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There has
been a sharply growing demand for buying property
in Turkey. As of December 31, 2006, the number
of foreign nationals owning property in Turkey
reached 69,781, %25 of which is Britons. In other
words, over July 2003, the number of Britons and
foreign nationals who own property in Turkey increased
by 488%
and 85%
,
respectively. The number of foreign nationals
who own a property in Turkey is expected to surpass
half a million within a couple years to come.
Since property
prices in other Mediterranean locations are comparatively
very high and those markets are now somehow saturated,
Turkey is almost to become a favourite destination
to buy a property. In addition, historical and
natural beauties, long warm periods stretching
from March to November, future prospects for full
EU membership, great economic potential, favourable
demographic features, substantially increasing
number of foreign tourists, hospitality of the
citizens, being a secure place, amenities designed
for foreigners, modernised cities with good infrastructure
are all other appealing features of Turkey.
There had been no universal mortgage system in Turkey untill 6 March
2007. However, the mortgage law was adopted by
the Turkish Parliament and published in Official
Gazette on 6 March, 2007. The law makes mortgages
available over long periods to house buyers. The
new law is expected to transform both the housing
market and the Turkey’s urban environment,
and stimulate demand for domestic housing and
driving house prices upwards.
Taking into
account the above mentioned advantages and the
expected future developments in the property market
in Turkey, investments in real estate are highly
likely to yield substantial gains when an individual
investor takes the necessary steps.
This document aims at providing readers with all necessary and relevant
information for buying property in Turkey. There are also
some sections for people who plan to reside or
work in Turkey.
The
document is just a simple guide-line and we will
take no responsibility for the contents |
