What is the real estate appraisal document 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. The real estate appraisal in Turkey is prepared by certain companies that specialize in valuing real estate in Turkey, and hold a license to do so. This document is also known as: Real Estate Valuation Document in Turkey
You need a period of approximately 3 days to a week to obtain the real estate appraisal report document in Turkey, after submitting the application to the competent company, including the period of arrival of the real estate appraisal report in Turkey by mail.
The real estate valuation document in Turkey is valid for a period of three months from the date of its issuance, and whoever wants to sell the property before the end of the period for evaluating his property can use the same document again as long as it is valid and the “three months” period has not expired.
When was the real estate appraisal requirement approved in Turkey?
The condition of real estate appraisal (real estate appraisal document in Turkey) in Turkey for foreigners in Turkey was initially approved as a mandatory condition only in the procedures for real estate ownership candidate for Turkish citizenship.
Turkey requires a foreigner who buys real estate in Turkey to have a total of at least 250 thousand US dollars or the equivalent in Turkish lira according to the exchange rate when selling the property. Valuing real estate in Turkey in such a case ensures that prices are not manipulated.
Therefore, it was necessary for the buyer to show 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.
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.
This is considered a mandatory condition for foreigners in Turkey, and it entered into force on March 4, 2019.
The importance of the real estate appraisal document in Turkey
The real estate appraisal law in Turkey was approved for all real estate sales to foreigners in Turkey for several reasons, including:
1-Protection of foreigners from fraud and scams
So that any foreigner who buys real estate in Turkey does not fall victim to fraudsters, and so that he does not have to pay imaginary amounts of real estate that may not be of the required level or that is worth this amount, and the decision of real estate appraisal in Turkey came to block the way for those who want to defraud foreigners and sell them cheap real estate in Turkey. Turkey at fantastic prices.
2-Increasing the security of real estate investment Turkey
The investor’s comfort and sense of investment security increases whenever he obtains a house, office or shop at the real price without falling into the trap of scammers and brokers who prey on foreigners in Turkey and take advantage of their lack of experience in the real estate market in Turkey.
The increase in real estate purchases in Turkey, especially in the first half of 2019, reflects the level of comfort and safety felt by real estate investors and buyers in Turkey, especially after the decision to evaluate real estate in Turkey.
3-Adjusting the conditions for obtaining Turkish citizenship through real estate investment
As we mentioned at the beginning of our conversation, 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, and therefore the official evaluation of the property helps to control the application of this condition and ensure that there is no manipulation of real estate prices or forgery she has.
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 their eligibility to invest and generate profits commensurate with the price they paid.
4-Preventing property tax evasion
Turkey also aims to control the evasion of foreigners from paying real estate taxes, which are usually linked to the price of the property. Without this law, it would have been easy for those who wanted to manipulate to register their luxury property with a high price at a lower price, which
It allows him to evade higher property taxes.
But with the mandatory real estate appraisal in Turkey, this has become impossible and the way for evaders to pay real estate taxes in Turkey has been cut off.
5-Adjusting real estate prices in Turkey
This may be the main objective behind real estate appraisal in Turkey, as selling it without an official and licensed appraisal control may affect the urban development plans in Turkey. For example, if Turkish plans aim to increase the recovery of a region or carry out an urban transformation in it, real estate prices must rise in it, but what is the percentage of that?
This is what the real estate valuation in Turkey can control. If prices rise to an out-of-the-ordinary level, especially due to foreigners in Turkey buying real estate in modern projects, this will reduce the percentage of buyers due to the high prices.
But if it is controlled with a certain value and studied by real estate experts and institutions, the rise in the price of the property will be appropriate and disciplined, and accordingly it can be measured in 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.
6-Improving the real estate sector regulations in Turkey.
Real estate appraisal in Turkey and its mandatory for foreigners was one of the most important improvements during 2019 in the real estate sector in Turkey, and one of the encouraging decisions for the increasing real estate investment in the country.
It is expected that by 2022, Turks will also be required to obtain a real estate appraisal document when buying and selling a property in Turkey, as part of a package of reforms and developments that will affect the real estate sector in Turkey.
Contents of the real estate appraisal document in Turkey
The real estate appraisal document in Turkey contains the following information:
-Title deed and real estate registry information
-Information about the address, location of the property, and transportation near it
-Legal information about the property
-Special specifications inside the property, such as construction, decoration, floor, design, views, etc.
-Problems and negatives facing the property
-Information about the market price of similar properties
-Accessories and other information
-Approximate price or real estate appraisal of the property
read more :
Obtaining Turkish citizenship by buying a property in Turkey