Regulations on Real Estate Valuation Report

By. Justin Mays

Acquisition of real estate in Turkey comes with its fair share of advantages compared to other countries. Besides buying real estate for investment, foreigners opt to buy property as a way of attaining citizenship in this European country. 

Since 2019 March, foreign real estate buyers who wanted to buy or sell property in Turkey were obliged to seek the services of a certified surveyor, who would issue a valuation report, used by the Land Registry to endorse ownership of the real estate. 

A real estate valuation report is one that shows the market value of the property. To add to this, the size of the property, its actual location including a map with coordinates should be included in this report. Photos that show the inside and outside of the property and technical and debt status of the property should not be left out. It should be known that this valuation report must include both positive and negative aspects of the real estate property. The cost of acquiring this report is 3 000 TL and it is valid for three months. 

It was with this realization that the department of Real Estate under the Ministry of Environment and Urbanization indicated that from the 20th of September 2021, one has to apply online for a surveyor who will be ordered by the ministry to the real estate to evaluate. This was also done to protect foreign investors’ investments against fraud and to avoid the cancellation of sales.

Prime Property Turkey team wants to assure their valued clients that they work with the best developers and valuation experts and they will assist clients to apply for the expert report and make the buying and selling process as efficient as before.