In a written statement issued by the Ministry, it was recalled that amendments had been made to the Regulation on Real Estate Trade in order to protect buyers and sellers involved in real estate transactions against risks such as fraud, theft and forgery, reduce unregistered transactions, and ensure that money transfers are carried out in a secure environment.

Under the amendment, it was stated that, as of July 1, when part or all of the purchase price in a real estate transaction is paid in cash, by bank transfer or through an electronic funds transfer, the payment must be made through the Secure Payment System, which enables the simultaneous transfer of the property ownership and the purchase price.

The statement also noted that the Ministry had been granted the authority to postpone the implementation date of the system for up to three months.

The Ministry stated that technical preparations for the system are still ongoing. The statement said:

“In order to ensure that the Secure Payment System can be fully implemented, our Ministry continues its technical work in cooperation with the General Directorate of Land Registry and Cadastre and other relevant stakeholders. In order to complete all technical processes and integrations related to the system, the authority granted to our Ministry under the regulation has been exercised, and the implementation date of the system has been postponed for three months. The new implementation date has been set as October 1