At the end of August 2020, the special mortgage campaign in Turkey will expire. This campaign started at the end of May and caused a stir in the Turkish real estate market. Property buyers in Turkey have been offered the lowest interest rates in history, deferral of payment for a year or two and the longer loan terms. During the mortgage campaign , a record number of housing have been sold, the construction sector has managed revived and helped to recover from the pandemic other 250 related areas of the economy. Real estate mortgage sales in Turkey rose 900.6 percent in July (compared to July 2019). Experts expect that the figures of the August sales, which will become known in the coming days, will be as impressive as July's.
Emlak Kulisi, a construction and real estate newspaper in Turkey, has reported that the mortgage campaign is going to end at the end of August: programs of state banks will be updated and commercial banks will raise interest rates. The current rates of the mortgage campaign have grown from 0.64 percent to 0.99 percent for new housing and from 0.74 percent to 1.14 percent for secondary housing. The newspaper says those planning to take advantage of this mortgage campaign to profitably buy an apartment in Turkey are running out of time.