It is necessary to obtain a real estate appraisal for every foreigner who wants to buy a property in Turkey, regardless of

Real estate appraisal factors in ...

Date:

Monday, November 8, 2021

It is necessary to obtain a real estate appraisal for every foreigner who wants to buy a property in Turkey, regardless of

Real estate appraisal factors in Turkey

A real estate appraisal must be obtained for every foreigner who wants to buy a property in Turkey, regardless of the buyer's desire to obtain Turkish citizenship. The real estate appraisal must be obtained by private companies licensed by the state.
These reports related to the price evaluation of the property are valid for a period of three months from the date of issuance only, and if the price of the property changes within a period of three months, a new report will be requested.
It should be noted here that it does not take a long time to obtain the real estate appraisal report so that it can be obtained within one day or within a maximum period of 3 days.

The idea in evaluating real estate in Turkey is to facilitate the buying and selling of real estate in Turkey, which is what distinguishes real estate ownership in Turkey, which is always characterized by ease, facilitation, lack of red tape, and the permanence of development in laws and regulations governing real estate ownership in Turkey, a positive development of course towards creating more Real estate investment opportunities in Turkey and attract more foreign investors.

First, what is meant by real estate appraisal?

It 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 evaluating real estate in Turkey, and hold a license to do so.

There are a number of factors when conducting the real estate appraisal process in Turkey, which are as follows:

The place and location:
When determining the property to buy, you need to compare it with similar properties in the same area, or very close to each other. Even if all other properties are the same, a completely correct result will not be obtained by comparing properties that are not close to each other. The reason is the differences in real estate prices in Turkey between different regions.

The number of square meters of the property:
Properties that are close to each other in terms of square meters (m²) should be compared on the basis of their square meter prices. Even if they are close to each other in terms of their location, it would be a mistake to compare properties of properties with very different areas. The reason for this is that in most cases, the larger the property, the lower its unit price per square meter.

construction condition:
If the property to be purchased is in a new building, the property to be compared must also be new. Even if they have the same characteristics, there is a difference of 15-25% between the prices of new and old properties, and the result of this comparison will be incorrect and misleading because of this difference.

Property direction:
If the property is facing the street or towards a private area, facing south, or receiving sunlight, its value will be between 5-10% higher than other apartments in the same building.

General condition of the property:
Whether it is new, dilapidated or old, furnished or empty, the level of finishing, the safety of the property's facilities, the availability of natural gas, and so on.

Availability of an elevator and car parking:
Especially in the big cities, it is clear that there will be a difference between real estate prices in Turkey with parking and those without. The presence of the elevator will lead to the elderly and sick people choosing apartments for sale in Turkey with these specifications in particular, but it is also a factor that increases the value of the property.

Building amenities:
The building's swimming pools, sports centers, children's playgrounds and private gardens are at the top of the list of factors that increase a home's value. Therefore, it is necessary to ensure that the properties that will be compared with the properties that will be purchased have the same characteristics.

Services:
If there are any fixtures or fixtures built specifically for the property to be purchased that are not present in the majority of homes, for example the smart apartment system in Turkey, the value of these amounts must be calculated and deducted from the price of the property to be purchased and then evaluated and compared with similar properties. The most accurate comparison will be the one that is done after this procedure.

The View:
Where the view plays a major role in the high and low price of the property.

Legal documents:
The legal papers to purchase the property are examined, as the investor makes sure that the ownership can be transferred easily and that the property is free of any legal problems.

The real estate appraisal document in Turkey contains the following information:

• Information about the resident company, its licenses and the certificate obtained from the Banking Control and Regulation Corporation (BDDK).

• The engineering plan of the property and its net area, and if the property is residential, the engineering plan will explain the distribution of rooms and public utilities and their areas

• A copy of the title deed (Tabu) and information on the deed's land registry.

• Complete pictures of the property from the inside showing its current condition and condition

• The final result and market value of the property in Turkish lira, dollars and euros.

• Information about the location, transportation and the general surroundings of the property.

• Technical, structural and physical specifications related to the property.

• Legal details related to the property.

• Building and housing licenses for real estate.

• Approach to assessing specific information.

• Investigation and research of the real estate market.

• The expected rental return for the property.

What are the objectives of real estate appraisal?

- Protecting the foreign investor from fraud and manipulation of real estate prices due to the possibility that they are not aware of the real value of the property.

- Achieving transparency in the buying and selling processes.

- Preventing tax evasion in the field of construction and real estate

- Increasing the value of Turkish real estate in foreign markets.

Investors’ knowledge of real estate appraisal matters is necessary and useful; So that their accounts are in order, the picture in front of them is clear, their legal affairs are followed up, their budgets are disciplined, and the opportunities to buy a property in Turkey are not exaggerated in front of them in a way that preserves their rights and the rights of the state at the same time.

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