Lale Real Estate Group has always provided its customers with beneficial information related to buying properties in Turkey. This article on real estate appraisal companies in Turkey will explain some legal issues about the real estate appraisal in Turkey for foreigners.
It has become necessary to consider real estate appraisal laws in Turkey that control the real estate field and control its working methods.
The government has issued many real estate appraisal laws in Turkey to preserve the rights of foreigners who want to buy real estate on Turkey’s lands.
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Real Estate Appraisal in Turkey for Foreigners
Real estate appraisal in Turkey is a group of works that are conducted in order to determine the real property value according to specific criteria.
The real estate appraisal report in Turkey has an essential role in revealing the real value of real estate and securing a safe investment environment for foreign investors.
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Importance of Real Estate Appraisal Companies in Turkey
According to the Turkish laws, commercial real estate appraisal companies in Turkey carry out the procedures of real estate appraisal in Turkey for foreigners.
As for the person who works in the real estate appraisal companies in Turkey, he is called a real estate appraiser, and he is an expert person who holds a work permit from the Capital Markets Board of Turkey (SPK).
And here is a set of important information about real estate appraisal laws in Turkey:
- Commercial Real estate appraisal companies in Turkey have sufficient experience to carry out the work of determining and controlling the prices of all types of real estate including homes, lands, workplaces, shops, etc.
- The independence of real estate appraisal companies in Turkey, as they do not have any additional works affecting real estate prices in Turkey, and do not interfere in buying and selling in the field of real estate investment. Commercial Real estate appraisal companies in Turkey include independent experts whose work is related to the real estate appraisal laws in Turkey.
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Real Estate Appraisal Laws in Turkey for Foreigners
The real estate appraisal laws in Turkey have been enacted to preserve the rights of foreigners from some people who manipulate the prices of real estate.
In 2019, the real estate appraisal laws in Turkey have become mandatory for foreigners who want to buy or sell real estate, where they are asked for a real estate appraisal report in Turkey that is extracted in a period not exceeding a week.
The validity of the real estate appraisal report in Turkey is usually three months, and it contains the price of the property in Turkish lira.
In addition to that, the real estate appraisal in Turkey for foreigners include a detailed explanation of all the aspects of the property, such as the title deed, the location, the floor and the views.
Real estate appraisal in Turkey for foreigners is a really important step when buying a property in Turkey.
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Content of Real Estate Appraisal Report in Turkey
Real estate appraisal companies in Turkey depend upon extracting the necessary report on several bases:
Space
One of the most crucial foundations that commercial real estate appraisal companies in Turkey consider when preparing the necessary real estate appraisal report in Turkey.
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Age of The Property
According to real estate appraisal companies in Turkey, the age of the property affects the determination of its real price. “The older your property, the lower its price.”
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Location
The location of the property and its proximity to strategic points such as metro stations and other real estate projects.
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Condition of The Property
The real estate appraisal companies in Turkey look at the quality of the materials used in the construction, the decorations, the interior finishes, and the exterior design of the building.
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Construction Phase
This relates to properties that are under construction, as it is important to know the delivery time of the property.
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Means of Transportation
It is essential also to have a means of transportation near the property, and this is one of the foundations that commercial real estate appraisal companies in Turkey take into consideration.
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Infrastructure
It provides home extensions such as water, gas, internet and electricity.
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Floor of The Property
The real estate appraisal report in Turkey is affected by the location of the property inside the building.
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Fees of Real Estate Appraisal Report in Turkey
The cost of the real estate appraisal report in Turkey varies according to the type of property and its area, but in general, the cost is between 1500 to 3500 Turkish liras (250 dollars).
Types of real estate Evaluated by real estate appraisal companies in Turkey
There are 5 types evaluated by the commercial real estate appraisal companies in Turkey:
Residential Real Estate
Types that a person can use for the purpose of housing, such as buildings, independent houses, and villas.
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Agricultural Real Estate
All types of real estate that are used for agricultural purposes and provide income to its owner, such as lands and fields.
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Commercial Real Estate
All types of real estate used in business and commercial activities that can used only for the purpose of earning commercial income such as commercial buildings, offices, shopping mall buildings, and shops.
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Industrial Real Estate
It includes all types of real estate through which industrial production is achieved and used for industrial purposes such as factories, industrial facilities and workshops.
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Special Real Estate
This type includes places of worship, schools, hospitals, and stadiums. It is difficult to evaluate these properties due to the lack of circulation them in the real estate market.
We, at Lale Real Estate Group, provide all the services related to real estate and getting Turkish citizenship through buying the right property, so do not hesitate to contact our real estate consultant through this link.
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Frequently Asked Questions about Real Estate Appraisal Companies in Turkey
Does the age of a house affect the appraisal?
Yes, new houses will appraise for higher values than the old ones. The older your house, the lower its value.
What is the purpose of appraisal?
The purpose of an appraisal is to ensure the real value of any property and secure a safe investment environment for investors.
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