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Mortgage boost for Turkish property

The introduction of new mortgage legislation should boost the flourishing Turkish property market, according to industry commentators.

Writing for the Mortgage Introducer website, Jane Griffiths confirmed the strength of Turkish housing, with property values increasing between 25 and 40 per cent in the last five years.

As interest rates continue to decrease and foreign investment booms, the property market's already-bright future is set for a further lift thanks to the new law, which will allow a long-term mortgage to be taken for up to 30 years.

Ms Griffiths confirmed the benefits of the changes: "The current economic climate in Turkey is strong and actively favours foreign investment in the property market, while most experts predict it is now sitting on the brink of a property boom.

"The introduction of the Turkish mortgage will prove invaluable to finance purchases in numerous new developments currently under construction - it seems there has never been a better time to buy into this growing property investment market."

Her comments followed the recent advice from Turkish lawyer Berk Cektir, who told the Zaman newspaper that overseas investors looking at foreign property should be sure to acquire proper legal representation before signing any important documents.

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