Real estate evaluation in Turkey

What is real estate appraisal?

A detailed report shows the property's market value according to specific criteria. It is also one of the official papers necessary to complete the Tabu registration transactions in real estate sales to foreigners in Turkey. Therefore, it bears particular importance in determining the property's value, granting its owner the right to apply for Turkish citizenship.

Real estate appraisal steps

The evaluation process is done by submitting an official application online to evaluate a property. Then the Tapu Department nominates a list of evaluation companies approved by the Turkish government so that the concerned person or agent chooses one of them. The evaluation fee is fixed and standardized for all actual companies, appraisals, and all Turkish states.

A price list for evaluation services is issued in which the official fee for evaluating the property is determined according to its type and area. This annual price list is published in the Turkish Official Gazette.

Real estate appraisal steps:

Applications for evaluating foreigners' real estate in Turkey are submitted through the Tabu website of the General Directorate of Land Registry and Land Survey in Turkey or by the Customer Service Center at 181.
The concerned person (the buyer or agent) can start the real estate appraisal transactions by choosing the marketing wants to perform via the "Evaluation Transactions" menu on the site.
The stakeholder can follow the evaluation transactions or re-evaluate through the same page.
The concerned party shall pay the fee for the evaluation report.
The application will be submitted to the relevant evaluation company according to an algorithm that distributes work in the electronic "property evaluation information" system, which is equipped with an algorithm that ensures the best completion of transactions and achieves justice in giving priority to applications.

What is the importance of real estate appraisal in Turkey?

The importance of real estate appraisal in Turkey is highlighted in several aspects:

It is impossible to obtain Turkish citizenship without real estate evaluation unless the purchased property is exempted from real estate evaluation, as in projects with government partnerships, such as Emlak Konut projects and municipal projects.
The real estate appraisal report is a necessary condition for taking the title deed, and therefore whoever does not receive this report is not entitled to own real estate in Turkey.

What are the benefits of real estate appraisal in Turkey?

The advantages of the real estate appraisal report can be summarized in the following points:

Prevent price gouging to block real estate fraudsters who want to sell. Instead, we are increasing low exorbitant prices.
We are increasing the level of comfort and safety for those wishing to work in the field of real estate investment in Turkey.
It gives confidence to the foreign investor wishing to obtain Turkish citizenship in exchange for a property that gives bought is worth the offered value and can invest in it in the future and make profits commensurate with its price.

Who is responsible for real estate appraisal in Turkey?

The Tabu Directorate is the primary reference that foreign investor resorts to submitting a real estate appraisal request, so the Tabu Directorate assigns real estate appraisal companies to prepare real estate appraisal reports for foreigners in Turkey.

The real estate appraisal report must be prepared by independent and specialized companies licensed by the Banking Regulatory and Monitoring Corporation. The list of these companies will be announced on the corporation's website, as the real estate appraisal website of the said corporation will be the approved one, and reports that the bank will issue will not be accepted. Therefore, before persons or companies of real estate appraisal companies in Turkey if their name is not announced on this site.

Real estate appraisal report in Turkey

Regarding the real estate appraisal report, a circular was issued by the General Directorate of Land Registries and Land Registries of the Ministry of Environment and Cities in the Republic of Turkey on February 15, 2019, under the number 1/2019, and it began to be implemented from the date of 3/4/2019. This circular stipulates the necessity of Foreignersobtainings a real estate appraisal report.

Important information regarding real estate appraisal:

Exemption from evaluation when purchasing from government institutions

Foreigners wishing to own property to obtain Turkish citizenship will be exempted from the real estate appraisal report in sales made through Emlak Konut and other government institutions and projects with government partnerships.

Determine the validity period of the report

The legal period for the validity of the evaluation report that a foreigner obtains when applying to purchase a property in Turkey to get Turkish citizenship is three months.

The evaluation report extracted upon submitting the real estate purchase application will be valid for use in all transactions related to real estate ownership that were applied during the validity period of the report.

Just the old appraisal

In the transactions of undertaking not to sell for three years to obtain Turkish citizenship in exchange for a property, the foreigner will not be asked for a new evaluation report other than the one that was submitted when ordering the purchase of the property, even if the old real estate evaluation report exceeds its legal period of three months.

The right to benefit from the evaluation for another person as long as it is within the specified period

The completed appraisal report for real estate at the request of a foreign person will be used by another unfamiliar person to apply for owning the same property unless it exceeds its legal validity period of three months.