Turkey announces new packages to revitalize housing sector

President Tayyip Erdogan has announced three new packages in order to revitalize the housing sector. Accordingly, those to own a house for the first time will be able to buy a house with a maturity of 10 years and an interest rate of 0.99. The details of the packages were also announced by the Minister of Treasury and Finance Nureddin Nebati.

The Ministry of Treasury and Finance has created three solution packages: ‘My first home Housing Finance Package‘, ‘Extended Housing Finance Package’, ‘Construction Sector Specific Loan Guarantee Package‘ in line with the consultations with the Ministry of Environment, Urbanization and Climate Change. Treasury and Finance Minister Nebati shared the details of the issue on his Twitter account.

The housing problem has been a top issue on the agenda of Turkey for a while due to sky-rocketing house prices as well as unaffordable rents.