Property Valuation in Turkey | Real Estate Appraisal Report
Dear Ikamet Sağlık Sigorta Customers, This blog post will be about the Real Estate Valuation Report, which is one of the most important issues in the housing purchase process. For this purpose, Onyx Partners Global will share the blog post in this direction with you.
In this direction, we recommend that you get support from Consultant Lawyers who are professionals in this field, in order not to be a victim before any purchase / investment in Turkey.
In order for foreigners to own real estate in Turkey, it is imperative that the real estate they purchase be subject to the valuation process by valuation companies licensed by the Capital Markets Board before the title deed transfer process. This obligation ensures foreign buyers pay the right amount of property tax whilst purchasing the property, it aims to protect all foreign property buyers from potential fraud, and also assists in the property cost estimation process for foreign buyers planning to acquire Turkish citizenship by investment.
There are currently 151 valuation report companies duly authorized in Turkey, and can be found from Capital Markets Board of Turkey’s official address:
Foreign buyers investing in real estate have to work with valuation companies appointed by the Land Registry Authority. After the service fee related to the valuation report is paid by the relevant person, the valuation request is assigned by the system to the authorized valuation company with the work distribution algorithm.
The relevant person can instantly monitor the process of the valuation request from the beginning to the conclusion, via the Web Land Registry. After the valuation report is prepared and approved by the authorized institution, the valuation report is signed by e-signature within the framework of Electronic Signature Law No. 5070, and transferred to TAKBİS over the system. After the valuation report is sent to TAKBİS, a correction on mistakes request can be made three times at most. However, the relevant parties cannot request a correction for the value determined in the valuation report, but can request a new valuation report.
Transactions Performed by the Authorized Valuation Company
An authorized valuation firm prepares the valuation report in accordance with the norms set forth in the TUDES-310 Guidelines for Good Practices for Lending and Collateral Real Estates published by the International Valuation Standards (UDES), and the Turkish Appraisal Experts Association (TDUB). From this, there is at least one responsible valuation expert, two appraisers, and in case of accompanying them in the preparation of the report, they are signed by the assistant appraiser by e-signature within the framework of Law No. 5070, and sent to the relevant person and TAKBIS via the Web Land Registry valuation system. If more than one method is used in the valuation study, the reconciliation must be explained in the report. If the approach of comparing comparable sales is applied in the appraisal report, it is ensured that the immovables from which the precedent is taken, have the same qualifications and that they are shown on the same sketch with the appraised immovable.
If the appraised real estate has not been completed yet, the status table showing the current construction level as of the valuation date is included in the report. If there is a difference between the legal status of the real estate subject to the appraisal and its actual status, these inconsistencies are measured and shown on the architectural project. In the appraisal report, at least 3 photographs of the interior and exterior, depending on the nature of the real estate subject to the appraisal, are shown on a single collage or separately, according to the location in the appraisal report.
Limitations and Highlights
A correction cannot be requested for the value determined in the valuation report, but a new valuation report can be requested.
The valuation report service fee is determined by the “Real Estate Appraisal Minimum Fees and Implementation Principles”, which is announced by the Capital Markets Board in the Official Gazette every year.
Valuation reports are valid for 3 months from the date of issue. The title deed must be transferred within this 3-month period, otherwise, a new valuation report will be required.
You can ask any questions regarding Residence Application, Investment or Real Estate Purchasing processes in Turkey for FREE, by sending an e-mail to email@example.com.
E-ikamet Sİgorta Team
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