The interest of Azerbaijanis in housing in Turkey has prompted Baku-based Pasha Bank. The bank, which has been operating in Turkey since 2015, has started to provide housing loans to Azerbaijani citizens as of April in order to make it easier for Azerbaijanis to buy a house in Turkey.
According to the news of Leyla Ilhan from Earth newspaper, the loan can be used in Azerbaijan Manat, American dollars or euros as well as Turkish Lira. The bank plans to give loans to Turkish citizens in the future.
GROUP WILL START WITH EMPLOYEES
PASHA Bank Deputy General Manager Hale Yildirim said, “As two brotherly countries of Turkey and Azerbaijan, we are two states and one nation”. Azerbaijan has a high interest in Turkey, this is their homeland too. We, as PASHA Bank Turkey, started to offer investment products to individual customers by establishing our Premium Banking unit in 2021.” Yildirim announced that they are planning to provide housing loans to Turkish citizens in the coming period, as well as targeting only Azerbaijani citizens for 2022. Stating that they will make a pilot application this year, Yildirim said, “The mortgage amount in this product will be limited to 70 percent of the real estate to be purchased. Maturity; It will be an average of 5 years depending on the amount and currency type.”
“ATTRACTING HOUSE PRICES IN TURKEY”
Stating that the high new house prices in Azerbaijan make the house prices in Turkey more attractive for Azerbaijanis depending on the exchange rate, Hale Yildirim said, “Frequent visits to Turkey and university students who come to study in Turkey also increase the demand for housing. We have seen that big cities are in demand both in the reports of TURKSTAT and in our survey. There is a high interest in Ankara, Izmir, Antalya and Mugla, especially in Istanbul. We can say that there is interest in apartments with high square meters and detached houses.”
IN 2021, AZERBAIJANIS BUY 1,517 HOUSES
Stating that while 58 thousand 576 houses were sold to foreigners in 2021, 1.517 of them were bought by Azerbaijani citizens, Hale Yildirim said, “Azerbaijan ranks eighth in terms of the countries where the most houses are sold. In 2020, the number of house sales was 1,279. When we look at the first 2 months of 2022, the number of sales made to foreigners was 8,777, while 182 of them were made to Azerbaijanis. In the first two months of last year, this figure was 145. This shows that the year has been entered well. Azerbaijan’s interest in Turkey is high,” he said.