28 January 2025

We are pleased to announce that our law firm has represented Eczacıbaşı Holding in the negotiations of the Promise to Sell Real Estate Agreement in return for Revenue Sharing executed in relation to the project to be constructed by Mia Ordinary Partnership on the 157,383-m² real estate located in Kartal District of Istanbul, owned by Eczacıbaşı Holding.

We are happy to be a part of this project, which will be one of the biggest projects in the real estate market in 2025, and we wish success to the project stakeholders. We would also like to thank all our colleagues who worked on the project.

NEWS & ANNOUNCEMENTS

Independent and Perpetual Construction Right

The construction right among the limited real rights is regulated between Articles 726, 826 and the rest of Turkish Civil Code, granting holder the authority to construct or maintain a structure either above or below someone else's land and the ownership of that structure. If the construction right is independent and perpetual, it is recorded as "immovable" on a separate page in the land registry upon request of the right holder.

NEWS & ANNOUNCEMENTS

A New Era for Real Estate Investment Funds

The Communiqué Amending the Communiqué on Real Estate Investment Funds (III-52.3) (“Communiqué”), published in the Official Gazette on 17 July 2024, Issue No. 32604, aims to boost contributions to real estate investments, a sector with significant transaction volume in the Turkish economy. Under the Communiqué, application procedures for Real Estate Investment Funds (“REIFs”) have been streamlined, enabling the issuance of participation shares linked to an umbrella fund. Additionally, “project” REIFs are now permitted to invest in projects where more than half of the total gross area of independent units is designated for residential use, as verified by independent real estate appraisal firms.