New mortgage lending rules introduced in Turkey

The Turkish Banking Regulation and Supervision Agency (BDDK) has imposed a series of restrictions on those who plan to purchase a second property with a mortgage loan. It is believed that this measure will help stabilize the situation with rising prices. It is expected that a buyer who already owns a home can count on the approval of a limited mortgage of up to 22.5% of the amount.

The restriction does not only apply to potential owners. If a spouse or minor children also own a home, the buyer will not be able to purchase a second property with a full mortgage. For those planning to buy a property as an investment, this new regulation may have a negative impact.