Turkish property ''to benefit'' from change in law

The Turkish property market is set to receive a boost in investment following a change in the law governing the industry, it has been claimed.Real estate company Rightmove points out that Turkey has been a favourite among UK holidaymakers for years but has only recently come to the attention of overseas property investors.According to Justin Figgins of Rightmove, this is due to a legislation change that has made investment in Turkish property a more achievable prospect for Britons."Though well known as a fantastic but low cost holiday destination, Turkey is now set to become one of the next big things in overseas property thanks to a change in Turkish law," Mr Figgins said."This change means that foreigners can now obtain Turkish mortgages, which will inevitably lead to an influx of investors to the Turkish coastal resorts where the real bargains are."Prior to the adjustment in the law, the only foreigners able to purchase property in Turkey were cash buyers, but such transactions became increasingly rare as prices increased, prompting the change in regulations.

Source: Adfero Ltd