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Now that the Turkish government has had time to re-draft the relevant law, title deeds are being processed as usual. This is welcome news for foreign investors, especially now that mortgages are more readily available in Turkey - the essential elements for overseas property investors are firmly in place. www. propertyturkeysale.com
The government’s move will reassure prospective investors looking for a good short, medium or long-term investment. The changes to the law are not expected to make any significant difference to individual foreign property investors because they primarily affect foreign companies rather than the growing numbers of foreign investors who usually buy property in officially zoned areas around cities, town and holiday resorts.
Turkey remains a popular investment location, especially now that a number of lenders are offering mortgages to non-residents. Ken Thorkildsen, Director of Obelisk Private Finance, says that Turkey’s mortgage market is evolving, particularly since the passing of the country’s new mortgage law in 2007 which allows lenders more freedom in their lending practices. “Prior to the 2007 Mortgage Law, mortgages were only available to Turkish nationals, at high, double-figure, interest rates,” explains Ken, “now non-resident property owners can take advantage of multi-currency mortgages with low fixed rates. Mortgages are available to citizens of countries with whom Turkey has a reciprocal arrangement, such as the UK and Ireland. There are a handful of lenders offering mortgages to non-residents and that is set to grow as demand increases from foreign investors.”
www.propertyturkeysale.com
Now that the Tapu ban has been lifted, Land Registry offices across Turkey have restarted processing applications for the transfer of title deeds to foreign nationals. This is cause for celebration amongst investors, particularly those interested in buy-to-let. Recent survey results published by the Daily Telegraph and undertaken by independent travel group, Cooperative Travel, show that Turkey has pushed Spain from its top position as favourite holiday location for Brits, partly because of the over-valued euro, but also because the cost of living is a fraction of what it is in the UK.
Turkey is a popular tourist and investment location for a variety of reasons, not least because it is now better served by low cost airlines, making access easier and more cost effective. Most importantly, property in Turkey is still significantly cheaper than other similar locations. Now that mortgages for non-residents are gradually becoming more available and the government has passed its new Tapu law, investment in Turkey has been given the green light.
www.propertyturkeysale.com
Turkey’s tourist intake increases
Property Investors and overseas home-buyers alike can turn their backs on the doom and gloom of the UK ‘credit crunch’ and face the golden opportunities and sunshine of Turkey with renewed confidence and excitement, as the Tourism Ministry announced a massive 19.17 per cent increase this June in the number of foreign visitors there – a rise of nearly four million tourists in the first half of the year, compared with the same period last year.
With the vast majority of savvy investors shying away from the over-saturated, precarious Spanish property market, and taking into consideration the poor euro to pound exchange rate and increasing costs of living in mainland Europe, Turkey’s imminent, yet not current state of EU membership, is acting as a real bonus for anyone thinking of approaching the first rung of the property ladder or indeed investing in the future.
Offering apartments from under £20,000, the luxury Lifestyle Residence development located in the much sought-after coastal area of Altinkum, is a fantastic opportunity to invest off-plan in a prime slice of Turkey real estate while prices remain so temptingly low and affordable.
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