Turkey's favorable climate, archaeological sites and beautiful beaches make it a popular tourist destination, attracting around 20 million visitors per annum. As the Turkish economy continue to expand the possible membership of the European Union will further lift the economy. Ongoing government reforms are being introduced and the period of co-operation with business and overseas investors continues to develop to facilitate an ever increasing property market in Turkey. It is estimated that Turkey needs approximately 400.000 new residences each year. New mortgage law passed in February 2007 and has encouraged competition in the market by bringing down the interest rates and increased the homeownersip.
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