Real estate valuation report in Turkey
A property appraisal report has been mandatory for any international property sale of Turkish real estate since 15.02.2019. Therefore, in this article from Ebla Real estate, we will talk about the real estate valuation report in Turkey.
What is real estate valuation report in Turkey:
Real estate valuation is a detailed report containing a set of information and procedures aimed at determining the value of the property, according to specific criteria and laws. It is one of the papers required of all foreigners when buying a property in Turkey.
In early 2019, legislative authorities issued a circular throughout Turkey requiring all foreigners wishing to buy a property in Turkey to extract a real estate valuation. Even if the acquisition of Turkish citizenship is not the foreign investor’s aim of buying a property in Turkey.
Required documents to apply for the real estate valuation report in Turkey:
- Passport copy of the buyer.
- The title deed of the property.
- Address of the property.
What does the real estate valuation report include?
- Authentic pictures of the property.
- Title deed information.
- The property’s location is on the map with the coordinates.
- Technical information and debt situation provided by the Land Registry and Cadastre General Directorate.
- Estimation of the price as well as prices of comparable properties nearby.
What is the importance of the real estate appraisal report?
One of the most important reasons the Turkish government obligates appraisal reports when foreigners buy property in Turkey is because it aims to guarantee that buyers from outside the country are getting a fair deal and are not being taken advantage of throughout the buying process. This measure also counts as a further safeguard against tax evasion by construction companies.
Moreover, when it comes to investing in Turkish real estate for citizenship purposes, the appraisal report will reveal if the property’s valuation qualifies it for obtaining Turkish citizenship.
How long does it take to get a real estate appraisal report?
The preparation of a property appraisal report in Turkey takes no more than 3 days in metropolitan cities, while in other cities it may take as long as 6 days.
Duration of the real estate valuation report’s validity:
As mandated by the Land Registry office, the report is valid for 3 months. A new report can be requested if the validity term of the existing one expires.
Cost of the real estate valuation report in Turkey:
The cost of a property appraisal report in Turkey would approximately range from 1000 to 2000 TL, depending on the location and attributes of the property. Buyers pay this fee directly to the Real Estate Appraisal Department of Land Registry and Cadastre.
It is worth noting that Ebla Real Estate offers the best real estate in Turkey and extract the real estate appraisals for the clients. For real estate services in Turkey, do not hesitate to contact us.
Edited by: Ebla Group Real Estate
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