The amount of mortgages extended by banks in Turkey has reached the levels seen prior to the 2009 global credit crunch, recent central bank data have revealed.

Mortgages extended by banks in Turkey equaled $47.4 billion as of May 21, sending signals that the industry has bounced back to its 2006 levels.

According a local news agency in Istanbul, the head of the individual loan department at Ýþ Bankasý, said the sector started to rebound in March of this year and that the upward trend was followed by April’s $1.7 billion increase in mortgage loans. Recalling that this was the largest monthly rise in the past two years.  Turkish housing market could enjoy even higher growth this year than in 2006.

09/06/2010