A new public-private housing venture will put more than 6,000 new homes on the market in Istanbul, Izmir and Tekirdað at below market interest rates and with financing terms of up to 10 years, according to the Anatolia news agency.

The project is led by the Housing Development Administration of Turkey (TOKI) with the cooperation of Vakýfbank and Emlak Real Estate Investment Trust.

At a press conference to unveil the housing scheme, Vakýfbank President Bilal Karaman said the sale of the 6,220 units aims to serve homebuyers squeezed out of the market by higher interest rates for real estate. Terms will include a 1.39 percent monthly interest rate for a term of 10 years, while interest for a nine-month term is 0.10 percent. Application for loans at these rates will begin Oct. 31.

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