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Turkey's Mortgage Market Shows Promise
Turkey's Mortgage Market Shows Promise
Turkey's emerging mortgage market has a promising future, according to the resident of the country's Capital Markets Board (SPK).
Speaking at a recent summit to discuss Turkey's real estate potential, organised by the Association of Real Estate Investment Companies (GYODER), SPK President, Turan Erol, said that the economic volume of Turkey's mortgage sector may hit between $150 to $200 billion, as soon as it begins to operate effectively.
The Turkish government passed a new mortgage law in 2007 allowing lenders more freedom in their lending practices. The SPK President explained that they had played an important part in preparing the new law which is still gradually being implemented and that they believed they had a vital role in supporting Turkey's developing financial markets. Erol noted that currently interest rates were still too high in Turkey, a statement with which GYODER President, Bekir Cumurcu, agreed, adding that construction costs are also still rising.
At the summit, Erol compared the volume of the mortgage sectors in developed countries; in the U.S and Western Europe it is equal to 70% and 50% respectively of the national income by value, whereas in Turkey the mortgage sector accounts for between 25% and 30%. Erol commented that these figures were conservative, but the SPK predicted that the market has the potential to reach between $150 to $200 billion.
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