Secure Payment System to Prevent Real Estate Fraud Postponed to October

The Secure Payment System, designed to prevent real estate fraud, was initially set to launch on July 1 but has now been postponed to October 1. The system aims to create a secure payment environment for buyers and sellers in real estate transactions. The postponement was announced by the Ministry of Trade, which stated that the launch date for the Secure Payment System has been pushed back to October 1, 2026. The amendment to the Real Estate Trading Regulation makes it mandatory for payments to be made through the Secure Payment System when a part or all of the payment is made in cash, by wire transfer, or electronic fund transfer. The Ministry of Trade has the authority to extend the launch date by up to three months. To ensure the system is implemented without any issues, the Ministry of Trade is working in collaboration with the General Directorate of Land Registry and other stakeholders.