What is real estate appraisal in Turkey and what are its benefits?

العقارية في تركيا 1

Many real estate investors who want to buy a property in Turkey do not know what the real estate evaluation is in Turkey, Questions have increased about the real estate appraisal, which is one of the factors of reassurance for the investor in real estate in Turkey. Whereas, real estate appraisal is mandatory when foreigners and Arabs buy an apartment in Turkey.

The concept of real estate appraisal in Turkey

The real estate appraisal in Turkey is a detailed report on the status of the property to be sold, in which the market price of the property is presented. It is prepared by certain companies specialized in valuing real estate in Turkey. and holds a license to do so, This document is also known as: Real estate valuation document in Turkey.

Also, the duration of obtaining a real estate appraisal document in Turkey requires a period of approximately 3 days to a week to obtain a real estate appraisal report document in Turkey, Where a request is submitted to specialized companies in real estate appraisal shops in Turkey, The report will be sent to you by mail. While the real estate appraisal period is valid for a period of three months from the date of its issuance, and whoever wants to sell the property or apartment before the expiry of the period for evaluating his property can use the same report document again as long as it is valid and the “three months” period has not expired.

  • Notice: Real estate appraisal in Turkey is not accepted by any company. Only licensed and government approved companies are accepted. However, if the real estate appraisal comes from unlicensed individuals and companies, real estate consultants and ordinary people, real estate appraisal is not accepted by government departments and is rejected.
  • Valuation or appraisal of real estate in Turkey guarantees no price gouging.

Real estate appraisal requirement in Turkey

At first, the condition of real estate appraisal in Turkey was imposed for foreigners as a mandatory condition only in the procedures for real estate ownership candidate for Turkish citizenship, Where the Turkish government stipulated that the foreigner and the Arab should buy real estate in Turkey, and that the total amount should be at least 250 US dollars or the equivalent in Turkish lira.

It is necessary for the buyer to extract the real estate appraisal document in Turkey to confirm that the price of the property matches the minimum price of real estate properties nominated for Turkish citizenship, This is what it was in the beginning. But in the middle of the second month of 2019, The Real Estate Records and Land Registry Department of the Ministry of Environment and Urban Planning in Turkey issued a circular stating that foreigners must obtain a real estate valuation report in Turkey during the process of buying or selling real estate in Turkey.

Benefits of a real estate appraisal document in Turkey

The real estate appraisal document in Turkey has been applied to foreigners and Arabs for all real estate sales to foreigners for several reasons:

  1. Fraud protection:

This is one of the benefits of real estate appraisal in Turkey so that foreigners and Arabs when buying a property do not fall victim to fraud and so that they do not have to pay imaginary amounts of real estate that may not be of the required level or that deserves this amount. The real estate appraisal document in Turkey came to stop the cases of fraud and fraud that Real estate is sold by foreigners at fantastic prices, although the price is low.

  1. Increasing real estate security in Turkey

The foreign investor is looking for a safe environment to invest his money in investment, residential and real estate projects. Therefore, one of the benefits of real estate appraisal in Turkey is to increase real estate security in Turkey. This is what the investor needs, which is a sense of investment security. As security increases, every investor buys an apartment, house, new villa or shop at the real price. Without falling between the scammers and brokers who trolling foreigners in Turkey and taking advantage of their lack of experience in the real estate market in Turkey.

  1. Fulfilling the conditions for obtaining Turkish citizenship by purchasing a property

I previously explained that obtaining Turkish citizenship through real estate investment requires a certain limit for the property to be a candidate for Turkish citizenship, “at least 250 thousand US dollars, Therefore, formally evaluating the property helps in controlling the application of this condition and ensuring that there is no manipulation or forgery of real estate prices.

On the other hand, real estate appraisal in Turkey gives those who want to invest in their property after obtaining Turkish citizenship confidence in the high value of their property or real estate, And his eligibility to invest and generate profits commensurate with the price he paid.

  1. Preventing property tax evasion

Real estate valuation in Turkey is one of the benefits of the Turkish government to control the evasion of real estate taxes imposed on the investor and buyer, which are linked to the price of the property, The evaluation document is to stop those who wanted to manipulate the price of the property, for example, a person wanted to manipulate the price of his property and registered his luxury property at a low price, which would allow him to evade paying real estate taxes on the real price.

The legal document also reduces the amount of violations committed by foreign investors who are looking for stability in Turkey, and this reflects negatively on the rest of the investors by drawing a bad image of the foreign investor in Turkey with government departments, municipalities and the Turkish people as well.

  1. Adjusting real estate prices in Turkey

Real estate appraisal in Turkey, It controls and sets real estate prices in Turkey. Selling them without assessing their correct and official price affects the urban development plans in Turkey and the plans of the future Turkish government projects. For example, if Turkish plans aim to increase the recovery of a region or carry out an urban transformation in it, real estate prices in it must rise, But what is the percentage of that?

This is what real estate valuation in Turkey can control. If prices rise to a level outside the norm, especially because of the demand for foreigners in Turkey to buy real estate in modern projects, This will reduce the proportion of buyers due to the increase in prices. But if it is regulated at a certain value and studied by real estate experts and institutions, the rise in the price of the property will be appropriate and disciplined. Accordingly, it is possible to measure many cases in which poor control over the price of real estate in an area is a major reason for urban transformation plans and the development of residential areas.

  1. Improving the real estate sector regulations in Turkey

The real estate sector in Turkey is considered one of the most successful and developed economic sectors, and the indicators of rising real estate sales to foreigners are still proof of that.

Therefore, the government is intensively and permanently seeking to support this sector with facilitating regulations that increase the number of investors and reduce the number of people apprehensive about real estate investment in Turkey.

Contents of the real estate appraisal document in Turkey

The real estate appraisal document in Turkey contains the following information:

  1. Tapu and real estate registry for real estate investment or real estate
  2. Information about the address and location of the property, And the transportation near it
  3. Legal information about the property
  4. Specifications inside the property, Such as building, decoration, floor, design and views.. etc
  5. Problems and negatives facing the property
  6. Information about the market price of similar properties
  7. Accessories and other information
  8. Approximate price or real estate appraisal of the property

The most important idea in real estate appraisal in Turkey is to facilitate and facilitate the buying and selling of Turkish real estate, The permanence of development in the laws and regulations governing real estate ownership, which shows a positive development towards creating more real estate investment opportunities in Turkey and attracting more foreign investors.

In this context, real estate appraisal in Turkey and its obligation to foreigners was one of the most important improvements during 2019 in the real estate sector in Turkey. And one of the encouraging decisions is the increasing real estate investment in the country.

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