A record 32,000 Britons own property in Turkey.Posted by: atif, July 6th, 2010

A record 32,000 Britons own property in Turkey, particularly in places like Bodrum and Antalya, which offer beautiful beaches and easy airport access. Low property prices and a lower cost of living coupled with increased routes from the U.K to Turkey, have all contributed to the dramatic rise in purchases of property in Turkey by British buyers over the past few years.

Overall, the number of foreign property buyers has increased by nearly 30%, from 73,000 in 2008 to 104,000 today with the British market accounting for the largest group of buyers. According to data released by the Turkish General Directorate of Land Registry, over 63 million square metres of property in Turkey is now owned by foreigners. Britons possess the largest amount, at 6 million square metres, followed by the Germans, who own 3.5 million square metres, and the Greeks with 3 million square metres.

Unlike most other economies who experienced the downturn due to the banking crisis, profit in Turkey’s banking industry grew 14 percent in the first five months of 2010 compared to a year ago. Turkey’s is also offering 70% Loan to Value mortgages for foreign buyers.

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