Turkey 'a safe option' for second home buyers

Thursday January 29th , 2009

People looking for a second home where their investment is safe should consider Turkey, it has been claimed.

According to Tracy Ogretici, of Elite Homes, construction of new airports, marinas and golf courses, along with Turkey's position outside the euro zone, mean it is a good choice for investment.

She said: "Because Turkey is not in the 'euro loop' it has not been affected as severely as other countries.

"Turkish lira in Turkish banks is currently offering a return of 20 per cent and because mortgages did not come into effect until two years ago the banks do not have the toxic loans that are stifling business with many other banks worldwide," she added.

Ms Ogretici recommended Kusadasi as an area to consider as prices are around 35-40 per cent lower than in better-known locations.

She added that the Turkish government is helping to ensure the area does not become overdeveloped.

Meanwhile, the Turkish property market is to receive a boost by rising tourist numbers and various cultural events, it has been claimed.

According to propertywire.com, tourist numbers are expected to "increase significantly" in the next two years as Istanbul is the European Capital of Culture in 2010.
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