The project received approximately twice the targeted demand, reaching 27.3 billion TL. Consequently, by utilizing the additional sales option, a total of 21.4 billion TL worth of certificates were sold.
"As the world enters a recessionary period, the fact that sales of real estate certificates reached around 525 million USD, with 81% purchased by small investors, is valuable in terms of market depth. Today, there are 800,000 small investors in the capital markets. These investors have now taken action."
Highlighting that this new model, launched in the wake of the earthquake, could also serve as a driving force for urban transformation projects, Çelebi added:
"Despite the withholding tax barrier and high price levels, the sale of real estate certificates has been successful. This is the success of a vision and a program. The Capital Markets Board (CMB) and all institutions involved deserve congratulations for this work. Integrating capital market instruments into urban transformation projects will create a highly important synergy for the future. This new instrument, which the CMB has been developing over the past two years, appears to have achieved its goal. Thanks to this project — together with the resources obtained from the World Bank — all funds allocated for earthquake preparedness will be consolidated in one place, creating a significant accumulation of resources. Under the name of 'urban transformation loans,' low-income citizens will also be provided with financing opportunities for earthquake-resistant urban transformation projects. Through these certificates, demand amounting to 60 billion TL could be generated."
Note: This article reflects the views of Prof. Dr. Işın Çelebi and was published in Hürriyet Newspaper on August 13, 2025.