Mortgages
Turkey has been described as a “prime “destination for property investment. Turkey’s infrastructure has evolved to provide foreign buyers with the support and access necessary for development opportunities to become attractive.
Side lies within the Turkish Riviera and its favourable climate; archaeological sites and beautiful beaches make it a popular tourist destination and certainly an area of great potential for property investment buyers. Turkey’s economy continues to grow and with a mature application to possible membership of the European Union that further lifts the economy.
New mortgage law passed in February 2007 have introduced homeownership to facilitate an ever-increasing property market in Turkey and the government has targeted Istanbul and the Turkish Riviera as prominent in their reforms. Attractive mortgages opportunities with low interest rates are available to Turkish and foreign buyers in Side with many local banks geared up to meet demand for homeownership.
Foreign applicants for mortgages to buy Turkish residential property are able to borrow up to 80% of the valuation or the purchase price (whichever is the lower). This figure currently applies to Istanbul and the Turkish Riviera only. The minimum loan for property is 40,000 euros, with a maximum loan of 200,000 euros. Currently the maximum loan term is for 20 years and is available for people up to the age of 75.
Like many European countries it is possible to have a mortgage agreed “in principal” before you look to buy and can be achieved even before coming to Turkey.
5 Reasons to Buy in Turkey