Appraisal Reports for Turkish Property Purchases
To complete a title deed transfer for foreigners purchasing real estate in Turkey, you must first obtain an appraisal report, which is a document that describes the property’s value. Here’s all you need to know about property valuations:
The Appraisal Report: Why it’s So Important and Required
Since March 15, 2019, a property appraisal report has been required for any foreign sale of Turkish real estate.
One of the most important reasons why the Turkish government demands appraisal reports when foreigners acquire property in Turkey is to ensure that purchasers from outside the country get a good deal and are not taken advantage of during the transaction.
Another safeguard against tax evasion is the appraisal report, which also counts as a further barrier against it. When it comes to investing in Turkish real estate for citizenship purposes, the appraisal report will show if the property’s price meets the requirements for Turkish nationality.
What Information Is Provided in a Property Appraisal?
Images of the property taken in person (including those currently under construction).
- The details on your title deed.
- The coordinates for the property’s location are on the map.
- The Land Registry and Cadastre General Directorate provide information about the current debt situation and technical condition.
- Estimated value and purchase price.
- A side-by-side analysis of similar properties in the area, including value and condition.
An appraisal report contains a lot of information about a property, but it does not always imply whether or not the data is suitable for purchase. As a result, in order to know what is appropriate to acquire and what will likely create future difficulties, you must seek help from real estate professionals such as Liberto Global’s experienced advisors.
The Land Registry and Cadastre General Directorate provide information about the current debt situation and technical condition.
Estimated value and purchase price.
A side-by-side analysis of similar properties in the area, including value and condition.
An appraisal report contains a lot of information about a property, but it does not always imply whether or not the data is suitable for purchase. As a result, in order to know what is appropriate to acquire and what will likely create future difficulties, you must seek help from real estate professionals such as Liberto Global’s experienced advisors.
Appraisal reports can only be conducted by qualified appraisers who have received certification from the Capital Market Board (Sermaye Piyasası Kurulu). These certified appraisers will inspect the plans, title deed, and municipal records. At the same time, they go on a site visit to ensure that the property being sold is the one advertised, as well as double-check the price.
There are three methods that appraisers use to generate a report on a piece of real estate. The first is by comparing it to others like it, the second is estimating its worth based off its generated revenue and the third consideration is how much it would cost to construct an identical property from scratch.
The following documents will be required when requesting a property appraisal report for a real estate purchase:
The buyer’s passport copy.
The title deed of the property.
Property address.
In Turkey, a property appraisal report takes no more than 3 days in major cities, but it may take up to 6 days in other cities.
The Land Registry office requires this report, and it is only valid for a period of three months. If the existing report expires, you can request a new one.
The fee for a property appraisal report in Turkey starts at 3500 TL, and varies depending on the location and attributes of the desired property. The buyer pays this fee directly to Land Registry and Cadastre’s Real Estate Appraisal Department.