The real estate appraisal document in Turkey…its importance and criteria
Real estate appraisal or real estate valuation is very important, through which the investor can know the status of the property to be purchased in addition to knowing its real price within the real estate markets in Turkey that are compatible with real estate appraisal laws.
And if we want to provide a serious definition of real estate appraisal, it is a comprehensive report of the market value of the real estate according to specific criteria, and it is one of the supporting papers necessary to complete the registration transactions of the title deed during the sale of Turkish real estate to foreigners.
For those wishing to obtain Turkish citizenship by purchasing a property, the real estate appraisal document is also mandatory for those wishing to obtain Turkish citizenship by purchasing a property, in order to determine the real value of the property according to expert brokers.
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The importance of obtaining a real estate appraisal report in Turkey for foreigners
In mid-February 2019, the real estate appraisal report became mandatory after the General Directorate of Land Registries and Land Registries issued a statement requiring that a real estate appraisal document be obtained for everyone who buys a property in Turkey, and not only for those wishing to obtain Turkish citizenship in exchange for buying a property.
Accordingly, the real estate valuation is an important document that protects the buyer from fraudulent methods, opportunists and commission seekers in the Turkish real estate market by inflating the real prices of “apartments in Turkey for sale”.
Real estate appraisal extraction
The real estate appraisal experts extract the real estate appraisal document, and they are people approved by the Turkish government and affiliated with companies belonging to government agencies and hold a license to carry out real estate appraisal tasks as an intermediary between the seller and the buyer. The function of the expert is to:
1- Makes a written real estate appraisal of real estate in advance to clients or to the governmental real estate appraisal department.
2- Collects and analyzes related data in order to identify trends in the real estate market.
3- Analysis of market conditions and trends.
4- Photographing real estate from inside and outside to complete real estate appraisal reports.
5- Researching and examining the factors affecting the real estate price, such as the availability of nearby services or facilities such as shopping centers, schools, parks, and the like.
6- Supporting the results by drawing real estate plans for use in real estate valuation.
International real estate valuation standards are based on three methods
Comparison method in the market
The real estate market allows determining the market value in comparison with similar and similar properties to the property to be evaluated for which price information is available.
Income method
The value of the reconstruction costs through estimating the costs according to the real estate valuation.
Income capitalization method
It depends on it to arrive at the value of the property by calculating the potential net income, and this method is used especially in properties with rental income, by calculating the annual net income.
The objectives of the real estate appraisal decision
- Establishing an integrated system for real estate appraisal.
- Create a safe investment environment for foreign investors.
- Protection of investor rights.
- Fighting tax evasion in the field of construction and real estate.
Content of the Real Estate Appraisal Report in Turkey
The real estate appraisal document in Turkey contains many information:
- Title deed information (Tabu) and the real estate registry.
- The address and location of the property, and the means of transportation near it.
- Legal information about the property
- Specifications inside the property, such as building style, decorations, finishing, floor, design and views.
- Problems and negatives that may face the property
- Information about the price of similar properties in the market
- Approximate valuation or real estate appraisal of the property
The period required to obtain a real estate appraisal report in Turkey
The average period for extracting a real estate appraisal in Turkey is estimated between two and five days in which the investor can obtain the result of the real estate appraisal, according to work hours, holidays, and so on.
The cost of the real estate appraisal document
The value of real estate appraisal in Turkey varies depending on the type of property and its specifications, but in most cases, the real estate appraisal prices are around $200, plus or minus.
Real estate appraisal and Turkish citizenship
The government stipulated that everyone who wants to obtain Turkish citizenship through a real estate investment must obtain a real estate appraisal in Turkey. For this reason, it is obligatory for everyone who wants to obtain Turkish citizenship to conduct an appraisal of the property or real estate that they will buy for the purpose of obtaining Turkish citizenship.
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