Real estate appraisal report in Turkey – conditions of the real estate appraisal expert
In 2019, the Turkish government issued a circular stating that foreigners should obtain a “real estate appraisal” report, in order to ensure the interests of investors, and the need for them to obtain a distinctive and real investment opportunity, and in this text, the Aram Real Estate Investments team explains everything related to the real estate appraisal document
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What is a real estate appraisal report – real estate appraisal document in Turkey
It is a report in which the value of a property in Turkey is determined according to a set of criteria established by the Turkish government, and this report is issued by a specialized real estate appraisal expert, and the validity of this report is only three months from the date of its issuance.
Conditions for a real estate appraisal expert:
To have completed at least four years of university studies and obtained a university degree in (engineering, architecture, business administration or economics)
Three years experience in real estate appraisal
Passing the exam for obtaining a real estate appraisal license regulated by the “Turkish Financial Markets Authority” SPK
Contents of the real estate appraisal report in Turkey
– Report information, including: the name of the real estate expert who completed the evaluation – the date of the evaluation – the type of evaluation and the report number.
– Address of the property in Turkey
– Type of property in Turkey (normal apartment, palace, resort, agricultural land, industrial facility).
– Age of the building (if the age of the building is five years or less, its value will be higher).
– Number of floors – number of rooms – status of receipt.
– Organization status of real estate in Turkey (known from the Directorate of Land Registry or the relevant municipality)
Transportation (the property is close to public transportation).
– Type of construction (wooden – cement – steel)
– The presence of electric elevators
Infrastructure available in the property.
Legal papers for the property (title deed)
Based on the foregoing, the property in Turkey is evaluated according to five degrees (class 1, class 2, class 3, class luxury, class very luxurious)
There are some misconceptions about real estate appraisal that must be clarified by answering some common questions on this topic:
First: Can the real estate expert set the price of the property he wants?
No, the appraisal expert cannot do that because he is obligated to set the price of the property according to specific criteria after an audit of the property in Turkey, and this report is also subject to scrutiny by the experts responsible for that. The bottom line is that the matter is not done randomly, but according to certain rules and regulations.
– Second: Is the benefit of the report only obtaining the value of the property in Turkey?
No, the report includes, in addition to the price of the property, the technical and legal evaluation of the property.
Third: Can anyone conduct a real estate appraisal?
Only an expert with a license from the Turkish Financial Markets Authority can undertake the task of real estate appraisal.
Fourth: Is the real estate appraisal report considered a high financial cost?
The prices are very reasonable compared to the price of real estate in Turkey and the benefits arising from it.
Fifth: Can the report be prepared quickly in just two hours?
It takes a minimum of 3 days
The importance of real estate appraisal in Turkey
- Not to evade taxes on Turkish real estate
- A document to protect against deception and devious scams
- Controlling real estate prices in Turkey
Factors affecting the content of real estate appraisal of real estate in Turkey
Natural factors that can occur such as earthquakes and disasters, which is a dangerous element that can lead to the destruction of the real estate market, in addition to the economic and political changes that may occur in the country and change the calendar in the real estate market
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