Eighteen percent higher from the other years.
The changes in the real estate market are continuing every day. The balance in the market has changed considerably because many people own real estate with housing loans. Covering the first quarter of 2017, the use of housing loans in Turkey increased by 18 percent. The total amount of housing loans exceeded TL 175 billion by the end of 2016, while the new housing loan used in the third quarter of 2017 increased by 18 percent to TL 13.2 billion compared to the same period of the previous year. The decline in home loan interest rates since the second quarter of 2016 continued in 2017 as well.
As of March, the monthly interest rate fell to 0.87 percent and the compound interest rate to 10.95 percent. In addition, the share of housing loans in individual loans increased by 38.5 percent compared to the same period of the previous year and the previous quarter.
Foreigners buying housing decreased by 8 percent.
Foreign investors’ purchases of real estate in the Turkey market, which has risen with housing loans, have fallen considerably. Foreigners who own real estate in the past years caused changes in the market this year. Despite the decrease in housing purchases by foreign investors increased the use of housing loans in Turkey. The Turkish Banking Association (TBB) prepared a study using credit information collected from banks and financial institutions. According to TBB President Aydin, who evaluates the issue, he said housing loans increased faster than other types of individual loans.