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ARTICLE · 14 JUNE 2017

Real Estate Certificates

ELIG Gürkaynak Attorneys-at-Law
ELIG Gürkaynak Attorneys-at-Law
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ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law

ELIG Gürkaynak Attorneys-at-Law is an eminent, independent Turkish law firm based in Istanbul. The...

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Real estate certificates are regulated under the communiqué of the Capital Markets Board ("CMB"), namely the Communiqué on Real Estate Certificates (VII-128.2) ("Communiqué").

TurkeyCorporate/Commercial Law
Gönenç Gürkaynak
Gönenç Gürkaynak
Nazlı Nil Yukaruç
Nazlı Nil Yukaruç
Selen Ermanlı Sakar
Selen Ermanlı Sakar
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I. Introduction

Real estate certificates are regulated under the communiqué of the Capital Markets Board ("CMB"), namely the Communiqué on Real Estate Certificates (VII-128.2) ("Communiqué").

As per the Communiqué, a "real estate certificate" is a kind of capital market instrument issued by issuers,[1] for the financing of real estate projects to be constructed in the future or in the process of being constructed, and that has a nominal value representing independent units or specified area units of such independent units of a real estate project.

The issuance of real estate certificates grants financing facility and resources to the issuers for the completion of the project. Furthermore, real estate certificates enable investors[2] to acquire real estate and/or invest their savings by collecting and trading the relevant certificates in the capital markets.        

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