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There's an interesting group purchase model for properties in Turkey. Essentially a 100 people come together and sign an agreement and start paying monthly fees

by mrtksn 4y ago

There's an interesting group purchase model for properties in Turkey. Essentially a 100 people come together and sign an agreement and start paying monthly fees and these fees are used to purchase homes. Each time the property is purchased, the owner is determined randomly from the group. Those who get the home pay more(since they will no longer pay rent), those who are still waiting pay less.

tangjurine 4y ago
Are there any articles about this?
- mrtksn 4y ago
  AFAIK "Eminevim" is the original company doing it, here is a link to their FAQ: https://www.eminevim.com/merak-edilenler https://www.eminevim.com/merak-edilenler In Turkish of course but Google Translate is pretty good these days. It's promoted as an option for people who don't want to use credit(for religious reasons or simply they can't). It's also analogous to the Turkish tradition of housewives gathering at the homes of each other in rotation and giving money to the current host to finance a larger purchase like fridge or something. Its called "Altın Günü" or "gold day" as traditionally they would collect gold, but these days any currency goes.
badpun 4y ago
We had similar thing in Poland in the nineties for buying cars, when credit was too expensive for many people to use. It was called "Argentinian system", so it might have Argentinian roots?
- mrtksn 4y ago
  Interesting, I guess people re-invented the system all over the world. In Turkey at least, the system is analog of the "gold day" tradition of the housewives who would gather in each others house in rotation and give the host money or gold to finance the purchase of things like fridges etc.
  - govg 4y ago
    A similar system exists in the south Indian state of Kerala (and apparently across other places in South Asia, but I am only familiar with the Kerala model). It's called a Chit fund [0] and functions just like you describe. [0] - https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund
    - mrtksn 4y ago
      Fun to see similar informal mechanisms popping up around the world with no connection.

by mrtksn 4y ago

tangjurine 4y ago

Are there any articles about this?

mrtksn 4y ago
AFAIK "Eminevim" is the original company doing it, here is a link to their FAQ: https://www.eminevim.com/merak-edilenler https://www.eminevim.com/merak-edilenler In Turkish of course but Google Translate is pretty good these days. It's promoted as an option for people who don't want to use credit(for religious reasons or simply they can't). It's also analogous to the Turkish tradition of housewives gathering at the homes of each other in rotation and giving money to the current host to finance a larger purchase like fridge or something. Its called "Altın Günü" or "gold day" as traditionally they would collect gold, but these days any currency goes.

badpun 4y ago

We had similar thing in Poland in the nineties for buying cars, when credit was too expensive for many people to use. It was called "Argentinian system", so it might have Argentinian roots?

mrtksn 4y ago
Interesting, I guess people re-invented the system all over the world. In Turkey at least, the system is analog of the "gold day" tradition of the housewives who would gather in each others house in rotation and give the host money or gold to finance the purchase of things like fridges etc.
- govg 4y ago
  A similar system exists in the south Indian state of Kerala (and apparently across other places in South Asia, but I am only familiar with the Kerala model). It's called a Chit fund [0] and functions just like you describe. [0] - https://en.wikipedia.org/wiki/Chit_fund https://en.wikipedia.org/wiki/Chit_fund
  - mrtksn 4y ago
    Fun to see similar informal mechanisms popping up around the world with no connection.