Turkey does not have a sophisticated mortgage system due to the consevative banking system that doesn’t lend money for long term. Hence, goverment delivered all the burden risk to the construction companies. These companies provides monthly-based credits.
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The risk is now increasing for these companies since the economy is souring, the demand is decreasing and there are too many empty units. Developmentalist strategy to focus on construction-led economic growth has come to an end with a deep ecological and socio-economic crisis.
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