Turkey's TOKI Opens a 25% Discount on Housing Debt for About 228,000 Buyers

TOKI announced on 18 September a 25% discount on outstanding housing debt, open from 22 September to 19 October 2026 to approximately 228,000 housing and workplace buyers.

TOKI, Turkey's state housing development administration, announced on 18 September 2026 that it will apply a 25% discount to outstanding debt balances in a campaign running from 22 September to 19 October 2026. The agency puts the eligible population at approximately 228,000 buyers of housing and commercial units.

The conditions are narrower than the headline

To qualify, a buyer's instalments must have begun by the end of June 2025, and the remaining instalment term must be longer than 12 months. The instalment for the month in which the debt is settled has to be paid, and there must be no outstanding instalment arrears and no unpaid property tax. Applications go to the bank that originated the loan.

A buyer who cannot clear the whole balance is not shut out: a lump-sum payment of at least 25% of the remaining balance qualifies for a proportional discount. Two documents are required, a municipal declaration of the property's assessed value and proof of DASK cover, Turkey's compulsory earthquake insurance. Payments made after the window closes attract no discount.

The 12-month rule is the one that shapes who benefits. It excludes buyers near the end of their schedule and directs the relief at those with the longest remaining obligations.

Why a nominal discount means something particular in Turkey

A 25% write-down of a nominal balance reads differently depending on the currency it is denominated in. Glopra's Turkey row, built on the sahibindex series published by BETAM at Bahcesehir University together with the country's largest classified-advertising platform, for August 2026, shows national asking prices up 25% in lira over twelve months but only 6.2% in dollars, because the lira lost 15% over the same period.

Stretch the window and the divergence becomes the defining fact of the market: over ten years Turkish prices are up 2,224.6% in lira and 56.1% in dollars. In a currency that behaves this way, a fixed-schedule debt is already being eroded by inflation every month. The campaign accelerates a process that was under way, and it does so precisely for the cohort with the most months left to run.

What the market underneath looks like

At national level our figure is 927.6 dollars per square metre against an asking rent of 6.05 dollars per square metre a month, a gross yield of 7.83%, or 6.39% after the 18.39% effective tax on a non-resident's rental income. Round-trip transaction costs are 8.7%, and our bubble score of 60 puts Turkey in the elevated band.

The two city rows diverge. Istanbul sits at 1,337.6 dollars per square metre with rent of 9.39 dollars, a gross yield of 8.42%, prices up 27.7% in lira and 8.5% in dollars, bubble score 57. Antalya, the coastal province where foreign buyers concentrate, is at 1,155.1 dollars per square metre with rent of 6.26 dollars, a gross yield of 6.50% — the lowest of the three — while carrying the highest bubble score of the three at 67.

Two caveats we would rather state than bury. These are asking prices, not registered transaction prices, and the gap between the two can be wide in Turkey. And the Antalya row comes from Endeksa while the national and Istanbul rows come from sahibindex, so the coastal comparison crosses publishers.

One final point of scope: this is a debt measure for people who already bought from TOKI. It changes what existing buyers owe. It does not add a single home to Turkish supply.

Sources: TOKI, Housing Development Administration of Turkey, TOKI'nin yüzde 25 indirim kampanyası 22 Eylül'de başlıyor, 18 September 2026 https://www.toki.gov.tr/haber/tokinin-25-indirim-kampanyasi-22-eylulde-basliyor

Market data: Istanbul · Antalya (province) · Turkey