Banks seize much real estate

ANTALYA - Anatolia News Agency

Turkish banks have re-possessed many mortgaged pieces of real estate due to unpaid individual and commercial credits, according to a compilation from sale ads on the banks’ websites.

The banks have become like a “real estate agency” due to the amount of real estate which have been seized as a result of non-performing loans. They have accumulated hundreds of houses, plants, lands, hotels, tea gardens, bars and other enterprises.

Halkbank has the largest number of real estate on sale with 50 pieces of land, 42 plants, 311 enterprises, 38 buildings, 82 projects, bringing the total number to 2,491. The estimated price of the 42 plants is 129.4 million Turkish Liras.

İşbank ranks second with 424 pieces of real estate on sale, with a combined value of more than 183 million liras while Vakıfbank follows it with 405 pieces.