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New mortgage laws 'boost' Turkish property market

18 September 2007
The introduction of new mortgage laws has helped to increase demand for property in Turkey, according to one expert.

Andy Pyke, managing director of, said that until March this year, Turkish residents could only take out high-interest loans from banks.

Consequently, many people who have been renting property for most of their lives are now looking to buy a home, Mr Pyke said.

"Up until now anybody in their 20s or 30s expected to rent for most of their lives and now - for the first time ever - there is a whole new generation who can think about getting a mortgage to buy a property," he commented.

However, this new group of potential property buyers are finding that demand for homes exceeds supply significantly, he added.

Overseas property investors may be interested to know that turkey has been in accession negotiations with the European Union since 2005.

The country completed the first part of this process in October 2006, according to the office for ministry affairs.

Find out more about Turkey property

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