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Is this the next St Tropez? By Eluned Price, Financial Times, Friday Jul 25 2008:
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New budget flights make Dalaman even more appealing:
Budget airline Flyglobespan has announced that May 2009 will see them launch weekly flights from Aberdeen to the popular resort of Dalaman, situated on the south-west coast of Turkey. ...
 

Turkish Parliament Passes Mortgage Law

Posted on 2008-09-16 17:36:47


The mortgage law was ratified yesterday by the Turkish Parliament which is expected to stimulate demand for domestic housing and driving house prices upwards. When the new legislation comes into force folowing the approval of President and publication in Official Gazette the local market is set to soar.

The same law will allow foreigners to secure mortgages, which will further boost property prices in Turkey. Due to the arrival of mortgages and the growing interest in foreign property investors the dynamics of Turkey’s property market are expected to boom. (22/02/2007)



MORTGAGE - The new mortgage law has been debated in the parliament for over one year now. Yesterday, the law allowing Turkish mortgages was eventually passed together with mortgage interest credits against taxable income, that is interest paid on one's mortgage will be subject to tax relief.

MORTGAGE FUNDS - Banks will be eligible.

MORTGAGE RATES - Fixed and variable mortgages will be available. Interest rates will be couple of percentage points higher than Turkish Central Bank rates, which currently stand at

THE LENDER - The Lender's position has been improved in terms of non payment by the customer. Lender's rights have been revised to enable lenders take quick action against non paying customers. This was a major issue with previous property finance regulations in Turkey.

LIFE ASSURANCE - Will be compulsory.

EARLY PAYMENT PENALTIES - Up to 2% of property value


HOUSING SHORTAGE 7 MILLION

It is expected that within the next 10 years, additional 7 million units will be needed. It is expected that half of this number will be due to increased number of households.