The Turkish second home market is still strong, underpinned by the country’s fiscal stability and a lack of competition for mid-market buyers, according to UK agency Select Resorts.
Select says that the public sector debt problems affecting Greece, Italy, Spain and Portugal are highlighting Turkey’s financial strength and rapid economic growth and making it a popular choice for second home buyers. Two new housing-based golf developments have been announced in the Turkish golf destination of Belek within the last few months.
Since the financial reforms in 2002 and tight budgetary control implemented by the Justice and Development Party, Turkey has experienced low inflation and falling interest rates, which combined with a recent mortgage laws, are expanding the ability to borrow for housing.
Recent data released from the Turkish General Directorate of Land Registry, identifies that 32,000 Britons now own property in the country. Select suggests this is no surprise when the investment made into Turkish airports, roads, golf courses, marinas, and the possibility of Turkey joining the EU are all taken into consideration.