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ARTICLE · 13 SEPTEMBER 2016

Turkey Introduces Regime For Urban Transformation Real Estate Certificates

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Turkey has announced a range of changes and new regulations to real estate certificates, intended to improve effectiveness of these instruments.

TurkeyReal Estate and Construction

Turkey has announced a range of changes and new regulations to real estate certificates, intended to improve effectiveness of these instruments. In particular, rules and requirements are introduced for real estate certificates issued within the urban transformation projects. A detailed regime is established for issuing and applying for such certificates.

Amendments Communique (VII-128.2a) on the Real Estate Certificates Communique (VII-128.2) ("Communique") was published in Official Gazette number 29790 on 03 August 2016, entering into effect on the same date.

Key points under the Communique include:

  • Municipalities, İller Bank Corporation and TOKİ (housing development administration of Turkey) can be authorized to issue urban transformation real estate certificates.

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