|Thursday, January 12, 2023
Istanbul, the economic capital of Turkey, occupies the first place among investors.
Real estate appraisal law for foreigners in Turkey:
In the past few years, Turkey has been able to achieve a quantum leap in the real estate market, and has become the first destination for Arab and foreign investors and businessmen looking for apartments for sale in Istanbul.
The real estate market in Turkey is characterized by achieving increasing rates of annual increase in the purchasing value. It provides high profit returns. On the other hand, many construction companies are offering investors leasing guarantees for long-term contracts.
Istanbul, the economic capital of Turkey, occupies the first place among investors looking for apartments for sale in Istanbul, in both its Asian and European parts. Based on this great investment momentum, the Turkish government had to take some measures aimed at facilitating the investor's affairs, protecting his rights, and encouraging the largest possible number of businessmen to invest their money in the Turkish real estate market and buy homes in Istanbul and other Turkish cities.
Based on the Turkish government's keenness on the interests of the next foreign investor to buy apartments in Turkey, it issued a package of decisions, foremost of which was the decision to grant Turkish citizenship to anyone who owns real estate worth $250,000 or more. It is worth noting that the percentage of real estate purchases in Turkey increased after the decision to obtain Turkish citizenship through real estate investment. This decision encouraged Arab investors and businessmen to invest their money in Turkey and obtain citizenship.
The Turkish Ministry of Housing also issued a decision requiring the presence of a real estate expert recognized by the Ownership Department (Tabu Department), whose task is to evaluate the price of the property, and this is what is known as the Real Estate Evaluation Committee. What is the real estate appraisal report and what does the real estate expert rely on in writing his report?
Real estate appraisal:
The real estate appraisal law aims to protect investors from some weak-willed people who manipulate real estate prices and target the foreign investor because he does not know the true value of the real estate.
The report of the evaluation committee depends on the location of the property in the first place, as real estate prices in Istanbul differ according to the regions. Each region has a certain price. For example, real estate prices in the Sisli neighborhood, the central district of Istanbul, which is the highest in price, differ from real estate prices in the Beylikduzu region, whose real estate is considered to be very expensive. Reasonable Prices In the past, the region witnessed a great turnout from foreign investors looking for cheap apartments for sale in Istanbul. On the other hand, the appraisal expert depends on issuing the result of his evaluation on the total area of the apartment, the age of the building and its type (commercial, residential), in addition to the quality of the cladding, and whether the apartment is within a luxury residential complex or in a separate ordinary building.
The decision entered into force on the fourth of March 2019 AD. The General Directorate of Real Estate Records affiliated to the Ministry of Environment and Cities published a decision requiring foreign investors who are about to buy real estate in Turkey to commit to obtaining the report of the evaluation committee for the price of the property in order to complete the purchase process and register the property. In the title deed in the name of the property owner.
This decision aims to protect the investor and ensure transparency in the buying and selling operations. The validity of the report remains valid for three months from the date of issuance. It should be noted that the investor who wishes to obtain Turkish citizenship by purchasing apartments in Turkey is also obligated to attach the report of the real estate appraisal committee with the documents submitted for the application for Turkish citizenship to the concerned authorities.
FCC Group for Real Estate Investment and Development, and keen to provide all the necessary facilities to its customers who wish to buy apartments in Istanbul and those looking for villas for sale in Asian Istanbul with views of the Bosphorus, is pleased to provide them with a government evaluation team characterized by accuracy and transparency, accompanying you to the location of the apartment to be purchased to submit its report In proportion to the real property value and to ensure that you complete the purchase procedures in accordance with Turkish laws.
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