TOKİ to auction 725 plots in 61 provinces, Bodrum parcels lead in value

Türkiye’s state housing agency TOKİ has put 725 plots of land in 61 provinces up for sale by open auction, with bidding scheduled for 5 and 6 November and the most valuable parcels concentrated on the Bodrum peninsula in the southwestern province of Muğla.

TOKİ, the Housing Development Administration, is a government body that builds social housing and sells public land, often to fund its building programme. According to the agency’s announcement, the plots cover about 3.45 million square metres in total and have a combined estimated value (muhammen bedel, the reserve price used as the starting point for bidding) of about 29.15 billion lira. Starting prices begin at around 400,000 lira.

The land is zoned for uses ranging from housing, commerce and tourism to agriculture, industry and logistics.

Bodrum dominates the value

An analysis by Endeks24 found that Muğla accounts for about a third of the total value, with 52 plots worth roughly 9.63 billion lira. Eleven plots in Bodrum’s Akyarlar and Gündoğan neighbourhoods alone carry reserve prices totalling 8.41 billion lira, or almost 29% of the whole sale, and the single most expensive parcel is listed at 1.41 billion lira.

Antalya follows with 34 plots worth about 2.94 billion lira, ahead of Ankara with 33 plots and about 7% of the value. Istanbul makes up about 5%, while Mersin has 26 plots worth around 1.27 billion lira. Samsun on the Black Sea has the largest number of plots, 64, but a much lower total value of about 471 million lira. Other coastal provinces on the list include İzmir, Aydın, Balıkesir and Çanakkale. The cheapest instalment option cited is a TOKİ share of about 88 square metres in a residential parcel in Istanbul’s Tuzla Orhanlı, priced at 1.6 million lira.

The sale comes as buyers face high prices in the resale market; for context, see our reports on Istanbul rents and September house prices and the recent Emlak Konut tender in Halkalı.

How the auction works

Bidding opens at 10:30 on both days, in person at the Radisson Blu Hotel in Ankara and at TOKİ’s Halkalı service building in Istanbul, or online through the emlakmuzayede.com.tr platform run by TOKİ’s affiliate Emlak Yönetim. Online registration closes at 10:30 on 4 November.

Bidders must lodge a deposit (teminat) that rises with the plot’s value, from 50,000 lira for plots up to 500,000 lira to 50 million lira for the most expensive parcels. The winner must pay 4% of the bid within two business days, plus a 2% service fee and VAT, then sign the contract and pay the full price or the down payment within 10 days of being notified.

Some plots are offered for cash only. Others can be bought with a 25% down payment, or 20% for the Bodrum plots, and the balance spread over 48 months. Buyers who choose to pay cash for an instalment-eligible plot receive a 15% discount.

Can foreigners bid?

Neither TOKİ’s announcement nor the press reports say whether foreign nationals may take part. Under Turkish law foreigners can generally buy land, but subject to reciprocity, area limits and restrictions in military and security zones, and buyers of undeveloped land are normally required to submit a development project within two years. Prospective foreign bidders should check the sale specification published on TOKİ’s website and take legal advice; our guide to buying property in Türkiye as a foreigner and Bodrum living guide explain the wider rules and market.

Sources

• TOKİ, 61 İlde 725 arsayı açık artırmayla satacak (TOKİ)
• TOKİ 61 ilde 725 arsayı satışa çıkarıyor, yüzde 20 peşinat yalnız Bodrum’da (Endeks24)
• TOKİ’den 61 ilde büyük arsa satışı! İşte il il tam liste (Bigpara/Hürriyet)

Photo: Mehmet Belet / Unsplash License, via Unsplash