Need to submit a property valuation report

Need to
submit a property valuation report

The law
requires the appraisal of appraisal when selling real estate to foreigners in
Turkey.

On March
4, 2019, it was mandatory to submit a real estate appraisal report showing the
value of the property on the Turkish market.

According
to a circular issued by the TKGM Property Registration Office in Turkey. In all
transactions where foreign nationals are one of the parties to the transaction
as buyers or sellers, it is necessary to prepare an evaluation report, which
indicates the value of the property traded on the day market.

The
purpose of enforcing this law while preventing unjustified high pricing in the
field of construction is to increase the Turkish brand’s value to foreign
investors.

“Since
March 4, 2019, the property valuation system has initially been put to the test
by the Ministry of Environment and Urban Development in a 100-day pilot project
on the sale of properties to foreigners,” said Bayram Tekche, Managing
Director of Antalya Homes. The plan is a key step in boosting Turkey’s business
value, preventing fraud, and imposing high prices in light of measures being
taken to sell housing to foreigners. ”

It is
noteworthy that before this project, it was necessary and necessary to request
Turkish citizenship for the purchase of property for $ 250,000 and to submit a
valuation report for the purchase of the real estate. Under the new
regulations, all foreigners abide by this law in all transactions in real
estate in Turkey.

By 2022,
property valuation reports across Turkey will be required.

According
to Bayram Takche, we expect that by 2022 real estate sales across the country
will provide a mandatory real estate valuation report. We have tried, first and
foremost, to sell the property to foreigners on a smaller scale before applying
this law nationwide, to address the shortcomings in the law over time, and to
professionalize the sector. Help sell the foreign property and improve the
quality of service.

In the
meantime, Turkey’s credibility with foreign nationals will also increase, and
security grounds for foreign investment will be created.

Property
valuation reports are valid for three months

There is a
need to submit a valuation report on the purchase of property for the
citizenship application. Under the new law, the scheme will apply to all real
estate transactions for foreigners. According to this directive, the property
valuation report is valid for three months from the date of settlement and is
used in operations. Any changes after this period will require a new evaluation
report.

Also, if a
change in property price occurs within three months, a new valuation report
will be requested. For buildings that are still under construction, an
appraisal report is asked for based on the value of the property after the
installation is completed. Authorized SPK specialists will also provide
valuation reports.