Foreigners’ appetite for Turkish real estate is growing by the day. So, how is a property valued in Turkey? The Turkish government has taken many steps to facilitate their transactions, such as creating a digital property document and ensuring their rights through multiple laws that protect their Turkey investment from fraud or deception.
Suppose you want to own an apartment in Istanbul. In that case, you’ll need to familiarize yourself with the details of this new system to move forward in finding the property you desire, which you can locate by browsing our list of numerous projects. Is it easy to buy a house in Turkey?
What is a Real Estate Appraisal System (REAS)?
The official department in charge of real estate valuation is “Tasinmaz Degerleme Daire Baskanligi”, which includes a group of accredited experts known as “SPK” or “Sermaye Piyasas Kurulu,” which is a board of directors of the capital market made up of financial management professionals. Who reports according to international and Turkish standards to achieve a fair system nationwide?
This report has a three-month validity period. If the sale between the buyer and the seller does not go through, the seller can utilize the same information in a new deal with a new buyer. If the property is still being built, the actual value estimate will be at the time of completion, and the value indicated by this assessment will be recorded in the title documents. The price of this report is 1750 TL, and delivery is estimated to take three to six days in Istanbul.
What is the purpose of the Real Estate Evaluation System?
As of March 2019, foreigners buying real estate in Turkey will need a real estate appraisal stating the property’s value before starting the deal and turning over the title papers, according to “TKGM.”
On the one hand, the government aimed to protect foreign investors from fraud, thereby increasing the value of Turkey’s brand name in the world of foreign real estate investment. On the other hand, to combat tax fraud, the price of a property in title deeds and the real estate valuation report is the same. Not to register the property at a lower price than it sold for. The property owner is provided with a property valuation report that details the condition of the residence and its market value. The information aids both buyers and sellers in determining the worth of a property.
What are the five different types of property valuation methods?
When evaluating a property, there are five essential methods to consider: comparability, profits, residual, contractors, and investment. When determining a property’s market or rental value, a property valuer can utilize one or more of these approaches.
What is included in the Real Estate Evaluation report?
This report contains a wealth of information about the property, ranging from title deed details to the property’s location on a map, pictures of the property and comparable house prices in Istanbul, the status of the property’s debt, and the approval of the Land Registry and the General Directorate of Survey on the property.
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