Mortgage system and the increasing importance of real estate evaluation in Turkey
Kizilsu, Gaye
Today, sheltering problem is one of the most important problems of human being as it was in the past. Mortgage is a system, which will make individual landowner by paying their house's instalments under long term payment plants around the rent amounts, sometimes less than these amounts, as if they are paying monthly rent. In the Mortgage system a certain amount of the real estate value is paid in advance and then for the remaining part credit is obtained from the credit establishments under the maturity options 15-30 years and variable interest rates. In this way, the landlord has collected the value of the real estate in cash. The value of the house is determined by authorised experts. In this stage, real estate evaluation experts must enter the subject. Before the Mortgage system which will make the people of small income to be land owner and has become a popular subject in Turkey nowadays, the subject of real estate evaluation and related infrastructure which is extremely weak, must be taken up urgently and well-planned. Different Mortgage applications like the number of countries applying Mortgage have developed. Because every country's economic and administrative structure differs from each other. Consequently it is a necessity to develop a different solution and procedure for each country. What should be the results of this system, which has not legalised in Turkey yet, is a matter of curiosity. In this study, the importance of the system and real estate evaluation, forming the necessary infrastructure, evaluation criteria and legalisation stages have been discussed, the place of such a social project in the development of the country is emphasized.
Event: XXIII International FIG Congress : Shaping the change
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