Available to buyers of all nationalities based anywhere in the world, loans of up to 70% of a property’s value are being offered on a capital and interest basis only. Loans can be structured over any term between 7 and 20 years, with the minimum loan size being 50,000 euros.
Interest rates are linked to the European Central Bank’s reference rate, Euribor, with buyers currently able to secure funding at rates from 4.95%.
According to the Turkish Statistical Institute, housing prices have risen by 16.4% over the 12 months to March 2009. For the overseas buyer, though, it is the capital Istanbul and the Turkish Riviera towns of Alanya, Antalya, Bodrum and Fethiye where the greatest interest lies, but outside of these, there are still opportunities in some of the smaller towns on the coast, where luxury yachting and beach holidays are well established in the UK and German markets.
Tim Harvey, managing director, Offshoreonline.org comments, “We see Turkey as a major new investment property market, even before their entry into the EU is decided one way or the other. There is no doubting the importance of the country both as a business and tourist destination, it is a major economy in its own right which is increasingly being adopted by international investors. For us, this new Turkish mortgage service complements our successful French, Italian, Spanish and Portuguese mortgage services.”
