\25 Press Releases\
October 20, 2011 - Levent, Istanbul - Statistics from the Central Bank of Turkey indicate that the Turkish konut kredisi market has grown by about 25 per cent in 2010 and continues to grow steadily in 2011 as well. With statistics in favor of them, DD Mortgage, Turkey’s leading mortgage company is moving aggressively to gain dominance in the country’s mortgage market.
DD Mortgage was formed in 2006, when the world’s leading bank, Deutsche Bank and Dogan Company, forged an alliance to start mortgage related business in Turkey. They have been in the forefront to promote several konut kredisi products including pay per less frequently, the first home loan, commission free home cash etc. They were the first to make portfolio sales in 2010 and issued 3 year term corporate bonds to the tune of 50 million TL in 2010. They are also the first company to issue bonds in the mortgage industry.
Demands for their products have surged, thanks to the substantial hike in the percentage of foreigners who have invested in the country. In fact, Pricewaterhouse Cooper has named Istanbul as the Numero Uno place in Europe for people to invest their money. This distinction has been bestowed on Istanbul, twice in a row.
Thanks to the Mortgage Law passed in 2007, consumer loans have grown for the good with about 172.693 billion TL being issued as on February 2011, as compared to 91.353 billion in 2007.
As the country continues to progress, a large number of people are now migrating to cities and other affluent cities. This has thus given a rise to the need for affordable housing. Mortgage companies like DD Mortgage have made inroads in this sector as well. In fact, housing schemes launched for the poor are a source of inspiration for countries like Kyrgyzstan. These schemes provide konut kredisi at a very low interest rate of 6-8%, and can be repaid over 20-30 years.
After years of poor credit ratings, Turkey’s credit ratings got a shot in its arm, thanks to Standard and Poor moving its local currency sovereign rating up by two notches, to BBB; i.e. to investment grade. With positive prospects like these, DD mortgage is sure to make inroads.
About DD Mortgage: With unique and friendly konut kredisi ( http://www.ddm.com.tr/ )products, DD Mortgage is a leading mortgage company in Turkey, providing mortgage solutions with the help of specialized credit portfolio managers.
To know more, visit, http://www.ddm.com.tr/
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