Investors drawn to Turkey's property marketInvestors drawn to Turkey's property market
"Superior" interest rates in Turkey's banks are pulling in foreign property investors, one expert has said.
Michael Harrop, manager of New Turkish Properties, said the national government is making extensive efforts to attract overseas investors.
This involves offering "fantastic" interest rates to property buyers and slackening mortgage regulations.
As a result, investors will be able to take out a mortgage over a term of up to 30 years from January 2008.
Furthermore, investors are also drawn to the year-round sunshine and the fact that the property market is particularly buoyant, he remarked.
In fact, Mr Harrop said that in the last two years property values have appreciated by 40 per cent and he expects them to grow by the same amount over the next three years.
"There's probably as many that are considering [buying in Turkey] from an investment point of view as there are buying holiday homes at the moment," he continued.
In recent times, the government in Turkey has worked hard to boost the country's appeal to outside investors and has sanctioned the building of roads, motorways and other infrastructure improvements.