In March , 2019, the Real Estate Records and Land Registry Department of the Ministry of Environment and Urban Planning in Turkey issued a circular stipulating the obligation to have a real estate appraisal report for foreigners when buying real estate in Turkey, before signing the property title deeds, as the decision entered into force on March 4 / 2019.
The Turkish government believes that this report mitigates property price violations in Turkey, as its goal is to fight tax fraud and irregular pricing of real estate in Turkey, and thus this report protects investment in Turkey and investors from falling into fraud and swindling traps, which reassure the investor foreigner in Turkey.
Evaluation Department:
The administration in charge of issuing reports publishes them, in addition to studies on real estate appraisal, on a regular basis, using specific practices, and the implementation of these assessments is the responsibility of experts from the Capital Markets Council, where they make sure that the conditions and standards are in conformity with what was determined by the Capital Markets Council.
General information about the real estate appraisal report:
The real estate appraisal report contains general information about the property, and this information must be identical to the information in the title deed from the coordinates of the location and information about the address and location of the property, the transportation near it, the legal information about the property, the problems and negatives facing the property, special specifications inside the property, Such as building, decoration, floor, design, views, etc., pictures of the apartment, debts related to the real estate, setting real estate prices within its radius and information about the market price of similar real estate, title deed and real estate registry information for the real estate, approximate price or real estate evaluation of the real estate and confirmed approval from the Directorate of Registry real estate.
The report is valid for a period of three months from the date of issuance, and the investor can use it for another buyer in the event that the first sale is canceled, and the most important part is that it can contain information added later about the property under construction, as the evaluation team will estimate the value upon completion.
The cost of the real estate appraisal report is about one thousand to two thousand Turkish liras, and it is paid to the real estate appraisal department directly at the TKGM and the report is issued within a maximum period of six days in Istanbul and three days in the rest of the provinces of Turkey.
Real estate agents cannot take a commission to pay the appraisal or even identify themselves as real estate appraisers.
No one is allowed to participate in the evaluation of the property or property, nor in the production of the report.
When acquiring real estate, the Title Deed Office attaches the real estate appraisal report to the file in their system.
