Turkey Residential Real Estate Property Market Outlook Trends, Forecasts, and Turkish Lira Exchange Rates June 10 2020
Big News for Property Prices in Turkey
At mytapu.com, our leading indicator of Turkish residential property prices has been very strong in the most recent two week period, increasing 30%. This has been unexpected in market conditions surrounding the pandemic, which are negative for property prices because renters’ ability to pay is reduced, and as rents decline, landlords sell, and new buyers postpone purchases.
Now we know why the leading price indicator has been so strong. The news is that policy makers have imposed upon state banks to offer a new mortgage loan program with extremely favourable terms. The terms are so favourable, they are equivalent to the banks paying buyers and subsidising buyers to purchase a property. Turkey’s three ...