Turkish Real Estate News
Property Market Trends and Reviews

Denizbank launched new schemes in tie-up with realty world offices as it foresees Turkey as a good opportunity for investment and the second-hand property market in turkey is gaining momentum.

Denizbank grants housing loans with low interest every month on the 9th, 19th and 29th days while Realty World offices offer the opportunity to own a house at reasonable prices by making a reduction in the on the ninth, 19th and 29th days of every month while Realty World offices reduced their commission ratios in order to offer the opportunity to own a house at reasonable prices for the consumers resulting in increased consumer credits .Arif isfendiyaroglu, AM of Denizbank Retail Banking Group has said that The Turkish property market is growing and buyers are making their Turkish real estate dreams really pay off as potential high returns are in store. So denizbank took an initiative to tie-up with realty world and to have a strong stranglehold of housing finance in turkey and to strengthen their position in housing finance by offering an innovative approach to the real estate sector. Denizbank's 75% shareholder dexia, also has a significant influence in housing finance. This business collaboration of denizbank with influential brand names of international acclaim makes it unique.

Hilmi Iskoren, CEO of Realty World Turkey has said that the real estate sector is currently turkey's most prominent sector in terms of monetary benefits. Realty world believes that their advertising campaign for the Turkish customers to buy property will be a huge success.

Labels: Latest-news, Market-Trends

British tourists and investors are tempted by the turquoise coastline, water sports, water skiing and scuba diving that is on offer in many of Turkey's coastal towns. Many people who visit Turkey are impressed by the Mediterranean climate, hospitality and great value of the country that they turn from tourists to property investors.

According to the statistics, even though the prices have gone up to 15 to 20 percent in the last year, prices are still cheap when compared to British standards. Turkey is becoming exciting destination for property buyers and already 17,000 British have property in Turkey. Julian Walker, managing director at Spot Blue has said that one-bedroom flats can go for £25,000, two-beds for £50,000 and villas for £90,000. According to the reports by Conti Financial Services revealed that enquiries about Turkey has increased to a whopping 147 percent when compared to other European countries like Spain, by contrast, enquiries fell by more than 28 per cent.

According to the law on 'property purchase by foreigners in Turkey', foreign nationals are able to acquire real estate in Turkey on the conditions of being reciprocal and complying with the laws. Both Turkish citizens and foreign owners have equal property-ownership rights. The mortgage law available over long periods to house buyers and is expected to transform both the housing market and the Turkey's urban environment. Annual Real Estate Tax (a tax similar to the Council tax in the UK) rates for building land, non-residence-purpose buildings and residential buildings are 0.3%, 0.2%, and 0.1%, respectively. Foreign buyers will have to pay 25 per cent deposit and mortgages are available over 15 years.

Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Cape Verde, South Africa, Thailand and Egypt. More overseas investors arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.

Linda Travella, spokeswoman for the National Association of Estate Agents International has said that buying property in emerging countries requires more research and local knowledge. The process would be different when compared to UK system.

Labels: British, Economy, Turkish-property

Sabri Ateş, chairman of the Istanbul Real Estate Dealers Chamber, said urban transformation projects in Istanbul should start right away and must be completed in next 5 years.

The rehabilitation of the old residential areas; old houses that were constructed illegally and in insalubrious condition would be replaced with fresh ones with the green areas, parking areas and social facilities. The future of the Istanbul will depend on this urban transformation which will make it as a truly cohesive society. The construction sector has direct influence on other sectors .The urban transformation will be focused to balance conservation, utilization for sustained growth and reduce earthquake repercussions.

Mr.Ateş said that the urban transformation project which would positively affect the Turkish economy should be effective immediately for the salvation of Istanbul and to develop a long term plan for maintaining and strengthening of infrastructure. The selection criteria for the urban transformation will be based on technical feasibility, financial viability and environmental prosperity.

Labels: Economy, Infrastructure, Istanbul

Spot blue Turkey property agents with offices in the UK, is the first company to offer mortgages in Turkey to UK citizens.

With the loan for Software consultant Steve Hardy recently, the curtain is parted and it shows new avenues for overseas buyers. Property experts are predicting Turkey could soon become Brits favourite spot for a holiday home. British tourists and investors are tempted by the turquoise coastline, great value property, a lower cost of living, a warm climate and the hospitality of the people.

The picture is looking rosy for overseas buyers, with a new mortgage law in Turkey opening the doors for British buyers to borrow money locally and Julian Walker from Spot Blue has said that they can arrange finance in Turkey as British buyers can already borrow from two Turkish banks right now

Walker cited examples that Stephen secured his £70,900 Turkish property with spot blue, which he paid a £2,000 refundable deposit and 30 per cent initial payment of £20,000 and Spot Blue arranged the remaining payment of 70 per cent through one of the Turkish banks. Steve Hardy's two-bedroom duplex apartment will be finished in December this year has said that initially he thought t that it would be hard to get mortgage in Turkey but praised Spot Blue as they made everything look easy.

Walker warns about 100 percent mortgage by some agents. The promised 100 per cent loan is load of waffles as they would be undervaluing the property after that.

Labels: Mortagage, Property-law

The www.999today.com Web site revealed that property in Turkey ranks one of the most popular overseas property destinations in the UK.

Julian Walker from the United Kingdom-based Turkish property firm Spot Blue has said that Briton's investments in turkey increased much faster than total property investment turkey by foreign nationals. Statistics shows nearly 2.06 million people in the British Isles own property overseas i.e one in 30 people. Favorable property prices coupled with over 300 days of sunshine make turkey a prime target for property investment .Turkish real estate economy is benefiting from a government reforms, infrastructure developments, global advertising of the Turkish brand of tourism and consistent foreign direct investment.

David Nigbur, Former BBC engineer and his wife, Rosemary, said their living expenses is drastically reduced since having their three-bedroom villa in Uzumlu, just outside Fethiye, in southwestern Turkey and the building process is facilitated by spot blue. The British couple was happy about their relocation. A quick overview of the market reveals that prices have increased over 30 percent in this area and the days of bargain property in turkey appear to be long gone but still investors hope to achieve more capital appreciation per annum as the laidback lifestyle, affordability, Mediterranean climate and hospitality of people of the island appeals so much to retirees, holidaymakers and overseas investors.

Labels: British, Latest-news

Turkish Daily News reports say that Antalya on Turkey's southern Mediterranean coastline is most popular location in property investment market.

The variety and volume of real estate opportunities in Antalya has been credited to the emerging travel industry. More and more overseas investors are choosing the Antalya's laidback lifestyle, sophisticated nature, excellent infrastructure and weather. Istanbul and Antalya are the two destinations which accounts for half of all the property sold to foreigners in turkey.

Turkish Chamber of Foreign Affairs and the Deed and Cadastre Head Office reports reveal that foreign nationals of over 70 countries have properties in Turkey. Antalya has massive potential as a holiday accommodation and offers long term investment potential for the property investors.

Antalya has full access to remarkable array of facilities, amenities and attractions like archaeological sites, historic ruins, sandy beaches, restaurants, entertainment facilities, international airport which is serviced by many charter flight companies throughout the year and a great night life. As a result of all these facts Antalya has become turkey’s top real estate spots.

Labels: Antalya

Survey from holidaylettings.co.uk has revealed that demand for rental property in Turkey falls within the elite list of top 7 on the property investment list that the company advertises in for demand for rental property. Turkish economy is positively moving forward and leads the way in emerging markets and well ahead of popular tourist destinations like Balearics, Canary Islands and South Africa.

Gordon Lyons of International Property Agents has said that more overseas investors to arrive much more conveniently in turkey due to the low cost flights and this of course makes buying property in Turkey more accessible but due to the low availability of the flights, the market is still under developing stage. The development of the property rental market in Turkey is moving in the right directions as Turkey’s tourism figures continue to soar. The rental market can provide a good return on investment for property investors in Turkey with the expected arrival of further low-cost flights to Turkey.

Gordon Lyons further said that Tourism growth in the nation is on the roll and Figures shows that 20 million tourists a year visiting the country. The Turkish property rental market is growing and investors are making their Turkish real estate dreams really pay off as investment with a view to holiday rentals is backed up by booming turkey's tourist market.

Labels: Economy, Market-Trends, Rentals

NatWest International, a UK bank report says that the turkey's construction sector is extremely vibrant and also about the increase in demand in construction sector with low property prices. In recent years the real estate and construction sectors have made up about 10 percent of Gross National Product.

Turkey's economy is now enjoying strong growth and is attracting foreign investors. The banks real estate experts reckons that the real estate and construction sector will outpace overall economic growth this year to become a more important chunk of the economy. According to the survey conducted among real estate experts of the bank, Bulgaria and Turkey top the list with 75 and 56 percent in buyers preferences followed by France with 46 percent and Portugal fourth with 41 percent.

In the survey, 53 percent of the respondents coupled the rising demand with the low prices and media effect, 33 percent stressed the importance of advertisements in the press abroad. Majority of the English real estate consultants said property investors demands increased overseas and emphasized that the increasing real estate prices in England for this sudden surge of property market in turkey.

Labels: Economy