As of February 15th, 2019, the Turkish General Directorate of Land Registry and Cadastre (TKGM) has implemented a new rule which states that all foreign property sales must have a real estate appraisal report completed by two sworn valuation experts authorized by SPK (Sermaye Piyasası Kurulu). Including a physical inspection of the property, verification of plans and documents at the municipality and Tapu, and issuing a real estate valuation report.
Getting a property appraisal report is necessary for all foreign real estate buyers in Turkey. It ensures that the correct property taxes are paid and protects buyers from fraud. It also helps to estimate the property cost for those who wish to get Turkish citizenship through investment.
At Uniq Real Estate, we only work with appraisers validated by the SPK. The report preparation process takes two days, depending on the location and facilities of the property. The report is valid for three months, so it is essential to apply to the Tapu Office before the expiration date.
The appraisal report contains the following:
- Accurate photos.
- Title deed information.
- Information based on the location.
- Technical information and debt situation provided by the Land Registry and Cadastre General Directorate.
It also includes estimating the property price and prices of nearby comparable properties.
Types of Valuation Reports in Turkey
A Real Estate Appraisal Report in Turkey can evaluate apartments, houses, commercial buildings, shopping malls, offices, stores, parcels, land, agricultural land, hotels, and companies.
A Project Valuation with Feasibility Assessment can be used for land investments, commercial and hotel investments, industrial investments, shopping mall investments, and construction investments.
Investing in Turkey
If you are looking to invest in Turkey, you should get in touch with real estate appraisers. They will provide a feasibility report to give you the necessary insight into the local market. This report will include economic analysis, income flow forecast, project expenditure forecast, legal, due diligence, ownership rights, planning, or construction permits.
Uniq Real Estate Approach
At Uniq Real Estate, we work hard to ensure our clients get the best deals when investing in Turkey. We cooperate with valuation companies authorized by SPK to ensure that all buyers are offered the property’s actual value. The preparation of the report typically takes 2-3 days for the real estate and two weeks to one month for hotel, business, or land valuation with feasibility.
How it Works
When investing in Turkey, you will receive a feasibility report that includes information about the valuation of the land with title deed information, the debt situation checked at the Tapu Office and Municipality, an economic report illustrating the forecast of the expenditure and income flow, and plans on similar projects that will help to increase the feasibility of the investment. Through this report, you can make an informed decision about investing in Turkey.
