Real estate appraisal

Real estate appraisal

In the interest of the Turkish government to the interest of the next foreign investor to buy real estate in Turkey, it has issued a law by the Turkish Ministry of Housing stipulating the request for the evaluation report, which is called (the evaluation of the property in Turkey) or the real estate appraisal document, after the great demand for buying real estate in Turkey and the diversity of regions and specifications The recipes of the cladding, as well as the quality of the projects and the great difference in prices. The decision of real estate appraisal in Turkey entered into force as of March 2019, and became mandatory when foreigners purchase real estate in Turkey as a factor of reassurance for investors.

It is a detailed report on the status of the property to be sold, in which the market price of the property is presented, and it is prepared by certain companies that specialize in valuing real estate in Turkey, and hold a license to do so.

Where the real estate appraisal in Turkey can only be accepted if it is issued by a government licensed and approved company, but if the report is issued by people or even real estate experts or real estate companies not approved by the government, it is rejected and not accepted.
To obtain a real estate appraisal report document in Turkey, you need a period ranging between 3 days and approximately a week, after submitting the application at the competent company. The real estate appraisal document in Turkey is valid for three months from the date of its issuance. Those who wanted to sell the property before the end of the period of evaluating their property can use the same The document is returned again as long as it is valid and the period allocated for it “three months” has not expired.

What should the real estate appraisal report contain?

The real estate appraisal report must contain important items, none of which can be abandoned
Items of the real estate appraisal report:
1- Land registry and title deed information
2- The address and location of the property, the transportation surrounding it
3- Legal audit of the property
4- Interior property specifications such as decoration, floor, design and view..
5- The structural and technical specifications of the property
6- Writing down the factors affecting the real estate appraisal
7- Inquiry and research in the real estate market for similar real estate prices
8- The result that contains the approximate price of the property and its real estate appraisal

What is the purpose of the real estate appraisal law in Turkey?

Each issued law has specific goals, so the real estate appraisal law has specific goals, which are:
1- Protecting the rights of foreign and Arab investors from exploitation and selling them real estate with a value greater than the actual value of the real estate
2- Get more real estate investment opportunities in the Turkish market
3- To maintain the transparency and facilitation of buying and selling
4- Preventing tax evasion in the fields of real estate and construction
5- Raising and maintaining the reputation of the Turkish real estate market in foreign markets
6- Determine the price requested by the seller
7- Helping the buyer to determine a fair price for the property