Apr 05 2017, 3:42 PMApr 06 2017, 1:21 PMApril 05 2017, 3:42 PMApril 06 2017, 1:21 PM
Turkey's banks are issuing mortgages at a loss since President Erdogan called on commercial banks last August to slash their mortgage loan rates in an attempt to revive the housing market and spur growth. However, once the banks obliged, they have seen borrowing costs rise considerably, which they are not passing on to home buyers. The Turkish lira has lost more than half its value against the dollar this year, making it one of the most expensive currencies for foreign investors to buy.