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Turkish Parliament will consider a preferential mortgage lending program for citizens

Turkish Parliament will consider a preferential mortgage lending program for citizens

September 20, 2023

It is expected that in October 2023, the Turkish Parliament will introduce a preferential mortgage lending program, under which citizens who are first-time buyers of real estate will be able to get a preferential loan for 180 months at 1.2% per annum. 

Emrullah Yedikardesh, CEO of Karmar AŞ, said the number of citizens wishing to take advantage of this program is 7 million. "As of the end of 2022, the percentage of those who live in their own home in Turkey has decreased to 56.7% . Seven million citizens living in rented apartments want to buy their own property and are eagerly waiting for news from Ankara," Emrullah Yedikardesh added.

Experts are positive about the implementation of this program, but fear that it may provoke an increase in property prices.

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