Conti, one of the largest mortgage brokers for foreign property purchases has revealed that it issued twice the quotes for mortgages on Turkish property in May than in April.
The firm said that this huge growth followed steady growth over the last year, which it put down to the strong Euro highlighting the better value for money Turkey offered as a tourism destination and in property purchases.
Clare Nessling, Conti's operations director, says: "These factors, combined with low interest rates and some bargain property prices, have made Turkey increasingly attractive, as well as more affordable, for UK buyers. Property purchase costs and taxes there tend to be lower than other popular hotspots. Accessibility is important too and the country has a wide choice of airports which are well served by flights from the UK. Bodrum, for example, is only half an hour's drive from the international airport."
While Conti pointed out the steady growth in demand for Turkish mortgages over the last year, looking back to June last year, we can see that Conti then released data revealing a 143% growth in Turkish mortgage quotes in the previous two months, and a 65% increase comparing the opening 5 months of 2009 to the closing 5 months of 2008.
This is a very positive sign for Turkey, especially at a time when overseas property sales in the lower-budget category -- which Turkish property falls into -- are on the increase.
Of course, with the pound now strengthening against the Euro, Turkey will have to compete with Eurozone destinations.
This shouldn't be a problem though, Turkish property sales accelerated rapidly between 2005 and the second half of 2008 when the crunch went global, so it is a safe bet that Turkey will see strong sales again as part of the natural progression of recovery in overseas property demand. In fact if anything, the downturn will prove to have done Turkish property a favour, by increasing its status as a global property destination.
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