What is real estate valuation and why do you have to get it?
Real estate investment in Turkey has become one of the first options for investors worldwide. Thanks to careful and easy procedures in Turkey’s investment system aimed at protecting the investor and his funds. Such as the real estate valuation report, which is one of the most important documents required when buying a property in Turkey.
Whether you want to invest property in Turkey for profit purposes, or for Turkish citizenship. You need to learn what the real estate valuation is, what its contents are and how to get it. We will share details of it all in the following lines.
What is real estate valuation?
Real estate valuation is a detailed report containing a set of information and procedures aimed at determining the value of the property, according to specific criteria and laws. It is one of the papers required of all foreigners when buying a property in Turkey.
In early 2019, legislative authorities issued a circular throughout Turkey requiring all foreigners wishing to buy a property in Turkey to extract a real estate valuation. Even if the acquisition of Turkish citizenship is not the foreign investor’s aim of buying a property in Turkey.
A real estate valuation can be obtained from any certified real estate valuation company, where a real estate resident prepares the report within a period of 3-7 days.
Turkey’s real estate valuation is valid for three months from the date of its issuance, and whoever wanted to sell the property before the valuation period expired can use the same report again as long as it is valid.
Contents of the real estate valuation report
Turkey’s real estate valuation report contains a set of data associated with the property, namely:
Information about the real estate valuation company and the certificate authorizing it to issue the valuation.
Miscellaneous images of the property from within, including properties under construction.
The property’s address, location within the construction, and the surrounding transportation.
All legal data of the property, such as the real estate and the real estate registry.
The property’s technical and physical specifications, such as the quality of building materials, decoration and view.
Property prices located near the property, or similar in specifications.
The negatives of the drug and its problems, the factors affecting the valuation of the property.
The result of the real estate valuation. It is the property price in Turkish lira.
Importance of the real estate valuation system
As the demand for real estate investment in Turkey grows, so does the government’s interest in Turkey to protect both the seller and the buyer. The importance of real estate valuation is highlighted in:
Protection of foreign investors
The real estate valuation system aims primarily to protect real estate investment in Turkey and foreign investors from fraud or buying property in Turkey at a price greater than its original value.
Read also: What is the future of real estate investment in Turkey?
Ending Property Tax Evaders in Turkey
Turkey’s property tax is mainly linked to the property price, and the real estate valuation system ensures that luxury property owners do not manipulate the value of their taxes.
Investor guarantee real property value
Naturally, Turkey’s real estate investment boom continues to grow after the real estate valuation is circulated to foreign investors, because it is a certificate that ensures that a foreign investor spends the exact amount on the property.
Real estate valuation and acquisition of Turkish citizenship
The government in Turkey requires anyone who wants to obtain Turkish citizenship to extract the real estate valuation report of a property he bought, and to be worth at least $ 400 thousand or its equivalent in Turkish lira.
If you wish to acquire Turkish citizenship by investment, you need to extract the real estate valuation of your chosen property before completing the transaction, as the property price is a key condition for obtaining Turkish citizenship. If its value is less than required, you should reconsider the completion of the purchase.
Do you have any queries? Our consultants at Dare Properties are ready to answer them. Get in touch