NEWSLETTER-2017

208 NEWSLETTER 2017 completed, or that the return of the value obtained from the blocked fund be vested in the authorized body, and by means of sale of the por- tion of the property Project, which is subject to the issuance, but could not be completed, pro rata to the property certificates to their holders. Conclusion The property certificate model may be used for financing prop- erty projects at a low cost from the perspective of the issuers, and for investment or becoming a property owner, from the perspective of the investors. Such model can also be used for urban transformation proj- ects. Following the efforts with regard to the practice of such model since 2013, a new housing Project will be offered to the public in which TOKİ is the issuer. Taking into consideration the final changes to the Communique, in relation to the urban transformation projects under- taken by the government, a successful pioneering example would take a leading role for the markets.