The number of the foreign people who would like to buy a property in Turkey is increasing rapidly. Turkey offers an exceptional holiday destination with long, hot summers and affordable prices.
The demand for the affordable property in Turkey is currently at the highest level. The market needs an estimated of seven million houses in the next ten years in order to accommodate the rising demand. Turkey has a large population of 70 million people, and the eager of foreign people to buy a property in Turkey is increasing the demand even higher, escalating the property prices.
Turkish properties have the potential to make great profits, and Turkey is one of the best countries for investment. The properties in Kalkan area doubled in the past three years, and properties in Cesme also raised by 50% in the past few years.
Due to the current competition in the property market, there is a dramatic improvement in the quality and choice of the properties available. The developing companies increased the quality, as well as using cutting edge design and creative ideas.
In Turkey, the property prices start as low as £14,000 for a one bedroom flat and £16,000 for a two bedroom. These cheap prices are currently available in Didim. When all the destinations in Turkey are considered, a two bedroom flat can be bought for a price between £35,000 and £85,000. The 3 bedroom villas start as low as £45,000, while the prices are over £275,000 in the more upmarket resorts, such as Kalkan and Gocek.
There has been a recent change to the Turkish mortgage law, allowing foreign investors to buy properties with low mortgage rates. The new mortgage rates are expected to increase the home ownership from 4.5% to 12% by 2015.