A number of new property hot spots are popping up around the globe, and Turkey is one of the most sought after. UK investors looking for a low cost way into an emerging market have targeted Turkey to be one of the best opportunities available.
Mortgage broker for overseas mortgages, Conti Financial Services, reported that there was an increase in the number of enquiries for Turkish property over 2007. This increase was substantial – at 147%.
Property investors are looking farther and farther away from their traditional Mediterranean property markets. By contrast, during the same period, Conti Financial Services reported a drop of 28% in enquiries for the Spanish property.
With UK investors pilling in, property prices in Turkey are on the rise. Property values increased between 15% – 20% through 2007. Just a few years ago, investors could not purchase in the country, but new mortgage laws now allows them to do so. Securing a one bed flat in Turkey will run to around £25,000 or a villa is likely cost about £90,000.
Turkey's economy is growing as well. On 28th February, The World Bank announced it had approved a four year financing program for Turkey which amounts to US $6.2 billion. Many economists believe that Turkey will continue to do well, and that within the next five to six years the country will be one of the most advanced in the world. The economy in Turkey has grown on average 7% over the last several years, and inflation has fallen to single digits as compared to triple digits in the 1990's.
