Real estate securities will appear as new financial instruments in the market next week, easing the interest burden for construction companies, and it will be an investment tool for individuals. Experts believe that securities will reduce house prices
The first issuance of real estate security to be implemented under the auspices of Makro İnşaat's Park Mavera 3 project will be realized by Vakıf Yatırım for the first time in Turkey, on March 29-31.
Vakıf Yatırım General Manager Kemal Şahin said in the real estate security method, the interest owed to banks and the late delay to the suppliers will not be paid by the contractor and housing will be priced accordingly, allowing investors to buy property at a more affordable price.
Speaking during a press conference held on the issue, Şahin said they have carried out detailed work with the relevant institutions and taken the sensitivities of the private sector into consideration. He said they believe the model to be implemented will be successful and that the reaction they have received so far is very positive.
Explaining that funding opportunities for construction companies have recently narrowed, Şahin pointed out that cases of increasingly difficult credit access opportunities and rising interest rates have caused an increase in construction costs. "The current economic situation, the scarcity of sales and the high cost of financing increase construction costs which, in turn, increase housing prices," Şahin said, highlighting that under the model they proposed, the funds required by the construction company will be collected from the investor.
'Do not pay interest to the bank' Şahin said that with this model, the construction company will not pay interest to the bank for financing, cash flow will become more transparent and construction costs will be lower.
Underlining that one of the aims of the security is to provide cheaper housing and housing investment opportunities by reflecting the discount obtained by this method to the investor and the citizen, Şahin said, "Do not pay the loan interest to the construction firm and bank and the late delay to all suppliers, benefit from cash discounts, and reflect the advantage you get to the citizen."
Şahin said the application is very advantageous for the investor and that it is difficult to buy real estate from high-priced projects but thanks to the real estate security method, even the projects that make it impossible to buy houses for consumers will have conditions conducive to investment.
Pointing out that the application of the real estate security will be fulfilled on a platform that the Capital Markets Board (CMB) permits and everything such as the stock market is transparent, Şahin said all the developments related to the construction will be published in the Public Disclosure Platform (KAP).
TL 42.5 per securityŞahin said that officials are negotiating the average square meter price and they are also responsible for the investor, noting: "We divide the total apartment price by the number of securities. Let's say the price of the apartment is TL 600,000 [$166,274]. The security is also worth TL 42.5 We divide it and tell you with how many securities you can get per apartment." Şahin added that in the project for which they will issue the security, 1-square-meter is TL 4,250, while the security price is TL 42.5. He also stressed that 1-square-meter can be bought with 100 securities, and that they have paved the way for the possibility of investing in low numbers by dividing 1-square-meter by 100.
"Citizens can invest as much as their budget allows and accumulate securities in accordance with the payment plan at their own discretion. They can easily sell them on the stock market when they need the money. They can invest as a savings tool. No documents, no tax, no declaration," Şahin said, noting that those who want to buy a home by collecting only enough securities will pay a 1 percent Value Added Tax (VAT) and a title fee at the time of the title deed and that apartments can be sold with 9,000, 10,000 and 11,000 securities.
'Everyone can make an investment'
Şahin said they have received significant returns all across the country, stressing that the real estate security serves as an interest-free investment tool at the same time.
Stating that the first issuance will be carried out March 29-31, Kemal Şahin said the issuance stage has arrived as a result of studies carried out meticulously over a year with the participation of CMB, Borsa Istanbul, MKK, TOKI and Makro İnşaat. Pointing out that the Kayaşehirpark Mavera 3 project will be realized in a region suitable for the real estate security model, Şahin said anyone who can pay either TL 50 or TL 500,000 will be able to make an investment, and those who make investments towards purchasing a home will be able to benefit from the increase in value.
'20 percent cheaper' Şahin said that buying a residence with a security will be 20 percent cheaper on average, adding that the number of securities to be issued is also limited, with a value of TL 139 million in total.
Suggesting that for those with cash it will be more profitable to purchase a residence by obtaining securities, Şahin said that it is important for the investor to earn money in the public offering, adding that they have also granted such flexibility in order to encourage investors.
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