The real estate market in Turkey attracts investors from different countries of the world, especially in recent years due to the remarkable development movement in the country and the huge infrastructure projects that the Turkish government is adopting.
Istanbul tops the list of Turkish cities for investors looking for apartments for sale in Istanbul, especially as it is the economic capital of the country.
In the interest of the Turkish government on the interests of the next foreign investor to buy a property in Turkey, the Turkish Ministry of Housing issued a decision requiring the presence of a real estate expert recognized by the Ownership Department (Tabu Department) whose task is to assess the price of the property.
This law came to protect investors from fraudsters who manipulate real estate prices and target the foreign investor as he does not know the real value of the property.
The report of the evaluation committee depends on the location of the property in the first place, as real estate prices differ according to regions. Real estate prices, for example in the city center of Istanbul, are the highest prices differ from real estate prices in another area on the outskirts. The total area of the apartment, the age and type of construction (commercial, residential) are also taken into account.
The decision came into effect on March 4, 2019, when the General Directorate of Real Estate Records affiliated to the Ministry of Environment and Cities published a decision requiring foreign investors who are coming to buy real estate in Turkey to commit to obtaining the report of the evaluation committee for the price of the property in order to complete the purchase and register the property in the Land Registry Department in the name of the owner of real estate.
This decision aims to protect the investor and keep him aware of the details of the buying and selling steps. The report will remain valid for a period of three months from the date of issuance.
Such decisions, which come within a package of laws that the Turkish government has been keen to enact recently, aim to facilitate real estate purchases and investment and thus attract more foreign investment to the country.