Property evaluation in Turkey has become a mandatory requirement before purchasing any property in the country. Initially applicable only to properties submitted in a citizenship application file, property Evaluation is now crucial for those interested in real estate investment in Turkey.
Concept and Definition of Property Evaluation:
Property Evaluation, also known as real estate valuation, is a report issued by reliable and authorized companies under the Turkish Ministry of Environment and Urbanization, the purpose of this report is to prevent real estate fraud and ensure that properties are not sold at prices higher than their actual value. The Evaluation document provides details about the property, its legal status, the surrounding area, and more.
Duration and Validity of Property Evaluation:
Property evaluation in Turkey takes approximately four days to a week to complete, once issued, the evaluation document is valid for three months from the date of issuance, during this period, property owners can sell their properties, and the report remains valid.
Property Evaluation Law in Turkey and Its Purpose:
The Property Evaluation Law was initially enacted for foreigners seeking residence in Turkey, making it a mandatory requirement for property ownership procedures to obtain Turkish citizenship, the law aims to prevent price manipulation, fraud, and real estate scams. In February 2019, the General Directorate of Land Registry and Tapu, under the Ministry of Environment and Urbanization, issued a directive making property Evaluation mandatory for foreigners during property transactions, the law came into effect on March 4, 2019.
Benefits and Importance of Property Evaluation Law in Turkey:
1. Protecting foreigners in Turkey from real estate fraud and scams.
2. Assists in regulating conditions for obtaining Turkish citizenship through real estate investment.
3. Provides a sense of security during real estate investments in Turkey.
4. Regulates property tax evasion in Turkey.
5. Controls property prices, preventing negative effects on urban development plans in Turkey.
6. Strengthens and develops the real estate investment system in Turkey.
Information Required in a Property Evaluation Report:
1. Title Deed (Tapu) and Land Registry Information.
2. Property Address, Location, and Nearby Transportation Means.
3. Legal Information Related to the Property.
4. Internal Building Specifications.
5. Property Challenges and Issues.
6. Prices of Similar Properties in the Turkish Real Estate Market.
7. Approximate Valuation or Property Evaluation.
8. Attachments and Additional Information.
Basics Considered by Companies in Property Evaluation:
1. Honesty and transparency in reporting any property flaws.
2. Employing global techniques and an expert team during the Evaluation process.
3. Considering supply and demand dynamics and market competition.
4. Assessing land history and building strength.
5. Reliance on Municipal Archives and Construction Plans
Keywords:
Real Estate Investment in Turkey
Real Estate Fraud
Title Deed
Property Ownership.
