Mortgages in Turkey Are on The Horizon for Foreigners
Real estate demand from Britons and the Scandinavian countries has led to Turkish banks preparing a special mortgage product for them.
The announcement for the mortgage laws have not been made yet but Turkish banks, such as Garanti Bank, Is Bank, Akbank and Finanabank have taken action to offer new products to sell real estate to foreigners.
Banks are working carefully on their new projects for foreingners, since mortgages is a new and risky business. In this competition, demand from Holland, Demark, Germany, England and Skandinavian countries for real estate in Turkey played a crucial role.
Turkish banks that took on debt from abroad to finance long-term loans, have activated their law department for this demand.
Since foreigners live abroad, they cannot measure their risks, banks say, and so to minimize risk with mortgage loans, they are developing special new tools.
They also state that within the past two years, demand has increased but when Turkey enters the European Union, foreign demand for real estate in Turkey will continue to increase.
Read the full Article here: Turkey Mortgages
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