Turkey plans to launch an international property stock exchange, allowing properties within the country to be marketed globally. In 2017, Deputy Prime Minister Nurettin Canikli announced that banks were facing difficulties financing the construction sector. In search of alternatives, the government devised a solution to sustain the growth of the revitalized industry.
The solution arrived at was the creation of the International Turkey Real Estate Stock Exchange. This system utilizes certificates to finance the real estate sector. It also allows investors from numerous countries to invest in Turkish property.
With support from the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC), the exchange became fully operational in July 2017. Stockbrokers can now trade shares in any real estate project that has received trading authorization, including land purchases, shopping centres, and residential communities.
This innovative system operates like a traditional stock exchange. The governing body guarantees that it is risk-free and accessible to the 57 countries within the COMCEC.