More than half of mortgage loans in Turkey come on four cities

More than half of mortgage loans in Turkey come on four cities

For the first nine months of 2020, mortgage loans were issued in Turkey for 80 billion TL (about 8 billion euros). 52.5 percent of the total volume of real estate in Turkey purchased on a mortgage fell on four cities: Istanbul, Ankara, Izmir and Bursa. As reported by the Anadolu news agency with reference to the Turkish Banking Regulation and Supervision Agency (BRSA), the balance of mortgage loans in the banking sector of the country increased by the end of September 2020 to 277.3 billion TL (more than 27.5 billion euros). The balance on a loan in Turkey, which amounted to 199 billion TL at the end of 2019, increased by about 40 percent in 9 months of 2020.

The lion's share of mortgage loans falls on Istanbul - 28.7 percent (with a loan balance of 79.7 billion TL). 

Can foreigners buy an apartment in Turkey on a mortgage? Both state and private banks in Turkey issue housing loans to foreigners. Getting a mortgage takes only five working days. A Turkish bank can issue to the residents of the European Union an amount equivalent to 80 percent of the cost of an apartment in Turkey, to all others - about 40-45 percent. Interest rates in foreign currencies (euros and dollars) are currently about 6 percent for foreigners and 20 percent per annum - in TL.

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