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Real estate appraisal law in Turkey 2022
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In the system of foreign ownership of real estate in Turkey there are laws set by the Turkish government to guarantee the rights of investors, and these laws are subject to many amendments in line with the development of policies and processes, and the aim of establishing these laws is to stimulate real estate investment in Turkey and facilitate the buying and selling process, and among these facilities conducted by the Turkish government: the law on obtaining Turkish citizenship within 90 days when buying a property worth $ 400.000, tax exemption laws, and real estate appraisal laws.
Real estate appraisal law in Turkey
The Turkish government has imposed this law and obligated all those wishing to buy real estate in Turkey to evaluate the property by competent authorities when obtaining the title deed of the purchased property, whatever the type of this property and whether it is for the purpose of obtaining Turkish citizenship, housing or investment.
To facilitate this process and to ensure that the evaluation is not tampered with, the Turkish government has developed a list of approved real estate appraisal companies, and no real estate appraisal issued by any party that is not on this list will be accepted.
The real estate appraisal report in Turkey is valid for a period of three months from the date of its issuance, and its issuance takes a maximum of three days. All of these laws are in order to increase credibility and security when buying real estate in Turkey.
Also, the Turkish government keeps pace with the development and technological progress that is taking place in the world, and from this standpoint, it has also become possible to submit real estate appraisal requests through the electronic Tapu system https://webtapu.tkgm.gov.tr/ or by the ALO-181 call center, so that the real estate appraisal process does not become a difficult process that requires going directly to one of the real estate appraisal companies approved by the Turkish government.
As for the information included in the real estate appraisal report, they are: the area of ??the property, the type of property (is it commercial or residential), the age of the building, views, the social facilities included in the project and the services it provides to the residents, the quality of finishes, the legal status of the project (is it licensed or not) and finally, the comparison between the price of the property and the neighboring properties in the area.
Frequently asked questions
What is the real estate appraisal law in Turkey?
The Turkish government has imposed this law and obligated all those wishing to buy real estate in Turkey to evaluate the property by the competent authorities when obtaining the title deed or title deed for the purchased property, regardless of the type of this property, and whether it is for the purpose of obtaining Turkish citizenship, housing or investment.
To facilitate this process and to ensure that there is no manipulation of the evaluation, the Turkish government has established a list of accredited real estate evaluation companies, and no real estate evaluation issued by any entity that is not included in this list will be accepted.
The real estate appraisal report in Turkey is valid for three months from the date of its issuance, and its issuance takes a maximum of three days. All these laws are in order to increase the credibility and safety when buying real estate in Turkey.
What information does the real estate appraisal report include in Turkey?
The information included in the real estate appraisal report is: the size of the property, the type of property (whether it is commercial or residential), the age of the building, the views, the social facilities included in the project and the services it provides to the residents, the quality of the finishes, the legal status of the project (is it licensed or not), Finally, the comparison between the price of the property and the neighboring properties in the area.
Is it required to reside in Turkey after purchasing the property?
It is not required to reside in Turkey after purchasing the property.
Can a foreigner buy property in Turkey?
Foreigners can purchase property in Turkey if they reside in the country or have established a business there. Additionally, they must follow the same regulations as domestic investors and are subject to the same tax rates.
Do foreigners pay property taxes in Turkey?
Foreigners do pay property taxes in Turkey, which can be settled in cash or other forms of payment. Before purchasing real estate, foreigners often open bank accounts in Turkey to facilitate property transactions and tax payments without restrictions.
What is property appraisal and why is it important?
Property appraisal is the process of determining the current market value of the property. It is important for setting a fair price for selling or purchasing the property.
