Real Estate Appraisal Law in Turkey
The Turkish authorities have never stopped issuing new decisions and legislation, all of which are in the interest of regulating the real estate sector in Turkey and in order to block the way for any scammers or swindlers while foreigners buy apartments in Turkey for sale.
In early 2019, the legislative authorities issued a circular all over Turkey requiring foreigners to acquire apartments in Turkey for sale on the real estate appraisal report, even if the foreign investor’s purpose of buying real estate in Turkey was not to obtain Turkish citizenship.
What is the main function of the Real Estate Appraisal Law in Turkey ?
1- At the outset, this document is important because it protects the property buyer from being a victim of real estate fraud or manipulation of real estate prices in Turkey, as it determines the price of the property with extreme accuracy…. Thus, the buyer will be away from the possibility of material losses.
2- Its function is to give safety to the buyer…. As a result of its great importance, we see today a great demand for real estate ownership in Turkey.
3- The Turkish government imposed it in order to control the prices of real estate through which it is intended to obtain Turkish citizenship…. The buyer cannot manipulate the price and claim that the price of his property is two hundred and fifty thousand US dollars or more.
4- In addition, it limits the possibility of evading real estate taxes …. The owner of a luxury property cannot register his property at a value less than its real price in order to pay a simple tax.
5- It is important to realize that this document played a major role in the urban development and real estate revolution that Turkey is witnessing today, as it contributed greatly to the fact that real estate prices in Turkey are low despite their quality and keeping pace with global modernity …. and thus competed with European countries.
What is the new amendment to the Real Estate Appraisal Law?
According to the new amendment, which will be implemented from 20/9/2021, investors or real estate brokers will not be able to choose the evaluation offices anymore, but the evaluation process will take place as follows:
The request is submitted to the Turkish Tapu Department that the person of Do-and-so nationality will purchase this property on this date, so the Tapu Department sends the evaluation officials randomly from it without allowing the broker or investor to choose the evaluation office, which will be an end to the fraud and forgery of reports that have emerged during the recent periods significantly.
This decision is nothing but adjusting and determining the real market value of the real estate, so it cannot be considered an extra financial burden, but rather it will be a way to make sure that the property you buy is worth its value, and if you must search for a solution to this problem, you should choose reliable and licensed real estate companies that guide you to Real estate and real opportunities that are far from exaggerated prices and are always valued according to the offered price.
