On March 4, 2019, the Turkish Parliament issued a resolution obligating all nationalities and Turkish citizens wishing to… Buying a property in Turkey get a report Real estate appraisal in Turkey.
Parliament is required to obtain a report Real estate appraisal in Turkey In order to complete the process of selling real estate and obtaining the title deed (Tabu), provided that the period of the report does not exceed three months from the date of its issuance by the General Directorate of Land Registry and Land Registry (TKGM).
In order to preserve foreign investors, and not be exposed to fraud and deception, as the report contains real estate appraisal On the real value of the price of the property to be purchased.
- What is meant by the term real estate appraisal in Turkey
- Real estate appraisal methods in Turkey
- What is the importance of real estate appraisal in Turkey
- Conditions that must be met by the real estate appraiser
- What is the job of real estate appraisal specialists in Turkey?
- Documents required when buying a property in Turkey
If you are interested in Buying a property in Turkey, and would like to know all the things related about Real estate appraisal in TurkeyYou have arrived at your destination, we are at Hakeem Real Estate Company We will share with you all the detailed information about it.
What is meant by the term real estate appraisal in Turkey
The term real estate appraisal is meant to research the market value of real estate of all kinds, based on a number of factors and scientific methods.
Where the licensed real estate appraiser commissioned by the Capital Markets Corporation (SPK) estimates the market value of the property, based on studies in the transactions of housing loan applications, the purchase of mortgaged housing and other studies.
Real estate appraisal methods in Turkey
A real estate appraiser relies on three international methods before issuing a report Real estate appraisal in Turkey, delusion:
- The first method: by comparing the price of the property in the market, by comparing the price of the property with similar and similar properties, where the real estate evaluator has information on prices.
- The second method: by cost, where the real estate evaluator studies the cost of buying the land and the cost of building a new property, meaning the value of the reconstruction cost is clearer through cost estimation.
- The third method: through the capitalization of income, where the real estate evaluator performs a set of operations to reach the value of the property by calculating the net income likely to be obtained later in the event that the investor wants to lease and invest it.
What is the importance of real estate appraisal in Turkey
When the Turkish Parliament enacted a law requiring investors wishing to buy a property in Turkey to submit a report Real estate appraisal in Turkey, it is to preserve their rights, which is important real estate appraisal In the following matters:
- Protection of real estate investment in Turkey
- Protecting foreign investors from indiscriminately high prices.
- Protecting foreign investors from falling into tax fraud.
- Encouraging foreigners to buy a property in Turkey due to transparency in real estate appraisal, and preserving their rights.
- Strengthening the commercial real estate name of the Republic of Turkey.
Conditions that must be met by the real estate appraiser
The Real Estate Appraisal Department Taşınmaz Değerlendirme Dairesi of the Land Registry Directorate is the department responsible for Real estate appraisal in TurkeyWhere the report issued by the real estate appraiser is accepted or rejected.
A real estate appraiser must meet several conditions in order to be approved, which are:
- Take the real estate appraisal exam supervised by the Capital Markets Corporation (Sermaye Piyasası Kurulu)
- The real estate appraiser must have a university degree.
- That the real estate appraiser carries out his business legally, by signing contracts with real estate appraisal companies licensed by SPK, and approved by the Real Estate Valuation Department.
What is the job of real estate appraisal specialists in Turkey?
There are seven tasks and functions that a real estate appraiser performs before issuing a report Real estate appraisal in Turkey, delusion:
- Conducting written real estate appraisals, either for clients or for the government real estate appraisal department.
- Collecting and analyzing data in order to identify trends in the real estate market.
- Study and analysis of the Turkish real estate market conditions and trends.
- Photographing the properties to be purchased from the inside and outside to attach the description in Real estate appraisal report.
- searching for Factors affecting the increase in the price of real estateWhich is represented in the availability of social services and facilities close to schools, parks, shopping centers, subway stations, and other things and factors.
- Drawing plans for the desired property.
- Gathering information related to the value of land and real estate near the property to be evaluated.
Documents required when buying a property in Turkey
When the investor makes the decision to buy a property in Turkey, and after he makes real estate tours and chooses a property that matches his budget or with his ambition and goal, he must complete the following papers in order to obtain the title deed (Tabu), and those papers are:
- The real estate appraisal report in Turkey issued by real estate appraisal companies licensed by SPK, provided that no more than three months have passed since the date of its issuance.
- A valid passport for the investor.
- Property title deed.
- tax Earthquake insurance in Turkey
- Certificate of the value of the real estate permit for the property issued by the municipality in which the property is located.
- Two personal photos of the investor and one of the seller.
- A sworn translator for investors who do not speak Turkish, with two witnesses.
- In the event that the investor wishing to buy a property in Turkey is located outside Turkish territory, he must hold an agency at the notary public at the Turkish embassy in his country of residence.
What are the factors affecting the valuation of real estate in Turkey?
The geographical location of the property, its view, the surrounding services, its internal and external specifications, its legal papers, and the comparison of the property price with other properties around it.
How long does it take to evaluate a property in Turkey?
From two to six days.
What is the cost of the real estate appraisal report in Turkey?
Its cost ranges from 1,000 TL to 2,000 TL, and it is paid directly to the real estate appraisal department of TKGM
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