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Turkey: Currency converters to be offered lower mortgage rates

Turkey: Currency converters to be offered lower mortgage rates

ABONE OL
Mayıs 10, 2022 07:30
Turkey: Currency converters to be offered lower mortgage rates
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ABONE OL

Speaking after the cabinet meeting, President Mr. Recep Tayyip Erdogan announced a new package, which he says aims to accelerate demand in the housing sector.

For first-time home buyers, 2 million lira (132 thousand dollars) max., a monthly mortgage rate of 0.99% will be offered for new home purchases of value.

Those who convert foreign currency in their bank accounts or convert their gold into lira to pay at least half of the house price will have a monthly mortgage interest rate of 0.89%.

Housing builders who have completed at least 40% of their real estate projects as of May and commit to not changing prices for a year will benefit from 36 months of cheaper financing.

Social housing projects of the Mass Housing Administration run by the state will be accelerated.

Smaller scale home builders will be provided with cheaper financing.

According to the CBRT EVDS data, the annual average mortgage rate was 18.42% as of April 22.

A very rapid increase in prices is observed in the housing market. As of February, the housing price index announced by the Central Bank has reached the level of 96.4% on an annual basis. This creates a situation that makes it difficult for residents living in Turkey to access housing due to the housing inflation effect. There has been a decrease in home ownership in the last 2 years, which shows that sales are mostly made to foreigners and those who buy more than one residence for investment purposes. The announced housing loan packages are normally positive in terms of sector demand, as they provide cheap financing to first-time home buyers. In order for this to have a positive effect on housing demand, housing prices should not increase either.

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