New Amendment to the Real Estate Ownership Law in Turkey

Created: 2021-09-18
Last Updated: 2024-04-19
Views: 3116

Content Index

Learn about the most important amendments to the real estate ownership law in Turkey for the year 2021
First: What is a real estate appraisal?
How is the real estate appraisal report manipulated?
How will the new amendment end the manipulation of the real estate appraisal?
What is the disadvantage of this decision for foreign investors?
What is the solution? How can I avoid the consequences of this decision?

Learn about the most important amendments to the real estate ownership law in Turkey for the year 2021

The Turkish real estate market has recently witnessed an exaggerated rise in some of its real estate prices, as this was the result of manipulation and circumvention around the real estate appraisal law by the weak-minded and unlicensed real estate offices, and this caught the attention of the Turkish government and pushed it to make new amendments to the real estate ownership law in Turkey for foreigners, get to know the details of the new amendment in brief and concise...

First: What is a real estate appraisal?

Real estate appraisal, or what is known as Real Estate Expert, is a document extracted by real estate appraisal offices approved by the Turkish government for those wishing to own a property in Turkish lands, especially those interested in obtaining citizenship in exchange for a property. which are inaccurately advertised by some marketers.

How is the real estate appraisal report manipulated?

Prior to 9/20/2021, the real estate appraisal report was extracted by the offices approved by the Turkish government based on the choice of the investor or the real estate broker. In many cases, the brokers were building close relationships with the appraisal offices and using the bribery method to obtain a higher evaluation instead of the real evaluation to be registered The property is at a price higher than its market value and the investor obtains Turkish citizenship in this way.

Example:

Ahmed, an Egyptian citizen, went to a real estate broker to buy an apartment in order to obtain Turkish citizenship. The price of the property is 1,900,000 Turkish liras (equivalent to $220,000)

Which does not meet the purpose to achieve the most prominent conditions for obtaining citizenship, and to solve this problem, the real estate broker agrees with the real estate appraisal office to assess the price of the property at 2,200,000 Turkish liras (equivalent to $ 255,000) so that Ahmed can buy this property and obtain citizenship naturally .

How will the new amendment end the manipulation of the real estate appraisal?

According to the new amendment, which will be implemented from 20/9/2021, investors or real estate brokers will not be able to choose the evaluation offices anymore, but the evaluation process will take place as follows:

The request is submitted to the Turkish Tapu Department that the person of Do-and-so nationality will purchase this property on this date, so the Tapu Department sends the evaluation officials randomly from it without allowing the broker or investor to choose the evaluation office, which will be an end to the fraud and forgery of reports that have emerged during the recent periods significantly.

What is the disadvantage of this decision for foreign investors?

Investors interested in obtaining Turkish citizenship may consider this decision as an extra financial burden on them. For example, the citizenship you were getting for a property worth 1,800,000 TL will cost you 2,200,000 TL!

What is the solution? How can I avoid the consequences of this decision?

This decision is nothing but adjusting and determining the real market value of the real estate, so it cannot be considered an extra financial burden, but rather it will be a way to make sure that the property you buy is worth its value, and if you must search for a solution to this problem, you should choose reliable and licensed real estate companies that guide you to Real estate and real opportunities that are far from exaggerated prices and are always valued according to the offered price.

Check the reputation of the company you want to cooperate with and ask about it before buying a property with it and check the evaluation level in its social platforms and Google before dealing with the turnout to any step, and remember that Ramzi Real Estate is ready to provide advice and advice in the Turkish real estate market with offers in Istanbul residential complexes that It has a 100% correct rating.

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.

Source: Department of Property Registry in Turkey