The Turkish news agency Hurriyet gives an insight into the Istanbul property market with a report that indicates that the majority of homes in Istanbul are bought without a mortgage.
Istanbul which has been increasingly popular with international buyers seeking investment property is a unique real estate market. Property is being purchased through “family loans.” Parents or elder family members help young couples in home purchases when bank loans are not available or not preferred, said Realty World İca Property broker İclal Gürpınar.
“The Turkish society has closely-knit family ties. We witness these in home sales. When a young couple endeavours in a home purchase, they get support from their parents, or even grandparents. Sometimes brothers and sisters help out, too.”
Home buying is an investment of a lifetime. To be able to take such a step, young people might need some help because they typically fall short of the total amount they need, according to Gürpınar. Other family-related home purchases also happen in the market.
The main reason for such sales is “to move near parents.” People need “family solidarity” especially during tough times, according to Gürpınar.
December saw Easyjet launch daily flights from London Gatwick to Istanbul this winter, complementing its existing service from Luton airport to the Turkish city.
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