‘Housing fund project could create grievances’
The decline in housing sales, triggered by mortgage interest rates reaching their peak, has pushed real estate companies to seek solutions.
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It has been stated that the ‘Project Real Estate Investment Funds,’ for which the Capital Markets Board (SPK) has prepared a draft, provides consumers who cannot afford to buy a home the opportunity to become partners in multi-billion projects. Experts, pointing out that the details regarding the fund amount and the nature of citizen participation are crucial, have issued warnings. Urban transformation lawyer Onur Cingil stated, “The details of the project are important. The project could also create grievances. While citizens might think they will earn money or make an investment, they may ultimately be unable to benefit from this fund. We have witnessed such situations in recent public offerings.”
THE PROBLEM IS THE HOUSING CRISIS
Stating that companies are experiencing a bottleneck similar to the one faced by citizens, Lawyer Cingil said, “There is a surplus of housing in Turkey. With this proposed initiative, citizens will pay a certain amount of money. How will consumers enter this fund, and how will these funds turn into apartments that provide them with shelter? The answers to these questions are also important.” Cingil noted that one of the primary problems that needs to be solved in Turkey is the housing crisis, and that this situation will change in parallel with developments in the economy.
First-hand housing sales decreased by 18.5 percent
Across Turkey, the number of first-hand housing sales in November decreased by 18.5 percent compared to the same month of the previous year, reaching 30,472. The share of first-hand housing sales within total housing sales stands at 32.6 percent.