the evaluation of the real estate in Turkey
the evaluation of the real estate in Turkey When purchasing a property in Turkey, the buyer must submit an official paper stating the value of the property under government standards in order to get the title deed of the property. What is the real estate valuation paper and what is the use of it? We provide you with this article from Property Advisor company that explains the points you need to know if you are interested in buying a property in Turkey.
What is the real estate valuation report in Turkey?
Those who follow the government’s actions on the acquisition process in Turkey find that there are constant changes and amendments to the laws and transactions, so investors in Turkey should stay up to date with everything new in this area and this is what the Property Advisor is working to provide you with. One of these new measures is the extraction of an evaluation of the property to be purchased, which is a document showing the market value of the property at the time of purchase in accordance with the criteria set by the relevant government authorities and this paper must be presented in the required official papers in order to be entitled to the title deed. This is under the decision issued at the beginning of 2019, which requires any foreigner who wishes to register his property with the Real Estate Records Department to submit the property evaluation paper.
Who is authorized to evaluate real estate in Turkey?
To maintain the transparency of the real estate valuation and ensure that the market value of different apartments and real estate is not manipulated, the real estate valuation is issued by independent entities that licensed by the Institution for the Regulation and Control of The Works of Banks to carry out this procedure, and no evaluation is recognized by unlicensed entities. It is important to know that the report is not static in the sense that there is a validity period in which the valuation is valid, because of the change in the value of the real estate in the market and currency fluctuations that inevitably affect the valuation.
What does the real estate valuation report contain in Turkey?
The report contains basic information that affects the ownership process and the extent of its legality and factors that play a role in the future change of the value of the property such as the location of the property and the nature of the surrounding services such as transportation and others, basic property specifications, the legal status of the property and the search if there are any previous legal problems, and analysis of the real estate market and evaluation of the property based on the prices of the purchase period.
Why is the evaluation of the real estate in Turkey important?
- The existence of a unified entity and clear criteria for evaluating real estate in Turkey is the most important means that maintain the reputation of the Turkish real estate market, which makes it a safe investment market, and prevents the existence of such evaluation cases of real estate fraud by exaggerating the prices of real estate or the possibility of selling the property for over one hand at the same time and other methods of deception that occur especially regarding foreign ownership of the real estate.
- The resulting significant legal procedures such as the right to apply for Turkish citizenship if the property is worth a quarter of a million dollars or more, and therefore a small change in the value may grant the owner or deprive him of the right to Turkish citizenship. Therefore, if the purpose of ownership is to obtain citizenship, you must make sure that the property is evaluated before the purchase is completed.
- The percentage of tax resulting from the purchase of a property is clear, whether when registering property ownership or the annual property tax, which prevents tax evasion or manipulation of the tax rate.
The Property Advisor company guarantees you to obtain the property evaluation paper, which may take several days, officially and reliably to complete the acquisition process and get the title deed as the company follows up all the legal procedures and papers required to ensure a sound and rapid purchase and to ensure that the investor gets the best real estate service.