Turkish property market grows creating conditions ripe for investment.
Real estate in Turkey has experienced significant growth in the last two months, reports the Hurriyet Daily News.
Figures in the newspaper reveal that the market had increased 5% at the end of October. Previously the highest recorded growth for the year was no more than 3%. It suggests the reasons for this are higher demand from buyers and low mortgage rates.
The Turkish government have been embarking on a number of interest rate cuts to stimulate the national economy in recent months. Analysts expected that it would cut interest rates again on Thursday by 0.25 percentage points bringing it to an all time low of 6.5%.
It is thought that these interest cuts could be behind the increased stimulation of the property market. The Hurriyet Daily News reports that the government started to carry out mortgage reforms in August, including cutting the interest rates on some mortgages to just 1%,
A recent survey from Bloomburg revealed that analysts predict the Turkish government will slash interest rates again next month.
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