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'Great News For prospective home owners in Turkey'
Agents and developers in Turkey are reporting a surge in international sales thanks to the introduction of finance deals.
By partnering with European banks, companies are offering up to 80% loan-to-value mortgages, which can be particularly difficult for foreign citizens to obtain within Turkey.
A five-year interest-free developer finance scheme at a golf resort in Bodrum has helped agent Advantage Properties International (API) sell all the development’s villas and one-bed apartments – a total of 46 units, just over half the development - in the three weeks since its launch. Another project in Istanbul sold 28 units in the same time.
“We’re working with BNP Paribas and Is Bank in Turkey to provide 70% loan-to-value mortgages,” said API’s business development manager, Rahul Hireguntanur.
Developer Sepin Properties is also working with Is Bank to offer 80% LTV mortgages on a similar project in Bodrum. “We’re doing particularly well in the Turkish, German and Belgian markets,” said Sepin sales representative Ezgi Lostar.