Since 15.02.2019. it has been compulsory for property being sold to a foreign purchaser, to have an appraisal (valuation ) This will soon apply to all property sales in Turkey. The report is prepared by two SPK accreditated appraisers. One of them checks the plans and the registry info at the municipality and Tapu office. They visit the property that you are interested in purchasing and all information is then double checked, as well as the valuation and the asking price for the property.
The government wants to have the market value of the property rather than relying on that declared by the seller. Historically, a seller may have declared a much lower value, in order to avoid paying a higher conveyance tax. Therefore a valuation report is now used as an indicator of the property, to calculate the correct ‘Property Tax’
Do I need an valuation report?
Answer: If you purchase a property in Turkey; there should be a copy of the report at General Directorate of Land Registry and Cadastre (Tapu Office).
How long does it take to prepare the valuation report?
A: When you demand a professional valuation/appraisal report, the valuer checks the property itself. Photos are taken, and the registry at the Tapu office is checked. Lastly the registered plans at the municipality are checked. The valuer then compares the asking price and the official valuation. A report contains between 20 and 35 pages and takes 2 days to prepare.
How may I find an SPK validated expert?
A: After you select a property, we arrange this for you.
Q: How much does a report cost?A: SPK validated report is approximately 1.000-1.500 TL + VAT depending on the city and features of the property.
How much do you charge for your service fee?
A: Zero. We give this service free of charge to our customers.
How long is a valuation report valid?
A: According to property law, the Tapu office want it no older than 3 months. Where this time period passes, we help our clients to get a renewal free of charge.
What does SPK mean?
A: SPK is an abbreviation of Sermaye Piyasası Kurulu in Turkish. (The Capital Market Board.) This is the highest regulation authority for financing, stock exchange and banking in Turkey.
What happens if the valuation of the property is different to the purchase
A: The Real Estate Valuation Department, now established under the Land Registry and Cadastre, according to the presidential decree dated 5.2.2019. Valuation reports and property sale price statistics are very new in Turkey, and we are in the early stages of compiling them, so do not have a large database, so the accuracy of the reports may differ up to %20.
Real Estate Valuation Method
When buying a property in Turkey, you need to be sure about the value of the property you are considering purchasing. There are 2 types of the valuation reports; Real Estate Valuation and Project Valuation with feasibility report.
A real estate valuation report contains;
- The title deed information,
- Location on map and location information,
- Actual photos,
- Similar property prices,
- Price prediction of the property
- Checking if there are any outstanding debts, building condition, checks at the municipality and at Land Registry and Cadastre General Directorate.
A property valuation report may contain more, depending on any special requirements of the purchaser and property features. Valuers prepare you valuation reports generally one of three different methods, depending on reason for the valuation real estate;
Comparison of the Precedents Method - Several similar properties are compared.
Income Method - Considering the net income flow of a property.
Cost Method - Rebuilding of the same structure under present economic conditions
Real Estate Valuation Report in Turkey
As a private Estate agent, we deal with independent valuation experts, licensed by Sermaye Piyasası Kurulu. (Capital Market Board) - the Highest regulation authority for financing and banking in Turkey. We call them SPK validated experts in Turkey. These experts are authorized for real estate and project valuation in Turkey
We can supply you with accurate valuation reports, covering turkey. Valuers are authorized and licensed to prepare the following reports;
- House/villa valuation or apartment
- Commercial buildings, offices, stores, shopping mall valuation and shop valuation,
- Agricultural land, plots, parcels and land valuation,
- Hotel valuation,
- Urban Renewal valuation (Kentsel Dönüşüm Değerleme),
- Mine valuation, Gas Station valuation,
- Marine and Aircraft valuation, - Trade Mark valuation,
- Company valuation.
Project Valuation with Feasibility Report in Turkey
You have a project and you want to know how to develop it efficiently. A project evaluation is prepared, again by real estate valuers who supply a feasibility report in Turkey.
A feasibility report contains;
- Financial analysis,
- Project expenditure cash flow,
- Project income flow,
- Legal due diligence,
- Legal permission and allowances,
- Ownership rights,
- Construction permits.
A project evaluation will let you understand if your investment is feasible or not. You might need a feasibility report for investment projects such as;
- Land investments,
- Hotel investments,
- Commercial and Shopping Mall investments,
- Residential and Housing Development investments,
- Agricultural investments with crop & harvest analysis,
- Industrial investments.
As an example; you may like to develop a hotel project or to buy an existing hotel in Turkey. When you order this project appraisal report, you will receive the following information;
- Land price appraisal, the title deed information and location on map and location
- Checking the debt condition, technical condition check at the municipality and at General Directorate of Land Registry and Cadastre,
- Project development cost,
- Construction cost and Operating cost,
- The financial report containing income and expenditure flow,
- Suggestions to achieve most feasible investment and alternative projects
Report Delivery & Expertise Areas in Turkey
When you purchase a property with us, we will help you to arrange this document as our sales service in 2 days. As we assure you to give Best Price Guarantee, all our property offers on our website have pre-valuation reports.
A property valuation report takes 3 days in the metropolitan cities of Turkey. Other cities may take an additional 3 days (totally 6 days). Hotel valuation report takes approximately 15 days, depending on the city.
You may want delivery times for other reports, like project evaluation and feasibility study, land price appraisal, business evaluation, brand mark appraisal etc. These reports may take from 2 weeks to 1 month.
Please contact us directly to get a price and time quote for real estate valuation and/or project feasibility report.