Foreign Demand for Turkish Mortgages Doubled in May -- Conti

Overseas mortgage provider Conti has revealed that the number of quotes issued for mortgages on Turkish property doubled in May on a month-by-month basis.

At a time when the Rightmove Overseas chart is showing nothing but Europe and the US in the top 5 in terms of searches on the site, the Conti revelation shows that overseas demand for Turkish property is still on the rise.

2009 was a great year for the Turkish property market, as the weak pound forced up the value of Eurozone property for British buyers in real terms, presenting destinations outside the Eurozone like Turkey and Egypt as offering far greater value for money.

This led to growth in British tourism to Turkey accelerating, and though figures are patchy, also to increased demand from British buyers, even if this was nowhere near the levels seen after the mid-noughties.

According to Turkish property agent Spot Blue the drop in value of the pound against the Euro ensured foreign sales didn't completely die as they did elsewhere.

"We know that places around the world reliant on foreign demand were crippled by the downturn. Thank fully we will never have to find out whether this would have happened to Turkey, were it not for the strong euro sending in a steady stream of buyers throughout 2009 and this is continuing into 2010."

Asked what effect the pound strengthening -- as it currently is -- would have Walker said:

"Well, none to be honest. Turkish property was selling well, and at an accelerating rate before the pound weakened and it will sell again. In fact the pound having weakened will have a lasting effect, because it brought in more British tourists, and the tourists of today are the holiday home buyers of tomorrow."

He added: "once people get a taste of Turkey they will keep coming back, and many will want to buy a property."

Spot Blue is currently marketing property in Turkey from as little as £25,000.

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