Real Estate Certificate System Again on the Agenda: TOKİ and Real Estate Housing Application Approved by SPK

Developed as an alternative financial model for those who want to own a home in Turkey certificate of real estate app is back on the table. With the support of the Ministry of Environment, Urbanism and Climate Change TOKI and Real Estate Housing GYO of the new application submitted by, within this week Capital Market Board (SPK) It is expected to be approved by. In line with developments Minister Murat Kurum on Thursday it is planned to hold an official launch meeting with his participation.

What is a Real Estate Certificate?

Real estate certificate, dividing the entire or independent parts of a housing project into small units Trading like securities on the stock exchange in Istanbul It is an investment model that provides. Thanks to this model, investors can partner in housing with small savings, without having to buy an entire apartment, or profit from the increase in value of the project.

For example, if an apartment is worth 2 million TL, the certificates corresponding to this apartment can be issued in 2,000 pieces, and the investor can own a share in this apartment “up to 1 certificate” with a purchase of 1,000 TL.

How will the new system work?

According to the details in the background information, in the new model that SPK and Emlak Konut are working on:

• Certificates, through brokers and banks will be offered to the public.
• Individual SPK approved valuation for each apartment type will be done; variables such as the location of the apartment, the view, the floor will affect the price of the certificate.
• Projects Separating into all independent units from 1+1 to 4+1 will be made public.
• Certificates The stock exchange will be traded in Istanbul and it will become liquid.
• If the demand is high, investors quota system can be applied.

Housing Investment Accessibility and Liquidity

The main advantage of the system, especially for young investors and the middle income group the opportunity to own a house with partial savings presentation. Without a down payment, interest and long-term loan burden, it brings a chance to invest directly in the housing project. Although it is not possible to buy housing from start to finish, participating in the increase in value and being able to sell its share through the stock exchange creates a new option for the investor.

Real estate certificates, an alternative investment product to deposit interest It is also considered. Especially expected in the coming period of the Central Bank interest reduction process Along with, the return on this product is expected to become relatively more attractive.

Tax Benefits Discussion Topic

In the first real estate certificate model applied in the past, on earnings %10 Retention was implemented. But since in stocks this ratio is zero, in order for certificates to become more attractive in the new system Increasing tax benefits is coming up. In addition, in the previous application Exemption from VAT, stamp duty and fees Special provisions such as were put into effect.

Common Ground for Corporate and Individual Investor

The system does not only involve the individual investor, portfolio management companies, real estate funds and corporate investors He also aims. Bulk purchase of certificates for high-volume investments will be possible, which will be able to increase both price balance and market liquidity.

New Era of Real Estate Investment in Turkey

The real estate certificate serves as a bridge that integrates classic housing investment into capital markets. Especially in an environment where housing prices are rising sharply and access to credit becomes difficult, this product “lowering the investor's access barrier to housing” Positioned as a model.

Once the SPK approval and post-launch process is clarified, the first projects that will be traded on the real estate certificate market will also be announced. This step could usher in a revolutionary period in housing finance in Turkey.