Speaking at a mortgage summit organized by the Federation of All Real Property Consultants (TEMFED) in Ankara, the minister said the government placed importance on the development of the mortgage industry in Turkey, recalling that necessary adjustments were introduced in 2007.
Acknowledging that the global financial disruption took its toll on the Turkish construction sector last year, Demir said Turkey is poised to experience a remarkable improvement in construction over the next 30 years.
“Our construction firms have successfully undertaken numerous projects abroad and continue to do so. A further improvement in the mortgage industry will surely be a driving force in this regard.” Responding to questions about the reliability of the system, the minister said the Turkish mortgage model is exempt from the risks seen in the US and the government is following the market closely and exerting effort to make sure that the system runs smoothly.
Also addressing participants at the event, ING Bank General Manager Wilfred Nagel said Turkey had larger opportunities with fewer risks when compared to many countries. Underlining that they expected to make the best of such potential, he said they would cooperate with Turkish real property consultants in this regard.
