Recent month have not been very kind to the Turkish economy and particularly the Turkish lira has taken a deep fall loosing 40 percent to the United States Dollar. As a counter measure the Turkish government and Central Bank has taken several initiatives to counter measure, some of which are related to the real estate market. So lets take a look at these. - Lending rate up to 24 percent - The lending benchmark has been increased by more than 6 percent and is now 24 percent and will eventually make it more expensive to get a mortgage on your Turkish property. This will primarily affect the local Turkish buyers since they are the primary loan takers of Turkish mortgages. Europeans tend to either pay cash or obtain mortgages from their home countries since this is a lot cheaper and easier. And with the market for Turkish buyers already being effected due to the general crisis, this increase of lending rate will not have a big effect, since the damage has a...
A blog written by 2Base Estate Agency