When Corona pandemic started, the A New Way For Real Estate Ownership in Turkey was launched by the General Directorate of Land Registry and Real Estate Survey of the Turkish Ministry of Environment and Urbanization in March 2020; and it has achieved great success in facilitating the completion of a large part of the title deed transactions remotely, to provide a safer environment due to the Corona epidemic that invaded the world and changed the lifestyle.
According to information published by the General Directorate of Land Registry and Cadastre in Turkey, 113 thousand real estate sales transactions were completed in June 2020 through the electronic title deed system, this is nearly the third of the total number of transactions which reached 357,000 sales transactions.
The General Directorate of Land Registry and Cadastre made this achievement in July which witnessed an unusual amount of transactions regarding real estate sales in general, and residential sales in particular, especially with the great flourish that the residential apartment market has witnessed after cutting the interest rates.
Istanbul leads Turkey’s cities in using the electronic title deed system.
In the details, Istanbul ranked first among the Turkish province that carried out sales transactions through the electronic title deed system, followed by Ankara in second place, Izmir in third place, Antalya in fourth place, and Bursa ranked fifth.
It is noteworthy that the electronic title deed system allows the buyers to complete their transactions completely online, and they only have to check with the directorates of the Land Registry to make the final signature on the documents in the Land Registry Directorate, also, the system allows them to obtain the title deed, forms for registering ownership in the title deed, and mortgage documents through the electronic signature.
Besides, the General Directorate of Land Registry and Cadastre provided the site with a guide that allows users to know the detailed steps necessary to complete various transactions accompanied by many instructional videos, which makes it easier for the buyers to carry out their transactions easily and smoothly.
It is expected that this system will save about 100 million Turkish liras in costs and expenses of the transactions completed in the directorates of the title deed and real estate cadastre all over Turkey.