The move allows estate agents and private home owners to list their properties for auction on the site as long as they have valuation reports which include the legal status of the real estate, a comparison of the property with others, and the market value, accorded it by an independent expert. The market prices are then determined by auctions.
All sellers can apply for independent valuation reports at special institutions for a fee, if they don’t have valuation reports.
With an average 1.2 million deeds change hands every year, Turkey is considered one of the fastest rising markets for home sales.
Emre Ersahin, Founder and CEO of Tapu.com, told AIM Group the website reached 200,000 unique visitors who returned at least three times per month on average. He estimated an average 500 people per month took part in online auctions and said the site was popular because of the transparent process and clear information given to visitors.
Tapu.com initially only handled real estates held by four banks and two asset management companies. Ersahin said the site was close to partnering with two more banks to sell their real estate.