Istanbul has YTL 4.5 bln in unsold state property
Posted by meb at April 17th, 2007
Real estate records and land registry documents for 14 million square meters of land in the National Real Estate archives were updated as part of efforts to locate unknown state land, parceled land and land that has been allotted and restructured, according to a government real estate head.
In February a department to coordinate the updating of records of state-owned lands was established. All property in Turkey, other than private property, is registered by the Ministry of Finance and controlled by the National Real Estate General Directorate.The total value of state-owned real estate in İstanbul is YTL 4.5 billion, said Yusuf Keleş, the İstanbul National Real Estate General Directorate Department head and deputy district treasurer. He added there was additional property in İstanbul that could be sold for between $2 billion $3 billion.
He added these lands had ground problems that will have to be resolved before the land is sold. It will likely be auctioned off after the presidential elections. Referring to the interest of foreign real estate agencies in İstanbul, Keleş said, “As foreign interest increases more foreigners will buy land.”
Most residential buildings in İstanbul are Class A constructions for middle and upper-class households, but there aren’t many Class B and Class C homes, which are priced between YTL 100,000 and 150,000, he said, adding there is a need for less expensive housing.
source: Today’s Zaman
Related posts:
