Real estate appraisal in Turkey is a crucial matter in the process of owning real estate for foreigners. In this article, you will learn detailed information about what is a real estate appraisal in Turkey, real estate appraisal laws in Turkey, real estate appraisal principles, real estate appraisal cost in Turkey and the top advantages of real estate appraisal.
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Real Estate Appraisal in Turkey
Many foreign investors are inquiring about what is a real estate appraisal in Turkey, and what are the advantages of real estate appraisal.
After the Turkish government issued encouraging decisions and amendments for foreigners who invest in the real estate field, it was necessary to legislate laws regulating this field.
That is why the government issued the real estate appraisal laws in Turkey, and it became mandatory to have a real estate appraisal report when doing any process of real estate ownership.
Real estate appraisal in Turkey is carried out by previewing the property from all sides, and after a careful study, a document is issued with an approximate price of the property, thus in this way even those who do not know anything about the real estate market in Turkey can get an appropriate price for the property they want, away from the exaggeration of some brokers.
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Real Estate Appraisal Laws in Turkey
The real estate appraisal laws in Turkey have become mandatory for foreigners who want to own or sell real estate since 2019. It is extracted in a period not exceeding one week, and is valid for only three months.
A real estate appraisal is a document that contains the real price of the property in lira, in addition to all the details of the title deed, such as location, floor, view, etc.
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Real Estate Appraisal Principles
Since the real estate appraisal laws in Turkey include all the details of the property concerned with the sale or purchase process, the study will pass on some real estate appraisal principles to issue the final report.
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What is a Real Estate Appraisal in Turkey and its Components?
A real estate appraisal must contain all the details of the purchase property, and here are the essential components of any real estate appraisal:
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Space
One of the most important real estate appraisal principles, due to its direct impact on the price.
The first thing that affects the price of the property directly is how big or small the property is. The larger the area, the higher the price.
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Age of The Property
The age of real estate is one of the important real estate appraisal principles that affect the price of the property.
The newer the real estate, the higher its real estate value, and the more time passes, the lower its value.
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Real Estate Location
The thing that most affects the value of the property, and one of the most essential real estate appraisal principles, is its location.
The more the property is in a strategic location close to vital places and social facilities, the more its value increases, and in contrast, the more it is in the suburbs, away from commercial centers, schools, hospitals, the more its value decreases.
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Condition of The Property
The real estate appraisal laws in Turkey do not only depend on the space and location, but even the quality of the materials used in construction and interior finishes, as well as home decoration. The higher the quality, the higher the price, and the lower the quality, the lower the price.
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Construction Phase
For under construction properties, the date of delivery to their owners is mentioned in the real estate appraisal document in Turkey.
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Transportation
There are many means of transportation in Turkey, such as metrobus, tramway, and buses. The closer the property to transportation, the higher its value.
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Infrastructure
This includes water, gas, electricity and internet, these details are also included in the real estate appraisal laws in Turkey.
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Floor of The Property
Real estate appraisal in Turkey includes the floor on which the property is located.
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Real Estate Appraisal Companies in Turkey
Real estate appraisal companies in Turkey should have a license from the Turkish government in order to issue a real estate appraisal document in Turkey, in accordance with the law that has been enacted.
The real estate appraiser is a person with long experience in the field of real estate who has a license from the Turkish Capital Council Foundation in order to perform the procedures of extracting the real estate appraisal document.
And the more he deals with real estate, the more experience he acquires in real estate appraisal.
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Real Estate Appraisal Cost in Turkey
The price charged by real estate appraisal companies in Turkey is not fixed, rather it is renewed every year, but the real estate appraisal cost in Turkey is often between 3000 and 4000 TL.
Real estate appraisal companies in Turkey are considered independent companies and their work is limited to legal issues in accordance with real estate appraisal laws in Turkey.
They do not have any activities that may affect real estate prices, and they do not interfere in any stage of buying or selling in the real estate field.
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Top Advantages of Real Estate Appraisal
Since most foreigners do not know well about the Turkish real estate market, the real estate appraisal document in Turkey aims to simplify the matter and protect them at the same time. There are many advantages of real estate appraisal, and we will mention some of them.
Here are some of the most important advantages of real estate appraisal:
- Giving the buyer an accurate price of the property.
- Selecting the value of property that is part of a share in a company.
- Determining the value of property losses after accidents such as fire or earthquake.
- Determining the value of property tax.
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Frequently Asked Questions about Real Estate Appraisal in Turkey
Do appraisals affect property taxes?
No, Appraisals do not affect property taxes, rather real appraisal determines the value of property tax.
What is a Real Estate Appraisal in Turkey?
A real estate appraisal is a group of works conducted in order to determine the real property value according to specific laws and criteria.
What is a real estate appraiser?
A real estate appraiser is a person with long experience in the real estate field who has a license from the Turkish Capital Council Foundation in order to perform the procedures of extracting the real estate appraisal document.
What does a real estate appraiser do?
A real estate appraiser provides a complete analysis of a property to determine its accurate value.
What happens if a property does not appraise?
The real estate appraisal is one of the most important documents that you should check before any purchase process, and if a property does not appraise, you will not know the accurate value of the property.
How much does an appraisal cost for a commercial property?
A real estate appraisal cost in Turkey for a commercial property is often between 3000 and 4000 TL.
What are the real estate appraisal laws in Turkey?
The real estate appraisal laws in Turkey have become mandatory for foreigners who want to own or sell real estate since 2019. It is extracted in a period not exceeding one week, and is valid for only three months.
What are the real estate appraisal companies in Turkey?
Real estate appraisal companies in Turkey are independent companies that have a license to perform the appraisal, and their work is limited to legal issues in accordance with real estate appraisal laws in Turkey.
How much does a real estate appraisal cost in Turkey?
A real estate appraisal cost in Turkey is often between 3000 and 4000 TL.
What are the advantages of a real estate appraisal?
The advantages of real estate appraisal are: giving the buyer an accurate price of the property, selecting the value of property that is part of a share in a company, determining the value of property losses after accidents such as fire or earthquake, and determining the value of property tax.
What is meant by real estate appraisal for Turkish citizenship application?
In order to apply for Turkish citizenship, you must buy a property worth $400,000, and this is the importance of a real estate appraisal that determines the real value of your property.
How to get a real estate appraisal report?
You can get a real estate appraisal report by the certified real estate appraisal companies in Turkey.
What is the validity period of the real estate appraisal report?
The validity period of the real estate appraisal report is 3 months.
What are the principles of real estate appraisal?
Real estate appraisal principles include all the details of the property such as, space, location, age of the property, its condition, construction phase, transportation, floor, and infrastructure.
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