Jbax,
It's a typical annual interest rate here in Turkey. The rates are always quoted on a PER MONTH basis, at the minute, between say 1.44% and 1.7% per month. Very expensive for Turkish people to borrow for a home. they introduced mortgages in the two months, won't be up and running really till next year.
Some of the banks here including HSBC want to target home loans to foreigners who want to buy property here. They seem pretty clueless at the minute and they certainly won't compete with any bank within the Eurozone.
The Turkkish Gov said yesterday they had no intention of reducing interest rates in the near future for fear of driving up inflation higher than the current 10%.
You won't get 18% interest on deposited money. Most Turkish banks don;t pay interest as such, instead your moeny is put into what's called a "fon" and it's invested in the stock market. Good enough return and easy to cash it in at anytime.
Hope this helps.