What is the real estate appraisal in Turkey

The Tapu (title deed)  Directorate has issued an amendment to the method of evaluating real estate in Turkey. We will discuss the definition of real estate valuation and what are the latest amendments to obtaining Turkish citizenship.

Real estate appraisal in Turkey is one of the most important factors of reassurance for the investor in real estate in Turkey, as real estate appraisal has become mandatory when foreigners purchase real estate in Turkey. In this article, you will know what real estate appraisal in Turkey is, its conditions and details.

Real estate appraisal in Turkey

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 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.

What is the benefit of the real estate appraisal report in Turkey?

The real estate appraisal law in Turkey was approved for all real estate sales to foreigners in Turkey for several reasons, including:

Protection of foreigners from fraud and scams

So that any foreigner who buys real estate in Turkey does not fall victim to scammers, 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 wish to defraud foreigners and sell them cheap real estate in Turkey. Turkey at fantastic prices.

Increasing the security of real estate investment Turkey

The foreign investor's feeling of comfort and safety in Turkey is one of the reasons for staying there and increasing his investments and projects, and even their diversity. 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.

Setting 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.

What does the real estate appraisal report contain?

Report information, including: the name of the expert who completed the evaluation - the date of the evaluation - the type of evaluation and the report number.
The address of the property in Turkey.
Type of property in Turkey (normal apartment, duplex apartment, villa, palace, summer residence, agricultural land, industrial facility).
Age of the building (if the age of the building is five years or less, its value will be higher).
Number of floors - number of rooms - status of receipt.
The state of organization of the real estate in Turkey (to be known from the Directorate of Land Registry or the relevant municipality)
Transportation (the property is close to public transportation and roads).
Construction type (wooden - cement - steel)
The presence of electric elevators - a ladder to the rescue.
Infrastructure available in the property.
Legal papers for the property (title deed, ....)

Based on the foregoing, the property in Turkey is evaluated according to five grades (class 1, class 2, class 3, class luxury, class very luxurious).
The value of the property is determined in Turkey. The duration of extracting the real estate appraisal is approximately three days.

What is the purpose of the real estate appraisal report?

Configure a real estate appraisal system.
Providing a safe investment atmosphere for foreign investors.
Protect investor rights, and obtain real-estate price information.
Preventing foreigners from being deceived by some weak-minded people, 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.

How to pay the real estate appraisal transaction fees in Turkey?

Pursuant to Article 63 of the Fees and Expenses Law, the title deed fees and charges are paid according to the prevailing allowance for real estate in Turkey on the basis of which the real estate tax is calculated, provided that it is not less than the declared sale price.

How is the real estate appraisal report manipulated?

Previously, before 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 built close relationships with the appraisal offices and used the bribery method to obtain a higher evaluation instead of the evaluation The real estate is registered at a price higher than its market value and the investor obtains Turkish citizenship in this way.
Example:
Abdullah is a Jordanian citizen who 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 Turkish 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 Abdullah can buy this property and obtain citizenship Normally.

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 investor of Qatari nationality, for example, will buy 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!

To learn more about life and information about Turkey, you can view the following articles: -

What are the documents required to obtain Turkish citizenship in return for buying a property?
Important Adilat to obtain Turkish citizenship by owning real estate
What are the documents required to open a bank account in Turkey?

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