Turkey's Valuation of Real Estate
About the Mandatory Real Estate Appraisal Report
Since February 15, 2019, it is mandatory to prepare an appraisal or Turkey's Valuation of Real Estate report on every international property sales by two genuine and SPK backed valuators. The job of one of the valuators is to evaluate the plans and register the respective inputs at the local municipality and the Tapu (title deed) office. The valuators also do the physical inspection of the property to ensure the client gets
the exact property that was being shown. Then the controller takes responsibility for checking whether the property price is at par with the market rate and the registration is done correctly. Both the valuators do the jobs under swearing.
The government started giving importance to the market Turkey's Valuation of Real Estate rather than the declaration value as the seller has the tendency to show a lower value of sales in order to evade paying enhanced conveyance tax. It is for this reason, the valuation report has gained prominence for tax computing.
Is there any need for an appraisal report?
The appraisal report is essential when you buy a property in Turkey. The report is available at the Tapu office also known as the General Directorate of Land Registry and Cadastre.
How much time does it take to do the appraisal report?
It generally takes about 2 days to do the 20 to 35 pages long appraisal report, which. When the requisition is placed for the professional report, the technical person evaluates the property that includes taking pictures, controlling the record at the Tapu office, checking the laid out plans at the municipality, and noting the prices of other comparable properties.
How to find an SPK-validated master?
We provide the expert for smoother service after you zero down on a property.
How much it takes to prepare an appraisal report?
It takes roughly 1.000-1.500 TL plus VAT to prepare an SPK validated report based on the city and characteristics of the property.
What is the service fee?
There is no service fee involved. Antalya Homes free-of-cost services to its customers.
What is the validity of a valuation report?
Per the property law, the validity of the report is not more than 3 months. If the report is expired, we renew it on behalf of the clients at free-of-cost.
What SPK stands for?
SPK stands for Capital Market Board which implies Sermaye Piyasası Kurulu in the Turkish language. SPK is the top regulatory body for financial services, stock markets, and banks in Turkey.
What happens if the valuation of the property is different than I buy?
Following the presidential rule released on February 5, 2019, the Real Estate Valuation Department was formed under the purview of Land Registry and Cadastre. The need for a valuation report and real estate pricing data have recently been introduced in Turkey. Hence, we are at the nascent stage of the data collection. Due to the lack of a proper database, the reports might be in line with the reality to the tune of 20%.
Real Estate Valuation Method
If someone is willing to purchase a property in Turkey, he/she must have proper knowledge
about the valuation of the property. Two variants of reports are available. They are Real
Estate Valuation and Project Valuation with Feasibility.
The Real Estate Valuation report includes the following information
- A title deed
- The positioning of the property on the map
- Real photos
- Comparable prices of the property
- The expected price of the property
- Evaluation of the debt level and technical aspects at the municipality and Land Registry and Cadastre General Directorate.
The appraisal report of the property can provide more information on the characteristics of the property such as quality and conditions based on your demand. The valuation of the property is done by the experts using any of the three following methods
- Comparison method: This method compares the values of different properties having
- Income method: This method values the property based on its flow of net income
- Cost method: This method values the property based on the cost of developing it.
Real Estate Appraisal Report in Turkey
HauzBiz has tied up with several SPK-backed appraisal specialists bearing the license from SPK or the Capital Market Board, which is the top regulatory body for financial services, stock market, and banks in Turkey. These specialists are empowered to do valuations of the project and real estate in the country.
We can provide you flawless valuation reports throughout Istanbul. Our appraisal specialists are licensed to do the following types of reports
- Valuation of flat or house/villa,
- Valuation of commercial construction, offices, stores, shop, and shopping mall,
- Valuation of agricultural ground, plots, pockets, and land,
- Valuation of the hotel,
- Valuation of Urban Renewal (Kentsel Dönüşüm Değerleme),
- Valuation of mines and gas depot,
- Valuation of a ship, marine, yacht, and aircraft,
- Valuation of trademarks,
- Valuation of corporate.
Project Valuation with Feasibility Report in Turkey
If you need to develop a real estate project in the most efficient way, you would need a project valuation report made by our real estate specialists who provide a feasibility report in the country
A feasibility report mainly includes
- Financial analysis,
- Cash flow due to project expenditure,
- Income flow from the project,
- Legal due diligence,
- Legal permission and allowances,
- Possession rights,
- Building permits.
The project valuation report is essential to justify your real estate investment. A feasibility report is required for the following types of projects
- Commercial places and shopping center
- Residential and Housing Development
- Agricultural that includes crop & harvest analysis
You can also use our help for knowing Turkey's Valuation of Real Estate and more information, easily contact us: