Since 15.02.2019, it has been compulsory for the property being sold to a foreign purchaser in Turkey, to have an appraisal (valuation). This will soon apply to all property sales, whether being sold to a foreign or Turkish purchaser.
Turkish Government by making some new changes aims to protect the foreign investors and it is now compulsory to obtain a valuation report before you buy and sell your property. Investors will have a clear idea about the prices in the market after obtaining their valuation report.
The government wants to have the market value of the property rather than relying on that declared value by the seller. Historically, a seller may have declared a much lower value, in order to avoid paying higher taxes.
The valuation report is used as an indicator to calculate the correct ‘Property Tax’. A copy of the report is kept at the General Directorate of Land Registry and Cadastre (Tapu Office).
This is prepared by SPK (Sermaye Piyasası Kurulu), The Capital Market Board, accreditated appraisers:
The Real Estate valuation report contains:
The report may contain more, depending on any special requirements of the purchaser and property features. SPK validated report is approximately 1,000 – 1,500 TL + VAT. This is paid by the person who commissions the report. When you purchase a property with us, we will help you to arrange this document as part of our sales service, in 2 days. As a private estate agent, we deal with independent licensed valuation experts, so can ensure that this report is prepared and delivered on time.
We would be more than happy to speak to you regarding any of the above. Please contact us directly to discuss a price and time quote for real estate valuation and/or project feasibility report.