All you need to know about real estate appraisal in Turkey
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“Real estate appraisal” this word has been heard by everyone who wants to buy real estate in Turkey and it has become an integral part of the process of buying real estate in Turkey and it is not only for those who want to buy real estate for the purpose of obtaining citizenship, but also includes those who want to obtain real estate residence in Turkey, After the Turkish government amended the real estate residency law and the law of obtaining Turkish citizenship by purchasing a property, in last April of this year 2022, the amendment made by the Turkish government to the real estate residency law was that the value of the property should not be less than 50 thousand dollars in small cities such as Sakarya and Samsun, nor Less than $75,000 in large cities such as Istanbul, Ankara and Antalya, It also amended the law of obtaining Turkish citizenship, provided that the value of the property is not less than 400 thousand dollars, and according to the new amendments, the foreign investor must obtain an assessment of the property to be purchased before completing the purchase process, which prompted these investors who have never purchased a property to ask about the real estate appraisal, what it is, how important it is, who makes it and how to obtain it. In this article, we will explain everything related to real estate appraisal in Turkey.
What is the real estate appraisal report:
It is a detailed report that shows the market value of the property according to specific criteria, and it is one of the official papers necessary to complete the title deed registration transactions during the sale of Turkish real estate to foreigners, In mid-February 2019, a new legislation was issued by the General Directorate of Land Registry and Real Estate Records, affiliated to the Ministry of Environment and Cities in the Republic of Turkey, Decision No. 1/2019, and it came into force from March of the year 2019. This new law obliges foreigners to have a real estate valuation report while buying apartments in Turkey, and it is not only limited to those who apply for Turkish citizenship after buying real estate, but also extends to those who buy and sell real estate from foreigners in Turkey in general, The legislative authorities established in early 2019, and previously, a foreigner who wanted to buy a property in Turkey with the aim of obtaining Turkish citizenship had to obtain a real estate appraisal that proves that the value of the property is 250 thousand dollars or its equivalent in Turkish lira, but the Valuation Law Real Estate has been updated to include all real estate purchases in Turkey made by foreigners to ensure that they get real property prices without any manipulation.
The objective of the real estate appraisal report:
The objective of the real estate appraisal law to all buying and selling real estate in Turkey with the obligatory putting the property price in the title deed “Tapu” transaction, in order to preserve the rights of the parties involved in buying and selling real estate in Turkey,
it is considered a very important document to protect the buyer from manipulations by fraudsters who seize the opportunities and commission seekers in the real estate market in Turkey by exaggerating the real prices of properties for sale in Turkey, thus achieving a number of goals:
• Providing a safe investment atmosphere for foreign investors.
• Protecting the investor rights, and access to real-estate price information.
• Preventing foreigners from being deceived by some looters, who try to take advantage of foreigners' lack of knowledge of the laws and the true value of real estate.
• Preventing tax evasion in the field of construction and real estate.
The real estate appraisal report includes the following data:
• The design plan of the property and its net area, and if the property is for housing, the plan will explain the distribution of rooms and public utilities and their areas.
• A copy of the title deed (Tapu) and information on the deed's land registry.
• photos of the property from the inside showing its current condition.
• All details of the title deed.
• Photos of the building that includes the property from the outside
• Photos of the property's location and its coordinates.
• The market value of the property in Turkish lira, dollars and euros.
• Legal details related to the property.
• Building licenses for the property.
• The expected rental return for the property
• Similar real estate prices in terms of type, region and all variables.
• Report the debt situation related to the property.
• Approval of the Geographical Survey Directorate.
What are the criteria of the property is evaluated?
The area of the property and the date of its establishment: the gross area of the property is considered, in addition to the type of property, whether it is commercial or residential, and the age of construction.
Views: The property is evaluated in terms of the view, if the property overlooks the sea, for example, or if the property overlooks a forest, a main street, etc.
Social facilities provided by the residential complex: such as swimming pools, gyms, car parking, and other facilities, and the quality of services and their availability within the complex is playing a major role in raising the value of the property.
Condition of the property: meaning its condition in terms of seniority, and if it has cracks, for example, and the level of finishes and cladding in the building, as well as its facilities such as water, electricity and gas meters are also related to the evaluation of the property.
Availability of services: it means the availability of social services such as schools, hospitals, public transportation, places of worship, health and recreational centers and other services in the real estate area.
Legal status of the property: It is the legal papers related to the property, such as licenses, and to ensure that there are no obstacles to the transfer of ownership between the seller and the buyer, such as the presence of a seizure sign on the title deed, for example.
The level of the surrounding real estate: When evaluating the real estate, the price of the real estate surrounding the project is considered, and also a comparison is made between the price of the real estate that the foreigner will own and the real estate surrounding it.
Which is the authority responsible for issuing a real estate appraisal in Turkey?
The General Directorate of Land Registry is the authority responsible for issuing the real estate appraisal, and this comes after many real estate appraisal companies manipulated many construction companies in evaluating the property and giving it a value greater than the real property value, which prompted the state to issue an amendment to the real estate appraisal law to be affiliated to the General Directorate of Tapu and not for private companies.
What is the period for issuing a real estate appraisal report in Turkey?
The real estate appraisal report is issued within one to three days of filling in the data and request on the official website "değerleme raporu". And the validity of the real estate appraisal report lasts 3 months starting from the date of its issuance, and if the investor sells the property during this period "within this 3 months", it is possible use the report more than once.
At Ramzy Real Estate Company, we are glad to accompany you on the journey of buying property in Turkey and to provide you with a range of services to make the process smooth and easy , as we are always keen to present a variety of options for residential and investment properties in addition to helping you obtain Turkish citizenship for those looking for it.
Our services:
- Legal advice.
- Property Management.
- After-sales services.
- Legal services and obtaining Turkish citizenship.
- Buying and selling real estate in Turkey.
- For more details, you can contact us via the communication platforms or via the WhatsApp attached on the site.
Editing by Ramzy Real Estate Team ©
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