Property Valuation in Turkey: What Is an Appraisal Report?

An appraisal report (real estate valuation report) is a formal document that evaluates the true value of a property. The report is essential to create a transparent agreement between the property buyer and seller. Foreign real estate buyers and sellers must get an appraisal report to obtain a Turkish title deed and citizenship. Likewise, Turkish citizens will most likely carry this obligation soon.

Understanding the Appraisal Reports in Turkey

The appraisal reports in Turkey ensure a fair deal between the buyer and seller and prevent legal disputes. In addition, the report comprises the property details 360°, informing the buyer thoroughly about the property.

Fair Deals: The report guarantees a fair price deal between both parties. The buyer avoids overpriced purchases above market value. At the same time, the seller receives the real price of the property as a payment.

Legal Disputes: Despite the VAT exemption in Turkey, profiteers used to under-declare the sale price to avoid paying the property tax rates. Another common fraud was the over-declaration of property value to help foreigners obtain Turkish citizenship at cheaper prices. The report enables the government to regulate sales prices according to honest terms.

Frequently Asked Questions

Now, let's answer your questions and uncover all about the property appraisal reports in Turkey.

Q. Is it obligatory to get an appraisal report to sell real estate in Turkey?
A. Yes. All foreign citizens must obtain a valuation report in order to sell a property in Turkey.

Q. How is the appraisal report prepared?
A. Preparing an appraisal report requires a close examination of the property. The current real estate market and equivalent property sales are important criteria. Meanwhile, the appraiser takes into account similar property sales within a short time and distance.

Q. How to get a property valuation report in Turkey?
A. A qualified appraiser who has a license from the Real Estate Appraisal Department must prepare the report. The appraiser evaluates the property 360° and suggests estimated sale prices.

In addition, if you are buying or selling a property with TEKCE Real Estate, we will obtain your property valuation report for you.

Q. What are the necessary documents to get a valuation report for a property in Turkey?
A. Property owners must bring their passports, address documentation of the property, and the title deed of the property.

Q. What does the appraisal report include?
A. The residential appraisal report includes the information below:

• Property coordination on the map
• Neighborhood-specified information
• Property photos (including under-construction properties)
• Current debt situation
• Estimated purchase price
• Housing status of the property
• Prices of similar residential properties

The report also includes information about the neighborhood. It contains new developments such as a shopping mall, entertainment center, hospital, school, and park. This way, buyers can get an idea about the potential return from the real estate investment.

Q. How long does it take to get a real estate valuation report?
A. It takes around 3 days in metropolis cities and 6 days in other cities.

Q. How long is the appraisal report valid in Turkey?
A. The appraisal report is valid for the next 3 months after its approval. If the sale did not occur within this time, the property owner must request a new one.

If you ask for a repetitive appraisal report within a year, you have to pay 30% of the current tariff.

Q. Can I ask for an update on the appraisal report?
A. Yes. If you want a revision in your report, you can do so by paying 50% of the current fee rate.

Q. How much does it cost to get an appraisal report?
A. The cost of an appraisal report in Turkey depends on the property’s type and size. According to the Official Gazette, here is the average fee (in addition to the VAT):

• Residential Real Estate: 3.750-12.629
• Commercial Real Estate: 4.079-60.854
• Land/Plot: 3.993-9.573

Q. What if I have an under-construction or off-plan property?
A. The same procedure applies. In addition, the report content includes the construction level. Also, you must have at least 3 interior and exterior photos, depending on the nature of the property.

Remember that the sale price will be the estimated value at the time of completion of the property. The title deed will include this value as well.

Q. Do Turkish citizens have to get an appraisal report?
A. Not for now. However, banks ask for the report in property loan applications. In addition, the appraisal report may soon become compulsory for Turkish citizens.

Q. Can I trust the appraisal report when buying real estate in Turkey?
A. Yes. The report as it is under government control. It includes all of the information about the property. However, reading into the report alongside a professional real estate agent will help you make better buying decisions among comparable properties.

360° Services from TEKCE Real Estate

Buying or selling real estate with TEKCE Real Estate brings a hassle-free experience with a power of attorney. One of our free before and after-sales services is to obtain an appraisal report for you.

Moreover, we have a team of local experts who give a clear guide to buying property in Turkey. They are eager to provide services with our 20 years of real estate sector experience. This will help you save time and energy from the legal procedures. Reach out to us and benefit from exclusive services.

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