Turkey Contemplates further Rate Cuts - Good Times to Buy Turkey Property

The Turkish Central Bank has hinted that it may cut interest rates even further, with a 5-6% inflation rate likely for this year. This news has sent the Turkish Lira into freefall again; against Pound Sterling and a slew of other currencies.

This is great news for anyone considering buying a property in Turkey, as a weak Lira means the property gets cheaper and instant equity.

Take Brits for example, the median exchange rate between Sterling and the Turkish Lira currently 1.00/2.35 - 1.00/2.40. Today the rate is 1.00GBP/2.47TYR. This means that British buyers can currently buy property in Turkey for a discount of around 5-7%.

The interest rates make it cheaper still for those considering a mortgage to make their purchase. However, mortgages on Turkish property are only available on completed properties that can be independently valued by the lender, said Julian Walker, director of Turkish property agents Spot Blue.

"It is unfortunate that the Turkish banks only lend on completed properties, well, unfortunate for buyers because it seriously limits the potential choice of properties they can consider. However, the fact that Turkish banks are so cautious means that they are currently in a lot better shape that most countries in Europe and the world and have recently posted massive growths in profit.

Spot Blue is one of the UK's largest Turkish property agents, with Turkey property for sale priced from £25,000.

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