Turkey to mandate Secure Payment System for real estate sales

A new Secure Payment System for real estate transactions is set to become mandatory in Turkey, aimed at reducing risks such as fraud, fake receipts, and incorrect money transfers during the sale of houses and land.

Under the system, which integrates banking services with title deed offices, the sale price will be held in a secure account until the title deed transfer is officially completed. Once the transfer is finalized, the funds will be automatically transferred to the seller's account. This mechanism is designed to prevent the need for carrying large amounts of cash and to protect both buyers and sellers from financial victimization.

Real estate professionals will continue to play a role in the process, assisting clients with the new system rather than being replaced by it. However, experts have issued warnings regarding the legal and financial risks of underreporting sale prices or paying portions of the transaction in cash to avoid official records.