to Atlas International Turkey represents an excellent opportunity for investors at the moment as it is very under-developed and prices are low.

Turkey offers "huge" market for investors

Thu, 19 Jul 2007 00:00:00 GMT

Turkey's location, economy and mortgage laws make it a lucrative opportunity for property investors, according to a market expert.

Julie Anthony, Sunseekers Altinkum UK representative and partner of Fisks International, said that Turkey's positioning between the east and the west was attractive to property buyers.

She told Easier that its growing economy, which boomed by more than seven per cent in 2005, had placed in in the top 20 largest in the world.

"With new mortgage laws recently passed and a population of over 70 million, Turkey offers a huge and dynamic domestic market to foreign investors, with prices rising by as much as 25 per cent a year in some places," she told the website.

She went on to add that Brits could get a good deal on the exchange rate now and Turkish developers were putting a lot of money into tourist attractions, such as a marina and two golf courses in Altinkim.

Overseas property investment company Principal International recently commented that serious investors were casting their net of interest wider than traditional favourites like France and Spain.

Spokesperson Simon Ryeland said that development of facilities and the low cost of beachfront properties were prime factors.

New Turkish mortgage law 'to boost property market'

Mon, 25 Jun 2007 00:00:00 GMT

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 finance law 'will open up Turkish market'

Thu, 19 Apr 2007 00:00:00 GMT

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.

TURKEY CONTINUES TO PLEASE

Wed, 23 Aug 2006 00:00:00 GMT

The sparkling coast of Turkey and beautiful surrounding countryside have long made Turkey a favourite holiday destination for many European tourists. Today, increasing numbers of property investors are choosing Turkey as their preferred location in which to purchase a holiday home.

It is estimated that in excess of an amazing 21,000 properties have been sold within the past two years in the Aegean coastal areas of Fethiye, Bodrum, Didim and Altinkum. Purchasers are predominantly from The United Kingdom, Ireland, Germany and Holland.

While Turkey steams on ahead with improvements to its infrastructure in readiness for joining the European Union, it fully intends to entice a good deal more foreign investment in the near future. The introduction of the overseas mortgage now available in Turkey is a timely addition to Turkey’s attraction as a great property investment location. This is the first time overseas mortgages have been on offer in Turkey and the move will doubtless enhance Turkey’s position on the property investment map, not to speak of further boosting its ever-growing tourist economy.

Istanbul Mortgage co announces Mortgages for Europeans

Wed, 9 Aug 2006 00:00:00 GMT

The Turkish property market is becoming even more obtainable for foreign buyers with the imminent introduction of 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. Meanwhile Istanbul Mortgage confirmed last week that it is offering finance to European buyers. For a repayment loan, Istanbul Mortgage is offering up to 80 per cent loans for a term of 20 years with interest from 4.8 per cent. Purchasers will choose from a range of products available with off-plan mortgages and buy-to-let loans available as well. For now, customers will be restricted to the British, Irish, German and Dutch for credit check reasons.

In addition, the Turkish Ministry of Culture and Tourism is making more land available for developing holiday villages and tourist attractions, including a new golf resort in Yilanli Ardicovasi and a ski resort at Bolu Koroglu.

At Last a Turkish Mortgage…

Thu, 15 Jun 2006 00:00:00 GMT

Turkey’s State Minister and Deputy Prime Minister, Abdullatif Sener, has said a bill regulating the implementation of Turkey’s new mortgage system is top priority on the agenda for the 2006 parliamentary year. So within months investors will soon be able to take out a conventional mortgage for up to 30 years to finance their property purchase in Turkey. Currently, Turkish banks offer only short-term loans, limiting the number of mortgages that can be granted. This has somewhat limited the real estate economy in Turkey today. However the reduction of extremely high levels of inflation through a floating foreign exchange regime and tight monetary policy have led to improvements in Turkey’s economic conditions. The country’s high interest rates have, in turn, fallen from around 24% at the end of 2004 to an encouraging 13% at the end of 2005. Turkey has a huge population of just over 70 million which expands by 2 per cent each year and while 70 per cent of the population is younger than 30 years of age, there is a strong demand for property in Turkey. The new mortgage facilities will boost the Turkish property market to great new levels and we expect to see a dramatic increase in property construction in general, including holiday homes. With over 25 million tourists visiting Turkey each year, the new legislation will undoubtedly encourage further growth in tourism and create some encouraging new buy-to-let opportunities. Turkey boasts some stunning mountain and coastal scenery as well as a rich and exciting culture, making it a top worldwide tourist destination. Added to this, 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. The introduction of the Turkish mortgage will prove invaluable to finance purchases in numerous new developments currently under construction in prime beach-front locations - it seems there has never been a better time to buy into this growing property investment market. Finally, with Turkey’s EU accession due sooner rather than later, the Turkish mortgage will go a long way to bring Turkey into line with the standards and practices expected from worldwide property purchasers. We believe the results will prove very inspiring to our investors.