The real estate appraisal report, or property appraiser’s report, in Turkey is an important legal requirement for investors interested in purchasing Turkish properties. It helps determine the market value of the property based on specific criteria and is a necessary document for completing the title deed registration process for both Turkish and foreign buyers.
The General Directorate of Land Registry and Cadastre, operating under the Ministry of Environment and Urbanization, issued a decision on February 15, 2019 (numbered 1/2019), making it mandatory for foreigners to obtain a real estate appraisal report. This requirement applies not only to those applying for Turkish citizenship but also to those seeking property ownership for any purpose. The property transfer process cannot be completed without presenting the appraisal report.
The real estate appraisal report should be obtained from independent and licensed companies specialized in property appraisal, approved by the Banking Regulation and Supervision Agency. The agency announces the list of approved companies on its website, and only reports issued by these approved companies are accepted.
The validity of the real estate appraisal report obtained from specialized and approved companies is three months from the date of issuance. If the property is sold within this period, the same report can be used more than once.
The preparation of the real estate appraisal report is conducted by specialized companies or experts who hold official licenses. The report must comply with relevant laws, international standards, and criteria. It should include the following information:
– Report details
– Real estate registry information
– Location, transportation, and surroundings information
– Legal audits related to the property
– Technical, structural, and physical specifications of the property
– Factors affecting the appraisal
– Approach to evaluating specific information
– Research and analysis of the real estate market
– Restrictions and limitations
The report is typically prepared within a period of two to three days, excluding delivery time if applicable.
The purpose of the real estate appraisal report is to:
– Establish a reliable real estate appraisal system
– Provide a secure investment environment for foreign investors
– Protect investors’ rights and provide accurate property price information
– Prevent deception of foreigners by unscrupulous individuals or companies taking advantage of their unfamiliarity with laws and property values
– Prevent tax evasion in the construction and real estate sector
Regarding the payment of fees for the real estate appraisal transaction in Turkey, according to Article 63 of the Fees and Charges Law, the payment is based on the prevalent value of the property, which is the basis for calculating property tax. The fee should not be lower than the declared sale price.