| With its wonderful landscapes, inviting climate and | | | | these changes and are willing to work with them, |
| historical background, Turkey has long been a | | | | then Turkey offers a fantastic opportunity for |
| popular tourist hotspot. So popular, in fact, that | | | | both those wishing to buy a home there for |
| many visitors have enquired about buying | | | | themselves, and those looking to use it more as |
| property there. Until recently, though, if you were | | | | an investment. With the cost of living relatively |
| a non-resident then you could only buy a property | | | | inexpensive, a Turkish mortgage can allow you far |
| in Turkey if you paid cash. However, with recent | | | | more opportunities than in a more expansive part |
| changes in legislation due to the rise in inflation, | | | | of the world, like the US or UK. |
| you can now take out a Turkish mortgage and | | | | If you're looking to use property as an |
| make your dream of living in the sun a reality. | | | | investment such as a holiday home or villa, |
| However, since this is such a new introduction to | | | | especially with the high tourism rate in Turkey, |
| this part of the world, there are still some | | | | then one of the areas you might want to look at |
| changes to the mortgage system that are | | | | is Didim, especially the towns of Altinkum and |
| happening frequently, therefore it's wise to check | | | | Akbuk. Located on the east coast, Didim is a |
| with your financial adviser or mortgage broker | | | | wonderful mix of both historic and new Turkey |
| before committing yourself to this venture. | | | | and is very popular with today's tourist trade. |
| For instance, when the mortgages first came into | | | | Altinkum offers the more modern version of |
| effect, you could only take out a fixed rate | | | | Turkey, although that's not to say it doesn't |
| mortgage, with the same pros and cons that kind | | | | enjoy its own part of history; but with the |
| of mortgage entails. In February of this year, | | | | expansive beaches and new jetty's ideal for |
| however, a new law was passed that allowed | | | | sun-seekers, as well as plenty of restaurants and |
| Turkish mortgages to be variable, or floating, as | | | | the nightlife available, it's a livelier spot. |
| well. | | | | Akbuk offers a more relaxing alternative, and is |
| The responsibility of any problems after the | | | | extremely popular for its sea bass fishing trips. |
| property handover has changed as well. Before | | | | With a wonderful old chapel that is opened to the |
| the new legislation came in, if there were any | | | | public, Akbuk attracts the holidaymaker who |
| defects or problems with the home, there was | | | | simply wishes to unwind and relax, and offers |
| no limit on the amount of time a new owner | | | | summer houses and villas as buying opportunities. |
| could claim against the bank or mortgage provider | | | | The prices for property itself is highly attractive |
| for any problems. Now, however, this has been | | | | – in Akbuk, for instance, a two-bedroom |
| limited to just one year. | | | | apartment costs as little as 38,000 GBP and this |
| The area of tax relief has also changed on | | | | includes scenic views over the surrounding hills. |
| Turkish mortgages. Previously, to encourage | | | | Even four-bedroom apartments in Altinkum are as |
| potential buyers, the Turkish government allowed | | | | little as 130,000 GBP, often with their own private |
| people to claim tax relief on their mortgage or | | | | pool included. |
| property. Now, however, due to a rise in interest | | | | With these types of prices and the new legislation |
| rates, this has been withdrawn. Although lower | | | | making it easier to buy, you can see why Turkish |
| rates over a longer loan period are available, this | | | | mortgages are becoming more than just a |
| has put some possible house buyers off, | | | | possible idea. Add in the climate, friendly locals and |
| especially those on a lower wage or income. | | | | history of this country, and it really is a wonderful |
| However, as long as you're aware of some of | | | | opportunity. |