By Overseas Property specialist Chris Hall, based in Norwich.
With our summer over and the nights drawing
in, I turn my mind this week to Turkey where, in my opinion, bargains are plentiful. Much the same as the
car industry in the UK, property developers are creating demand by selling putting temporarily suspending production and selling properties that are built and ready to go.
There are a good number of reasons to but a second home in Turkey where there appears to be a stable underlying market not affected by toxic mortgages as they only started lending less than three years ago. Turkey also offers an exceptional coastline, the quality of construction is good, the quality of living is pretty good whilst the cost is low and there is good infrastructure.
The boom in the market over the last decade has been fuelled by the increasing number of tourists coupled with prices a fraction of the cost compared with Spain, Portugal, France, Italy and Florida. Prices remain cheap and there is lots to choose from – from £70,000 to £180,000. Popular resorts include Bodrum, Altinkum, Akbuk and Alanya and many builders are giving hugh discounts particularly for cash purchases and are increasingly offering mortgages and various rental guarantees. I am informed there was a 65pc increase in mortgage applications during the first half of 2009 compared to 2008
So, all in all, a good place to buy a property.
For more info on buying abroad, contact Chris Hall on 01603 700007.