Property in Turkey – Statistics for 2006, Good News for 2007

As the new “TAPU LAW for FOREIGNERS” has passed through the parliament, the sales have already started to increase in Antalya and the region.Get more details about¬†¬† https://www.globalrealty.com.mx/

Last year, in Antalya, 7,292 foreigners bought property. In Alanya there are 2,500 tapus (title deeds) waiting to be issued.

With the approval of the law, the construction sector will grow and improving the economy. Antalya, Alanya and Fethiye will have the highest demand for properties from foreign buyers. The mortgage system will also help in increasing sales. Mortgages are now available in Turkey however, although we are in the property business we would advise waiting until 2008 before jumping on the borrowing bandwagon in Turkey. Lending rates are still subject to some fluctuation due to famously unstable Turkish interest rates. 2007 is election year in Turkey and all global economies fluctuate before and after an election battle and the markets take time to settle once a new term or party has been started.

Turkey currently earns 2 billion Euro a year from properties sold to foreigners.

A NEW RIVAL TO SPAIN AND PORTUGAL

As from year 2003, 53 thousand foreigners from 68 countries have bought properties. The Mortgage Legislation and the Foreign Tapu Law will introduce Turkey as an international market. With the increase in tourists visiting Turkey, sales will also increase, particularly from Switzerland, Norway, Denmark, Germany and the UK. Up to now these nations have mainly bought their second/holiday home in Spain and Portugal.

FOREIGNERS IN ALANYA

Johan Vos from Belgium who bought a house in Alanya says” people prefer to buy their house from here because of the sea, the scenery and the history. Its cheaper than Spain. Even in winter its nice and warm. Most foreigners prefer Alanya. The Turks are very friendly”.

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