Real estate evaluation in Turkey and the aim from it
Turkey in general and Istanbul in particular, in addition to being a destination for tourists from all the word , has also become a destination for foreign investors in general and Arabs in particular,
This is due to the urban renaissance witnessed by Turkey and the high percentage of real estate ownership in addition to the facilities provided by the Turkish state to investors on its lands, by reducing taxes and granting Turkish citizenship to investors
The buying and selling operations in Turkey need to be careful and accurate in selection and implementation, so the Turkish government has set a set of decisions to control the buying and selling process and to protect investors.
There are many procedures that must be followed if you want to buy a property in Turkey. There are a lot of things that you must to learn.
You must search accurately and collect all the information related to the real estate that you want to buy, either through websites and social media or through real estate companies that give you an opportunity to see and preview the real estate on reality . You can also use the advice of friends and relatives
Today in our article we will talk about one of the procedures made by the Turkish government to protect investors, which is the Real Estate Evaluation Law, where the Turkish government issued a decision by the Ministry of Housing that includes the presence of a real estate expert approved by the government and recognized by the Land Registry Department. This expert assesses the price of the property to be purchased.
The government has issued that all foreign investors must to obtain a real estate evaluation in the matter of buying or selling a property in Turkey, even if the investor does not wish to obtain Turkish citizenship.
What is the real estate evaluation document?
The real estate evaluation document is a report issued based on the evaluation of a real estate expert appointed by the Turkish state in which he explains the value of the real estate on the market and according to certain criteria and conditions, this procedure was started in early 2019,
The real estate evaluation is considered one of the most important documents required for the completion of the registration process of title deed for foreigners in the Land Registry Department.
you can obtain the real estate evaluation through specialized companies and licensed by the Turkish government to prepare reports in accordance with the laws, conditions and standards followed at the international level, the real estate evaluation report is issued within a period ranging from 3 to 4 days and then the report is sent by mail
The duration of the report is 3 months starting from the date of issuing the report. During this period, you can sell the property without the need for a new report. Either if the price of the property changes during the three months from the date of its issuance, a new report is required to evaluate the property.
There are several aims of the real estate evaluation report, the most important of it :
1. Protect foreign investors from being deceived by people trying to exploiting lack of knowledge of foreign investor with the laws and the true value of real estate
2. Preventing tax evasion in the real estate and construction field
3. Ensure that sales and purchases are not tampered with it
4. Providing a suitable investment environment for foreign investors
The real estate appraisal document in Turkey includes the following:
1. Information about the real estate registry
2. Information on a report
3. Information about the location of the property, the transportation close to the property, and the environment surrounding the property
4. Legal matters related to the property
5. Technical and structural specifications of the properties
6. Influencing Factors in the evaluation of the real estate
7. Investigate the real estate market
8. Approach to evaluation of specific information
9. The result