Turkish Insurance Authority sells real estate after 50 billion lira deficit

The Turkish Social Security Authority has put its properties up for sale after recording a deficit of 50 billion and 39 million lira in the first 7 months of 2020.

The authority recorded a deficit of Lira 39.9 billion at the end of 2019, but that percentage has increased in the first seven months of last year.

The Turkish newspaper “Sozjo” said that “the Social Security Authority offers its real estate and movable property subject to foreclosure for sale by public auction.”

During the period 2015-2019, the Social Security Authority sold 10,000 to 886 units of its seized movable property, estimated at 521,251 units, while it sold 1,328 properties out of 305,000 and 239 properties subject to foreclosure.

The Turkish commission is expected to achieve, within 5 years, revenues of 68 billion and 985 million lire from the sale of movable and immovable property that it has offered during the period 2015-2019, but only 297 million and 35 thousand lire entered its treasury during this period.

Source: “Turkish Zaman”

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