Real estate stock exchange expected to create trillion-lira economic system

Published 04.02.2019 00:07

The Turkey-based real estate stock exchange will create a security volume of trillions of Turkish liras for the country, Turkey's Sovereign Wealth Fund (TVF) Deputy General Manager Mithat Bülent Özmen said during a workshop on the real estate stock market.

According to the statement released by the Turkish Independent Industrialists and Businessmen's Association (MÜSİAD) in the cooperation with the TVF and MUSIAD, a workshop was held to discuss the realization process of the Real Estate Stock Exchange (GABORAS) and the economic value that will emerge. GABORAS was established in collaboration with the MÜSİAD and Yıldız Technical University in late 2018.

The workshop focused on digital technology, big-data and data processing infrastructure, acceleration of private-public value maps, collective valuation, instant reporting and valuation automation, digital screens, risk parameters, measurement-monitoring-evaluation capacity, secure trading platform phase, indexation, stock exchange, and the securitization of real estate and derivatives.

TVF Deputy General Manager Özmen said a Turkey-based real estate stock exchange is a large, national and domestic project that will make a significant contribution to the economy and alternative capital markets. "The vision of establishing a Turkey-based real estate stock exchange will create a security volume of trillions of Turkish liras for our country," he added.

Lütfi Altun, chief advisor to the GABORAS executive board, also said GABORAS is basically a big data management system and that there is a 10-year effort in the high-tech capacity whose technical details were presented in the workshop.

Altun pointed out that preparations for the realization of the platform are in progress and that most of the deficiencies in the stock market have been eliminated. "The missing side of this is the static data in the public side," he continued. "Unhealthy data, most of which is locked, out of date and not shared in bureaucracy, do not coincide with market data. If we are to say there is a problem in the country today, this is due to the uncertainty in sharing public data and information."

Lütfi Altun further stressed in this process, equity, capital and the said real estates in stocks are required to be included in the economy.

Altun highlighted that everything will be transparent with GABORAS. "The real estate stock exchange and the retransformation of our wealth accumulations into capital will be an opportunity for us to achieve the 2023 targets," he said.

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