Real estate financial investment in Turkey has become one of the first options for investors around the world. Thanks to the easy procedures in the Turkish investment system aimed at protecting the investor and his funds, it is one of the most important documents required when obtaining a residential property in Turkey. Whether you want to invest in Turkey for business jobs, or for Turkish citizenship. So you need to know what the real estate valuation is, what its contents are as well as how to get it.
What is real estate valuation?
Real estate valuation is a comprehensive report containing a set of details as well as actions aimed at determining the value of a residential property, according to certain standards and legislation. It is one of the paperwork required for all foreigners when buying a house in Turkey.
In early 2019, legislative authorities issued a circular throughout Turkey requiring all foreigners wishing to obtain a residential or commercial property in Turkey to extract a real estate valuation. Even if acquiring Turkish citizenship is not the investor’s goal to obtain a property in Turkey.
A real estate valuation can be obtained from any type of certified real estate valuation company, where the resident prepares the register within 3-7 days.
The date of valuation of real estate in Turkey is valid for 3 months from the day of its issuance, and also whoever wishes to sell the residential or commercial property before the valuation period runs out can use the same report again as long as it is valid.
Contents of the Real Estate Assessment Report
Turkey’s real estate valuation report contains a range of property-related information:
- Information about the real estate valuation company and also the certificate that allows it to issue the valuation.
- Miscellaneous images of residential or commercial property from within, including buildings under construction.
- The property’s address and placement inside the building, as well as the transportation that surrounds it.
- All legal data of the property, such as Tabu and Land Registry.
- Technical and physical specifications of the property, such as MOA quality construction, design and view.
- Residential property prices located near the building, or comparable in specifications.
- The negatives of the drug as well as its problems and variables that affect the valuation of the drug.
- The result of the real estate valuation. The property price is in Turkish lira.
Importance of the real estate valuation system
As real estate investment increases in Turkey, the government in Turkey has been interested in protecting both seller and buyer according to:
Protection of foreign investors
The real estate valuation system aims to protect real estate investment in Turkey as well as investors from fraud or buying buildings in Turkey at a cost greater than its original value
Ending property tax evaders in Turkey
Turkish property tax is generally associated with the property price, so the real estate valuation system makes sure that luxury property owners do not adjust the value of their taxes.
Property valuation and Turkish citizenship
The government in Turkey requires anyone who intends to acquire Turkish citizenship to extract the real estate valuation record of a property he bought, which must be worth at least $ 400 thousand or compared to the Turkish lira.
If you want to acquire Turkish citizenship by real estate investment, you need to extract a real estate valuation of the property you bought before terminating the transaction, as the price of the house is a prerequisite for obtaining Turkish citizenship.
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