Turkish mortgages open up overseas investor market

Buying property in Turkey is set to be the one of the next big things thanks to the introduction of mortgages for non-residents, an online estate agent says.

RightmoveOverseas predicts property in Turkey will become more popular due to the change in Turkish law, seeing an influx of foreigners buying homes on the Turkish coast.

Known for its friendly people, good food and beautiful coastline, Turkey has been a top low-cost holiday destination for Brits for years.

Overseas property buyers were unable to purchase a Turkish property unless they paid cash, but with inflation pushing house prices up the government was forced to change the law to keep the housing market going.

"Though well known as a fantastic but low-cost holiday destination, Turkey is now set to become one of the next big things in overseas property thanks to a change in Turkish law," said Justin Figgins, head of RightmoveOverseas.

"This change means that foreigners can now obtain Turkish mortgages; which will inevitably lead to an influx of investors to the Turkish coastal resorts where the real bargains are.

"Having access to Turkish mortgage finance will undoubtedly generate a surge in demand from buyers," commented Mr Figgins.

"However, the mortgage market in Turkish is very new and I would encourage potential investors to do their homework."

Examples of properties available in Turkey include two-bedroom apartments in the popular tourist area of Bodrum, with views over forest, lake, sea or golf courses for £61,000, and four-bedroom villas with private pool and panoramic views for £123,124 in Kemer, Antalya.

For £237,698 five-bedroom semi-detached villas are available in Marmaris, another popular coastal tourist destination.