Real estate appraisal in Turkey

Real estate appraisal and tapu disclosure service for foreigners in Turkey

In the process of buying a property in Turkey (land - an apartment in a residential project - an apartment in a residential building - a retail store.... etc.) in Turkey and you want to avoid falling prey to fraud and make sure that the property you want to buy has a clean record.

• What is real estate appraisal in Turkey?

The Turkish government decided in March 2019 that a foreigner must obtain a real estate appraisal before completing the purchase process for reasons that will be mentioned in this article, the most important of which is protecting the investor from real estate fraud. Where we can define the real estate appraisal as a report that shows all the details of the property, the most important of which is the real market price of this property.

• Who provides real estate appraisal reports in Turkey?

There are a limited number of companies licensed by the Turkish government affiliated with the Banking Regulation and Supervision Agency, which lists the names of the companies on its official government website. A report from real estate marketing companies or real estate experts can only be accepted if it is affiliated with one of these government-approved companies.

• What period is required to prepare the real estate appraisal report in Turkey?

The time required to prepare the real estate appraisal report ranges from 3 to 10 days, depending on the property type.

• Why is it obligatory to obtain a real estate appraisal report from a foreign investor?

- Ensuring the protection of the foreign investor's right so that he does not sell real estate for a value greater than the real market value.

- Increasing the number of investors through ownership in Turkey. Reducing the phenomenon of tax evasion by real estate owners.

• What information is mentioned in the real estate appraisal report in Turkey that is taken into account before setting the approximate price of the property in Turkey?

Real estate registry information and title deed. Sufficient information about the address and location of the property and a detailed explanation of the geographical location. Information related to the internal specifications of the property, if it is an apartment, such as information on cladding, decoration, design, and appearance. Information about the property's structural and technical specifications. Information about real estate prices with similar characteristics to the requested property. Information regarding the economic growth of the area in which the property is located. Information regarding the full and net area of the property. The condition of the building and its age, if the property is an apartment. The value of the monthly or annual returns of the property.

• Is there validity of the real estate appraisal report?

Turkey's real estate appraisal report is considered effective three months after its issuance, and it cannot be approved within any legal procedure if this period is exceeded.

Why do you need the TURKEY INVEST crew?

You will undoubtedly obtain a real estate appraisal report before purchasing, especially since it has become mandatory for foreigners. Still, the application for the appraisal is often made by the construction company selling the property or by the real estate marketing companies. In both cases, the report will be submitted in Turkish, which may need clarification. Our real estate experts will contact one of the reputable evaluation companies. After the evaluation is issued, our team will summarize and translate the most important points mentioned in the report from Turkish into the client's language.

This is in addition to the fact that the real estate seller may resort to evaluation companies that give reports at relatively high prices, especially since the price presented in the report will be approximate and not mandatory. We at TURKEY INVEST provide you with a report with greater transparency and objectivity. We are a third party that seeks to protect you and your interests, and we have no purpose in buying one property without the other.

We work at TURKEY INVEST to accompany a Turkish lawyer and a sworn translator for the client during the sale or purchase process to ensure that he does not encounter any problem that may obstruct another transaction, such as the process of obtaining Turkish citizenship by the client through real estate investment in Turkey. We offer the service of inspecting the title deed before the transfer of ownership to ensure that there is no mortgage or seizure on the property.