Recently the introduction of the new Turkish mortgage law meant the benefit from a long-term mortgage which can be taken for up to 30 years to finance a property purchase in Turkey. Prior to that date, Turkish banks offered only short-term loans, which has limited the real estate economy in Turkey.
Major Turkish banks are now offering 20 years mortgage interest rates to circa 5%, offering it to all the people of Turkey without restrictions which means that as the local population expands and takes on higher real estate ownership levels this will increase overall property prices thus strengthening the market and creating investment opportunities not seen prior.
Population, Age and demand
Turkey’s large population is over 74 million and is increasing by around 2 per cent each year and the population has an average age of 29 years. 65 per cent of the population is younger than 35 years of age leading to the fact that in association with mortgage rates coming down for the local population, low national debt levels and finance becoming more available this leads to higher local demand for property in Turkey.
The new Turkish mortgage facilities being put in place are likely to boost the Turkish property market to great new levels not seen before, as the motivation and need of local demand is now going to find the affordable means of financing a property purchase, resulting in a property boom that is underscored by all major thinks tanks worldwide.
Tourism growth:
With over 25 million tourists visiting Turkey each year (and growing), this will undoubtedly create some encouraging new buy-to-let opportunities. As the current economic climate in Turkey is strong and actively favours foreign investors, it seems there has never been a better time to buy into this growing property investment market.
IPD has access to some of the best investment propositions across the whole of Turkey, some of which come with Rental Guarantees, others with Buy-back Guarantees, others with Custom Built designs and tailor made investments to meet the requirements of every single investor no matter how large of small the investment is!
IPD also offer through its UK and North American Partners mortages sepcifically geared towards those seeking to purchase a property in an overseas location.
