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.