The real estate appraisal is a detailed report on the status of the property to be sold, in which the market price for sale is presented.

Important adjustment to the real ...

Date:Friday, October 15, 2021

The real estate appraisal is a detailed report on the status of the property to be sold, in which the market price for sale is presented.

Important adjustment to the real estate appraisal system for foreigners in Turkey

Real estate appraisal is a detailed report on the status of the property to be sold, in which the market price of the property is presented. It is prepared by certain companies that specialize in valuing real estate in Turkey, and hold a license to do so.

What are the new adjustments to the real estate appraisal system for foreigners in Turkey?

The new amendment provides for making the Title Dept. the main reference for a foreign resident to submit a real estate appraisal request, so that the Title Dept. assigns real estate appraisal companies to prepare real estate appraisal reports for foreigners in Turkey.
The General Directorate of Land Registry and Land Survey also facilitated all these transactions to be carried out electronically through the integration of the WEP TAPU web system and the TADEBİS (Taşınmaz Değerleme Bilgi Sistemi) real estate appraisal information system.
It is noteworthy that the aforementioned amendment began to be applied in the state of Antalya from August 2021 to be generalized to all Turkish states on September 20, 2021.
The integration between TADEBIS (Real Estate Valuation Information System) and the Real Estate Registry web application in order to receive and distribute requests for evaluation reports from a center to the evaluation companies and prepare evaluation reports electronically. With the arrangement made, the report standard was brought up. With the system, it aims to eliminate potential material errors that may occur in evaluation reports.

How will the system work?
- In transactions involving foreigners, the evaluation report requests will be submitted through TKGM's ​​or call center 181.

- Foreigners will be able to start the process they want from the “Appraisal Transactions” menu in the left menu of the web sanad system to start the real estate appraisal process.

- Evaluation follow-up and access to reports and re-evaluation requests can be done from this page.

The assessment report fee will be paid by the concerned person.

- The application will be transferred by the system to the authorized real estate appraisal company via TADEBIS with the work distribution algorithm on the same day. A special algorithm will be used to ensure that assignments are fair.

Evaluation Report Service Fee

The report fee will be based on twice the fee set by the Real Estate Appraisal Minimum Wage Tariff and Implementation Principles.” Apart from these fees, no other additional fees or expenses will be charged, except for VAT. It will be completed within two business days excluding the day of assignment Approved appraisal agency for residential properties, and within five working days for all other non-residential properties.
What is the purpose of the real estate appraisal law in Turkey?
Each issued law has specific goals, so the real estate appraisal law has specific goals, which are:
1- Protecting the rights of foreign and Arab investors from exploitation and selling them real estate at a value greater than the actual value of the property
2- Get more real estate investment opportunities in the Turkish market
3- To maintain the transparency and facilitation of buying and selling
4- Preventing tax evasion in the fields of real estate and construction
5- Raising and maintaining the reputation of the Turkish real estate market in foreign markets
6- Determine the price requested by the seller
7- Helping the buyer to determine a fair price for the property

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