Housing loan rates in Türkiye are running at about 2.70% to 2.80% a month following Thursday’s interest rate cut, and a real estate expert says cheaper money alone will not revive home sales without targeted support for buyers.
The Central Bank of the Republic of Türkiye (TCMB) lowered its policy rate by 100 basis points to 36% on Thursday. Shortly afterwards, financial news site Bigpara reported that attention had turned to mortgage pricing, with monthly housing loan rates currently in the 2.70-2.80% range. That is still far above levels that make long-term borrowing affordable for most households.
Access to finance is the bottleneck
Real estate expert Mustafa Hakan Özelmacıklı told Bigpara that the main problem in the market is now access to financing rather than prices, which have been rising more slowly than inflation. He argued that rate cuts would not be enough on their own and called for additional measures.
He pointed to strong underlying demand: according to the figures he cited, the government’s 500,000-unit social housing project drew 5.242 million applications, roughly 10 times the supply. Only around 15% of sales are made with a mortgage, he said, while savings finance companies, which pool members’ instalments to fund home purchases, have stepped in as an alternative source of credit.
Özelmacıklı called for support for first-time buyers and a proper long-term mortgage system. He also said investors had withdrawn from the market and recommended easing restrictions on loans for buyers who already own a home, especially for properties bought to generate rental income.
Valuations and the secure payment system
The expert also urged a government step on property values before the Secure Payment System (Güvenli Ödeme Sistemi), which channels the purchase price through a bank at the title deed transfer, comes into force on 1 December. The start date was recently postponed to December. Many deeds in Türkiye have historically been registered at values below the real sale price, and he said properties with low recorded values needed to be addressed.
He noted that home sales had fallen by about 10% and that sales of new homes were being supported by TOKİ, the state housing agency, whose share had reached 12%. He said contractors also needed support, and he expects monthly loan rates to fall below 2% in the second quarter of 2027.
What it means for foreign buyers
Most foreign buyers in Türkiye pay in cash, since Turkish banks rarely lend to non-residents, so mortgage rates affect them indirectly through local demand and prices. The secure payment rules, however, will apply to all buyers. Our guides explain the costs of buying a home, including the title deed fee and buying property in Turkey as a foreigner.
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Sources
- Ev alacaklar dikkat! Uzman düşük faizli konut kredisi için tarih verdi: Eğer bu adımlar atılırsa… (Bigpara)
- Son dakika… Merkez Bankası faiz kararını açıkladı (Bigpara)
Photo: Salah Darwish / Unsplash License, via Unsplash
