By Justin Mays:
The real estate valuation or the appraisal report is a document in Turkey that both the real estate buyer and seller must know about. In fact, the real estate valuation process results in determining the value of a property.
With the recent boom in the Turkish property market and the huge influx of foreign buyers, knowing what this report is and why it is needed is vital to ensure an easy real estate buying process.
In this article, Prime Property Turkey tells you everything you should know about the real estate valuation or appraisal report in Turkey.
What is the Real Estate Valuation or Appraisal Report in Turkey?
The Turkish government issued a law in 2019 that made it mandatory to get a valuation or appraisal report to determine the status of the real estate that is meant to be sold. The value of any property is determined by a few factors such as:
- The real estate type.
- The overall condition of the property.
- The price of the properties that surround the property.
- Amenities available near the property.
- Legal documentation, etc.
This process helps give you valuable insight into a property’s crucial details before you invest in it. It is essential for foreigners buying property in Turkey to acquire a valuation report for the property via a valuation company licensed by the Capital Markets Board. This ensures full protection for foreign investors from any fraud or scam during the buying process.
What is the Purpose of the Real Estate Valuation or Appraisal Report in Turkey?
The purpose of the real estate valuation report is to ensure that the foreign buyer is getting a fair price for the property they want to buy and also block any tax evasion attempts by construction companies.
This report also helps determine if the value of real estate qualifies it for the acquisition of Turkish citizenship.
What Does This Report Include?
The real estate valuation or the appraisal report contains the following details:
- Pictures of the real estate.
- TAPU or title deed details.
- Pricing details of similar real estate in the same area.
- Purchase price estimation, etc.
How is the Real Estate Valuation or Appraisal Report Produced?
The appraisal process is done by appraisers certified by the Sermaye Piyasası Kurulu or Capital Markets Board by visiting the property, checking its price, and inspecting TAPU and municipality records.
They can use any of three methods such as comparing its price with similar real estate, value estimation depending on the revenue produced by the real estate, or by taking into account the construction costs of similar properties.
What are the Documents Required For the Application?
You need the following documents to apply for the appraisal report application:
- The property’s title deed.
- A copy of the buyer’s passport.
- The property address.
How Long is the Real Estate Valuation Report Valid?
The validity period is three months, and the preparation for the report can take anywhere from three to six days. The TAPU must be transferred within the validity period. If the report expires before that, a new report will be needed.
How Much Does the Real Estate Valuation Report Cost?
The cost of the real estate appraisal reports depends on the property’s location, total area, and other details and is around 2000 TL. It is paid to the Real Estate Appraisal Department of the Land Registry and Cadastre.
More to read from us:
The Costs Of Migration To Turkey
Getting Title Deed in Turkey | FAQ Guide
How to Get a Numbering Certificate for Your Property or Rental in Turkey
How to get a Tax Number (Vergi Numarasi) in Turkey as a Foreigner
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