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During the last decade, state-owned banks have dominated the housing finance market in Turkey. Emlak Bank has been the leading lender with investments in expanding housing credits. In 1998, Emlak Bank introduced the civil servants’ wage-indexed housing loan (WIHL) in order to facilitate housing finance for the middle-income population. In this study, the performance of the WIHL contract in comparison with the standard mortgages of inflationary economies is examined using data between 1998 and 2003. We find that WIHL is an innovative contract for the high inflation periods in Turkey as it provides insulation against highly volatile interest rates. However, recent years have witnessed moderate inflation, which has encouraged new developments in the housing finance sector. If stable economic conditions persist, mortgages of moderate inflationary environments can be originated safely for the long-term. An active primary mortgage market in conjunction with supportive government policies are essential elements for the creation of a secondary market, which would facilitate the long-term lending risk to be shared by private sector investors and governmentsponsored agencies.

THE DEVELOPING MORTGAGE MARKET IN TURKEY: THE KEY ISSUES IN THE CREATION OF THE SECONDARY MARKET