Turkish Mortgage Update

From January 2008, foreign investors looking to buy property in Turkey will be able to apply for a Turkish mortgage thanks to the introduction of a new mortgage law that is aiming to encourage foreign investment. Previously, foreign investors had to finance their Turkish real estate through loans or mortgages back in their home country, or buy with cash, however the new law looks set to revamp the mortgage market.

The new Turkish mortgages looks set to be quite expensive at around 17.5% but will help the country become more accessible to foreigners and therefore help to bring in more tourism too. The government have already outlined plans to open the country up by developing airports, terminals and infrastructure to help the country’s economy and tourist trade.

With the new law and all the investment by the Turkish Government, buying a property in Turkey now looks like a good choice for future returns – with the expected increase in tourism, rental returns look set to have a bright future, and with the market being opened up, more investors will be looking to purchase in the country, a factor which is sure to push prices up.

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