The importance of real estate evaluation in Turkey and its advantages:
Starting on 4th of March 2019 and according to the 1/2019 numbered law, it is necessary for the people willing to Buying a property in Turkey, before signing the title deed is to get an evaluation report for all the real estate sales that its buyers or sellers are foreign, and getting a real estate evaluation report has be come mandatory not only for the properties that a foreigner buys in order to acquire the Turkish citizenship, but for all the real estate selling transactions that relates to the foreigners.
What is a real estate evaluation?
It’s a detailed report showing the real estate market value according to specific criteria, and it is one of the mandatory documents to finish the title deed process in the real estate sales for foreigners in Turkey, as it carries a special importance relating to the real estate value determination that will grant the owner the right to acquire the Turkish citizenship.
What is the purpose of issuing real estate evaluation in Turkey and what is its importance?
Through applying the real estate evaluation report, it aims to protect the real estate investing in Turkey and the foreigner investors from the potential high pricing and real estate fraud in the construction sector, and to achieve a safe environment during the purchase of a property in Turkey through achieving transparency in real estate sold to foreigners, and to encourage investing in Turkey promoting the commercial real estate name of Turkey in front of Arab and foreign investors, and the importance of real estate evaluation comes through several aspects, the most important of which is:
1- The inability to acquire the Turkish citizenship without real estate evaluation.
- Real estate evaluation report is mandatory to obtain the title deed, therefore, without this report the buyer will not have the right to real estate ownership in Turkey..
What is the process of real estate evaluation in Turkey?
Real estate evaluation process is done through making an official request through the internet in order to evaluate a specific property, after that title deed department will nominate a list of valuation companies certified by the Turkish government so the real estate owner or their agent can choose one of them, the evaluation fee is fixed and unified to all the real estate evaluation companies in all the Turkish states, as a price list is issued to determine the official cost to evaluate a property according to its type and size, this annual price list is published in the official Turkish gazette.
Real estate evaluation steps in Turkey:
1- Foreign evaluation requests in Turkey are applied through a title deed website operated by the general directorate of land registry and cadaster in Turkey or through calling customer service at the 181 number.
- The transaction holder can follow up on the evaluation process through the same webpage.
- The buyer or his agent can start the real estate evaluation process through choosing the “Evaluation process” list in the website.
- The evaluation report fee can be paid by the buyer.
- The application will be forwarded to the evaluation company according to an algorithm that distributes the work through (Real estate evaluation information) electronic system that is equipped with an algorithm that guarantees the work of the processes in a perfect way.
Real estate evaluation advantages in Turkey:
1- Preventing price manipulation in order to stop the real estate scammers willing to sell cheap properties for high prices.
2- Increasing the comfort and safety level to those interested in working in real estate investing in Turkey.
3- Giving trust to the foreign investor interested in acquiring the Turkish Citizenship Law through real estate ownership, that the property that they purchased deserves the listed price and can be invested in the future.
Who is responsible for real estate evaluation in Turkey?
Land Registry Directorate is the main source that the foreign investor would go to apply for real estate evaluation, this directorate give assigns real estate evaluation companies to prepare reports of real estate evaluation for foreigners in Turkey, as the report should be prepared by an independent company that is certified by the Land Registry and Cadaster Directorate, and list of these companies is published on the directorate’s website.
Important points that should be taken into consideration regarding real estate evaluation:
1- Exemption from evaluation when purchasing from governmental institutions:
The foreigners interested in ownership in Turkey in order to acquire the Turkish citizenship is exempted from the evaluation report when purchasing from “Emlak Konut” or other governmental institutions.
2- The validity period of the report is limited:
The legal validity period of the evaluation report acquired by the foreigner when purchasing a property in Turkey is three months only, the issued report is valid for any use in any ownership related transaction during the validity period.
- Use of an old report:
In the non-sale pledge for three years pledge in order to acquire the Turkish citizenship through purchasing a property, the foreigner will not be asked to provide a new evaluation report other than the one they provided when purchasing the property, even if the old report has passed the legal validity period of three months.
- Other individual can benefit from the report as long as it is within the legal validity period:
an evaluation report issued for a specific property requested by a foreigner can be used by other foreigner in order to purchase the same property as long as the report is within the legal validity period.
How long it takes to prepare and deliver a real estate evaluation report in Turkey?
Preparing and delivering the real estate evaluation report takes two to three days, this period does not include the time of delivery by mail.
How to pay the fees of the real estate evaluation report in Turkey?
According to the 63rd term of the fees and charges law, the fees and title deed charges are paid according to the trending price of the property in Turkey that the real estate tax is calculated upon, without being less than the declared selling price.
- Europ Homes Real Estate company will guide you through all these phases for free, as the real estate evaluation report acquiring service is part from our company services, you can contact us through our website to purchase a new property or to evaluate your current property, our team will be happy to help.
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