Türkiye sees record e-levy surge amid homeownership decline, economic crisis

Türkiye grapples with a record surge in e-levy transactions amid a backdrop of declining homeownership rates and an exacerbating economic crisis, signaling profound financial distress for citizens

In Türkiye, the decline in homeownership coincides with a surge in properties subjected to electronic attachment (e-haciz).

Official data from the General Directorate of Land Registry and Cadastre revealed a staggering 6,379,959 e-hafiz transactions on title deeds in 2023.

The economic crisis, which has impacted millions, has eroded purchasing power, leaving citizens unable to repay debts. As of May 6, 2024, banks’ receivables from personal loans and credit cards have soared to ₺3.108 trillion, with ₺59.7 billion in credit card and loan receivables in execution.

The rising number of debt-ridden citizens underscores the crisis’s severe effects, mirrored in alarming e-haciz data.

Implementation began in 2019, jointly orchestrated by the General Directorate of Land Registry, Cadastre and the Ministry of Justice.

Nationwide adoption followed the first e-haciz application on January 14, 2019.

2023 marked a record

The years 2020-2023 witnessed significant e-haciz increases, with 2023 marking a record.

Figures for 2023 include 284,171 public attachments by the Revenue Administration, 3,617,083 terminations of e-haciz, and a staggering 6,379,959 e-haciz transactions on title deeds.

Source: Newsroom