Currently, Turkish banks give housing loans at a very low percentage. Turks rush to refinance existing loans or to issue another one.
Lending to real estate in the third quarter were up 26% than in the corresponding period of 2009. Number of requests from consumers for the grant of housing loans is growing. The fact that interest rates at which banks make loans to Turkey to its customers, is now extremely low.
In this situation, for loans have begun to address those who previously could not afford it. In addition, many people use the opportunity to favorably refinance their existing housing loans, wrote Hurriyet.
"Every day we get between 20 and 30 applications for refinancing," - says CEO of mortgage company DD Mortgage Murat Isa. According to him, the volume of refinancing this year will exceed 57 billion Turkish liras.
Mr. Aissa said that the increase in the number of credit transactions in the background of falling property sales - is, paradoxically, a sure sign of the Turkish economy. Sustainably low interest rates and rising lending (in particular, the revival of the market refinancing) are good indicators of creditworthiness of the Central Bank.
According to forecasts by DD Mortgage, which is a joint venture between Deutsche Bank and Turkey`s Doğan Group, by year-end number of new borrowers will rise to 400 000.