Everything About Real Estate Appraisal or Appraisal Report in Turkey

 A property appraisal or appraisal report in Turkey is a document that both buyers and sellers of property need to know. In fact, the real estate valuation process leads to the determination of the property's value.

With the recent boom in the Turkish real estate market and the influx of foreign buyers, it is important to understand what this report is about and why it is needed to ensure an easy home buying process.

In this article, Property Superiors will tell you all about Turkey Property Appraisal or Appraisal Report.

What is a real estate appraisal or appraisal report in Turkey?

The Turkish government enacted a law in 2019 requiring a valuation or appraisal report to determine the status of property for sale. The value of property is determined by many factors such as:

• The real estate type.
• Location.
• The overall condition of the property.
• The price of the properties that surround the property.
• Amenities available near the property.
• Legal documentation, etc.

This process helps you gain insight into the key details of a property before investing in it. Foreigners buying real estate in Turkey must obtain a property appraisal report through an appraisal company licensed by the Capital Market Commission. This ensures foreign investors are fully protected against scams or scams during the buying process.

What is the purpose of a property appraisal or appraisal report in Türkiye?

The purpose of the real estate valuation report is to ensure that the foreign buyer buys the property he wants at a fair price and to prevent construction companies from attempting to evade taxes.

The report also helps in determining the real estate value to qualify for Turkish citizenship.

What does this report include?

A property appraisal or valuation includes the following information:

Pictures of the property.
TAPU or title deed details.
Price details for similar properties in the same area.
Purchase price estimates, etc.

How is a property appraisal or appraisal report produced?

The appraisal process is carried out by Sermaye Piyasası Kurulu or a capital market board certified appraiser by visiting properties, checking prices and reviewing TAPU and municipal records.

You can use one of three methods such as B. Compare with prices of similar properties, estimate the value based on the property's income or consider the construction costs of similar properties.

What documents are required for the application?

You will need the following documents to apply for an expert opinion:

Property title deed.
Copy of buyer's passport.
Property address.

How long is a real estate appraisal report valid for?

 Valid for three months, it may take three to six days to prepare the report.  TAPU must be sent within the validity period. If the report expires before then, a new report will need to be submitted.

How much does a property appraisal report cost?

 The cost of a property appraisal report depends on the property's location, total area and other details, and is approximately 2000 TL. It is paid to the Real Estate Valuation Department of the Land and Cadastre Office.