Turkey Property Demand Up. Conti, the overseas mortgage specialist, is reporting very strong demand for property in Turkey, making it a top investment destination this year. Despite the financial and property crisis, the company has seen an increase of 143% in applications for mortgages on Turkey property during the last two months compared with the same time last year. Being out of the eurozone has proved a massive bonus to the country's property market.
This combined with being cheap property and the Mediterranean are driving overseas property buyers to Turkey. As ever, where the tourists go, the property buyers inevitably follow and tourism has increased enormously during the last few years. This will please the buy-to-let brigade as rental yields should prove lucrative. Conti, www.mortgagesoverseas.com pick out Bordum as a top hotspot with Britons looking for holiday homes and buy-to-let. For high end villas, Fethiye gets a special mention along with prime coastal locations.
International property company, Atlas International, backs up these figures, reporting that Turkey has become more popular with those considering emigrating. They say that increasing tourism numbers are upping the profile of Turkey and note that it thus provides good rental yields.
Marriott with new hotel
In a recent press release, Marriott International announced the introduction of the moderately-priced Courtyard brand in Turkey with the opening of the 262-room hotel near to Istanbul international airport. The hotel is located five kilometers from the airport and only 25 minutes’ drive from the city center and old city.“This hotel is designed specifically for European business travellers who want all the conveniences of an upscale hotel but in a more casual, open design where they can be totally at ease,” says Wolfgang Koller, general manager of the hotel. “Istanbul is a thriving business hub and a world class destination -- the perfect location for this global brand.”
Its 228 deluxe and 32 superior rooms and suites are fully equipped with Marriott’s new, highly-acclaimed plush bedding and bath linens; two telephone lines; wireless Internet access; a well-lighted, over-sized work desk and ergonomic chair for comfort; an in-room safe and refrigerator; a coffee and tea maker, keyboard, Internet via TV, satellite plasma TV, an ironing board and iron. Opening special rates for the month of June are €89 on weekend nights and €99 midweek.Additional amenities include a business center/Internet corner in the lobby and wireless Internet throughout all public areas of the hotel. The Caretta Spa offers a fully equipped gym, 77 square meter indoor pool, sauna, steam bath and four treatment rooms.
As part of its social and environmental commitment, a garden was commissioned to surround the property that features 4,200 plants transferred from seven areas of Turkey including the Black Sea and Anatolian region. For more information on the Marriott Courtyard at Istanbul, visit their website at www.marriott.com/istcy
Financial
Yesterday, the central bank of Turkey reduced its bank lending rate. The interest rate was surprisingly cut by .5, now down to 8.75% in the hope that tight lending will be eased.In a further move to keep the economy moving, the government further cut the VAT tax on vehicles under 1600 cc. They had already cut this tax earlier but went one step further to reduce the rate to 27% for private cars and 3% on commercial vehicles. The measure will last until the end of September. The tax breaks which were given on computers, white goods and furniture are going to continue. Again, this reduction in taxes will remain in place until 30 September.
