Foreigners hoping to purchase real estate in Turkey can now get credit in the form of special mortgages. The Turkish Economic Bank, or TEB, is teaming up with BNP Paribas to offer mortgages for foreigners who are looking to invest in Turkish real estate.
BNP Paribas International Buyers, the international mortgage branch of BNP Paribas, and TEB, are partnering to make the mortgages available.
BNP Paribas International has been a leading name in mortgages in Europe and has been working actively over the last 17 years to provide real estate credit to foreigners living in Europe. TEB has been a shining participant in Turkey's new mortgage economy. The combined experience, expertise and knowledge of TEB and BNP Paribas International have created a viable and competitive mortgage offering that will be very helpful to foreign real estate investors, said Cemal Kişmir, the vice president of TEB's personal and enterprise banking, speaking at a press conference. TEB and BNP Paribas are hoping to be the market leader in foreign mortgage offerings in five years, said Kişmir.
The Turkish Parliament approved a mortgage law in early 2007। The framework provided by the law began the process of building a mortgage market in Turkey. Although growth has been steady in the Turkish mortgage market, it is still a fledgling market compared to its U.S. and European counterparts.
ISTANBUL - Turkish Daily News
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