Property Mortgages for Foreigners in Turkey

The recent development in Turkey makes the business of real estate livelier than ever, and as a leading Real Estate Agent in Kusadasi, we are more than happy to announce the good news to foreigners and those who are interested in investing in the Turkish property at Kusadasi.

Mortgage transactions in Turkey have seen the light of day, and foreigners in Turkey can now take part in this financial process. As foreigners rave about the good news, investors start seeing the economy and the business in a lively manner, and there is a high speculation about the return of the property investments.

Turkey property is becoming more and more accessible to those who want to own one, whether it is for business or personal needs, and foreign investors see it as a welcome for development. A lot of mortgage options are being discussed as Deputy Prime Minister Abdullatif Sener confirmed the approval of the bill regulating the Mortgages in Turkey.There are also different options for the foreign businessman to consider aside from the Turkey mortgages themselves. They can also re-mortgage their existing property or use their own personal funds, and they can also arrange for personal loans. The implementation of the Turkish mortgage will definitely give way to the further increase of investments and flourishing of the tourist economy, which may lead to a boost in property prices.

The Turkish mortgage opening is the product of demand from British nationals and Scandinavian countries that eventually led Turkish banks to prepare special mortgages plans and products for them. Even when the announcement had not yet been made, banks had already prepared packages and plans to sell real estate to foreigners in anticipation of the event. Even though mortgages are a risky business, banks readily considered following the big clamor of other European countries, and this led to the development of new tools to safeguard their businesses. The recent entry of Turkey into the European Union makes the demand of opening up real estate business much higher, and Turkey is responding to it positively.

The steps in applying for a mortgage from a Turkish bank is easy and fast. Foreign nationals can apply up to 65% of the property value as evaluated by bank experts. Requirements include: Proof of income, a one year period tax reports, a valid passport, and the current status of your mortgage back in your home country. After submitting the said requirements to the bank, which also includes the title certificate of the property, your mortgage will then be pre-approved by the military upon arrival. After processing the loan will be immediately paid to the sellers and the deed of property will be issued in the applicants name. The Minimum mortgage amount is 30,000 Euros, and no maximum limit set as of now. Please contact us on www.turkeyrealest.com

In pricing comparisons, most bank executives readily admit that Turkey is more attractive and more competitive compared to the foreigners home countries, and thats the reason for the clamor by the British, Irish and Dutch nationalities as well as other European nationals. The executives take note that foreign nationals will readily take up most of the investments in real estate, and as a result of these developments, a welcome advancement will occur in terms of revenues on the local and national scale.



Source:Turkey Realest Properties


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[Source: Kusadasi Property Business]