24.03.2026 17:52
As the new regulations implemented by the Banking Regulation and Supervision Agency (BDDK) regarding housing loans begin to take effect, the share of mortgaged housing sales in total sales exceeded 20% for the first time in 33 months in February. TÜGEM President Hakan Akdoğan stated, "There has been an increase in banks' positive responses to citizens' loan requests following the BDDK regulation. Banks are now more willing to provide housing loans."
The Banking Regulation and Supervision Agency (BRSA) had made regulations regarding the restructuring of individual credit cards and personal loans, the determination of limits for credit cards and overdraft accounts, and the loan-to-value ratio for housing loans in line with coordinated macroprudential decisions aimed at ensuring financial stability.
In this context, the distinction between first-hand and second-hand housing in terms of the ratio of the loan amount to the value of the housing taken as collateral in housing loans provided to consumers was removed, and houses built after 2010 with a minimum energy class of C were also included in the scope of housing that benefits from advantageous loan-to-value ratio applications.
The new regulations implemented by the agency at the beginning of February immediately reflected on mortgage sales. In February, the share of mortgage housing sales in total sales exceeded 20% for the first time in 33 months.
Due to the start of the disinflation program, the implementation of macroprudential measures, and restrictions on housing loans, the share of mortgage sales had declined in recent years, reaching a low of 10.7% in 2024.
Last year, in addition to high rents, the returns on deposits, foreign currency, and gold directed consumers towards housing purchases, resulting in a record of approximately 1.8 million housing sales, of which 14.33% were mortgaged.
While the share of mortgage sales continued to increase in the new year, it rose to 18.2% in January and 20.1% in February. This rate had last seen a higher level of 23.3% in May 2023. The lowest rate was recorded at 4.4% in December 2023.
Experts noted that the regulation made by the BRSA has partially relaxed credit restrictions, which has reflected in sales, but emphasized that there is still a long way to go, stating that if interest rates decline to around 1%, the share of mortgage sales could rise to 35-40%.
"FINANCING CHANNEL HAS STARTED WORKING AGAIN"
Prof. Dr. Ali Hepşen, a faculty member at Istanbul University’s Faculty of Business, stated that the fact that the share of mortgage housing sales in total sales reached the 20% level again in February indicates a limited normalization on the financing side, adding, "The redefinition of credit usage conditions by the BRSA to appeal to a broader buyer base can be considered one of the important factors behind this increase."
Hepşen emphasized that the reorganization of loan-to-value ratios according to the energy class and appraisal value of the housing has somewhat facilitated access to credit in certain price segments, noting that the initial reflections of this situation are seen in the increase in the share of mortgage sales.
Hepşen pointed out that the movement in credit usage predominantly occurred in the second-hand housing market, stating that the data shows that mortgage purchases progressed based on the existing stock.
He expressed that it is still early to say that the increase in the share of credit alone has given a strong momentum to new housing production, stating, "It seems more accurate to read this as a signal that more financing channels have started to work again and that demand has somewhat returned to the credit side."
"BANKS ARE NOW MORE WILLING TO PROVIDE HOUSING LOANS"
The President of the All Entrepreneurial Real Estate Consultants Association (TÜGEM), Hakan Akdoğan, noted that housing loan interest rates, which have been hovering around 3.5-4% monthly, have recently fallen below 2.5%, positively reflecting on sales.
Akdoğan mentioned that with the rapid increase in rents, citizens are acting with the mindset of "I would rather pay installments than rent," and concluded his remarks as follows:
"Especially our citizens living in high-rent areas want to make a purchase with a certain down payment and pay the installments of their own home instead of rent. After the BRSA regulation, there has been an increase in banks' positive responses to citizens' credit requests. Banks are now more willing to provide housing loans. They used to have a more reserved attitude. This situation has increased the share of mortgage sales. However, there is still a long way to go. When interest rates decline to around 1%, the share of mortgage sales will rise to around 35-40%."