The importance of the real estate appraisal document in Turkey

February 24, 2022
Realestate

Turkey as a country suitable for real estate investment, It was necessary to provide all foreign investors with security documents so that they can be assured that their lack of experience in the real estate market in Turkey will not negatively affect them. The real estate appraisal document is one of the most important factors that encouraged real estate investors around the world to choose Turkey over other countries in the world.

In this article, we discuss together the real estate appraisal document, the conditions for obtaining it, all the information related to it, and everything that answers your inquiries.

What is meant by the real estate appraisal document?

This document is a report that lists all the details related to the property to be purchased and It is organized by an entity that has a license from a government agency. It is worth mentioning that obtaining it will not take more than three days, and it is also valid for a period of only three months from the date of its issuance, but if you need it after the expiry of those three months, you must extract another one.

In this context, we must point out that if this document is issued by a party other than a licensed party by the Turkish government, it will not be accepted.

Who is the real estate appraisal document imposed on?

In the beginning, this document was imposed on those who wish to obtain Turkish citizenship through real estate investment only, but with the increase in demand for real estate by foreigners, a solution was required to control real estate prices ,Today, it is imposed on everyone who wants to own real estate, and this decision has been in effect since 2019.

The importance of the real estate appraisal document in Turkey:

This document has not been approved until after you have indicated the need for it and the role it plays. Here are all the information you need to know:

1 – Protection from falling into real estate fraud:

Recently, this has become one of the common problems that cause the buyer to worry, but with the existence of the real estate appraisal document, it has become difficult to practice fraud in this aspect, and the buyer does not have to pay imaginary amounts to buy a property because the real estate appraisal gives you its real price without increasing or decreasing.

2 – A prerequisite for obtaining citizenship:

The document is one of the main conditions for obtaining Turkish citizenship until it is confirmed that the price of the property does not exceed two hundred and fifty thousand US dollars, and this limits its price manipulation or forgery.

3 – It gives the investor security and reassurance:

An investor is always looking for the safest environment for real estate investment, and this document gave the investor the safety he was looking for, because that document closed the ways for scammers to take advantage of the investor’s lack of knowledge of the details of the real estate market.

What confirms the safety and comfort that the real estate investor in Turkey finds is the large increase in the number of foreigners coming to buy real estate, and every year the real estate market witnesses a greater increase, and last year 2021 AD, real estate sales recorded the highest number in its history.

4 – Creating a balance in real estate prices:

The role that this document played in creating a balance in real estate prices in Turkey cannot be overlooked, and this has contributed to making real estate prices in Turkey suitable and cheap despite all the manifestations of modernity and urban development in the regions and cities of Turkey.

5 – Reducing tax evasion:

This document contributed greatly to controlling the issue of taxes imposed on real estate, as there is no longer a way to evade paying it, this tax is valued according to the property, its location, specifications and area, and this reduces the violations that are issued against foreigners.

6 – Supporting and improving the real estate sector:

The Turkish government is constantly seeking to provide the real estate sector in Turkey with easy regulations and laws that attract foreigners in order to increase the number of foreign investors and reduce the number of fearful ones.

What is the mechanism used in evaluating real estate in Turkey ?

Real estate in Turkey is valued according to many criteria, which are as follows:

– Globally used technologies are relied upon.

– The factors of supply, demand and competition in the city or region in which the property is located are taken into consideration.

– The studies presented on the investment future of the region are taken into consideration.

– The history of the land, building plans, and placing the property in front of other similar properties.

What does the real estate appraisal document contain?

– This document includes a lot of important information about the property, such as the property’s location and area, the name of the property owner and the entity that evaluated it.

– Some papers, such as a copy of the title deed and a copy of the evaluation company papers.

– Building use permit settlement certificate.

– Information related to the real estate title and land registry.

– Defects and negatives related to real estate.

The cost of obtaining a real estate appraisal document:

Many foreigners will wonder about the cost of obtaining this document, does this cost a lot of money or not? This matter varies from one property to another according to its specifications, location, and other details, but in general it costs $200.

Always stay informed of everything related to the real estate market in Turkey by communicating with us, as we provide you with the latest developments, the most important laws and updates, and accompany you in your real estate investment so that it is safe and accompanied by the highest returns.