Mortgage Guide for Foreign Buyers in Turkey 2024

Yes, foreigners can obtain mortgages in Turkey — but the process is more document-intensive than in most European countries, and the terms have changed significantly with Turkey's high interest rate environment.

Current Mortgage Rates (2024)

Following the Central Bank's tightening cycle, Turkish lira mortgage rates for local borrowers sit between 35–45% annually. Foreign currency mortgages (USD or EUR) are available at 7–9% but expose you to currency mismatch risk if your income is in lira.

Which Banks Lend to Foreigners

Akbank, Garanti BBVA, and Yapı Kredi all offer foreign national mortgages. State banks (Ziraat, Vakıfbank, Halkbank) are generally more restrictive for non-residents.

Required Documents

• Valid passport with Turkish tax ID
• Last 3–6 months of bank statements from your home country
• Proof of income (payslips or company accounts if self-employed)
• Property valuation report from a bank-approved appraisal firm

Loan-to-Value

Expect a maximum LTV of 75% for foreigners, meaning you need at least a 25% deposit. Most banks are more comfortable at 60–65% LTV for non-residents.