Real estate appraisal in Turkey

Protection of real estate investment in Turkey

Real estate investment plays a significant role in the Turkish economy, with a size of 20% of the total economy, due to the nature of the country and the political and security stability, and the large capacity and high efficiency of Turkish construction companies -whose activities have extended to many countries in the world.

The Turkish government has been keen to encourage this type of investment for its great benefit and the country’s ability to absorb it, so it opened the way for foreign investors and foreign capital to invest in Turkey and provided the advantage of granting Turkish citizenship to foreigners whose real estate investment reaches a specific limit, which is currently the equivalent of four hundred thousand US dollars. Accordingly, it was necessary to provide a safe atmosphere and the required protection to investors, and the government did its best in this field, so it issued the necessary legal texts and issued the necessary instructions to the administrative bodies to provide the conditions that make real estate investment safe and away from any fraud, manipulation or injustice. It makes the administrative transactions of sales contracts and real estate registration (Tapu) convenient and far from complicated.

Real estate appraisal reprot in Turkey:

Among the procedures for real estate sales, the real estate appraisal report stands out as one of the most important means to make real estate contracts safe and away from errors or uncalculated surprises. It is not possible to register real estate contracts in the records designated for this, except after organizing the real estate evaluation report by a specialized company that has a legal license from the competent references to carry out this work. A list of licensed companies can be obtained from the title dept to choose from. These evaluation companies are subject to government monitoring.

The evaluation company must give its report within three days of submitting the application. This report remains valid for the registration of real estate contracts for three months from the date of its issuance. After this period, a new account is required to register the contract.

During these three months, the report can be used more than once and by more than one person in cases of real estate trading.

This report can be used in various fields besides its quota as a condition for registering real estate contracts in the title deed records.

And there is an approved regulation to determine the allowances that the appraisal companies charge from the stakeholder requesting the appraisal considering the property’s size, type and location.

Contents of the real estate appraisal report:

The real estate appraisal report must include the following data:

1 – Information about the company, its licenses, and the certificate obtained from the Banking Control and Regulation Institution.

2 The engineering plan of the real estate and its net area, and how to distribute its area and divisions.

3 A copy of the title deed (Tapu) and information on the deed’s real estate registry.

4 Information about the property’s location, its surroundings, and the means of transportation leading to it.

5- A statement of the property’s specifications, condition, date of construction, and defects, if any.

6- An indication of the property’s suitability for use in the requested or designated destination.

7- Indicating the extent of the building’s susceptibility to demolition and reconstruction.

8- Institutions, buildings, and service centres surrounding the real estate, such as schools, hospitals,

health, and recreational centres, places of worship, and others.

9- Legal papers: such as a building permit, its ability to transfer ownership easily, and the property is free from any legal

problems or rights arising from it to others.

10 Estimating the property price according to the prevailing prices when organizing the report.

Dealing with evaluation companies:

1 – The foreign stakeholder’s interaction with the real estate appraisal company is directly through

the title deed website of the General Directorate of Land Registry and Land Survey in Turkey or by calling the customer service centre at 181.

2 The concerned person can start the real estate appraisal transactions by choosing the transaction

he wants to carry out through the “Evaluation Transactions” list on the website. And he can follow the evaluation transactions

or re-evaluate through the same page.

3- The application is submitted to the relevant evaluation company on the site, according to an algorithm that distributes

work in the electronic “property evaluation information” system, which is equipped with an algorithm

that ensures the completion of transactions according to their regular priorities.

Exemption from the requirement of a real estate appraisal report in Turkey:

The need to submit a real estate appraisal report is exempted when purchasing real estate from Turkish government agencies