Get a three-day Real Estate Valuation report
Last Updated: 2023-07-27
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Get a three-day Real Estate Valuation report
Earlier this year(2019), the Turkish government issued a circular requiring foreigners to obtain a "real estate appraisal" report in order to ensure the interests of investors, and the need for them to obtain the best investment opportunity. In this text, the Mersa Company website explains to its interested visitors the benefit of getting the Real Estate Appraisal report.
First, let us know what is a "real estate appraisal report": it is a report according to which the value of a particular property in Turkey is determined, according to a set of technical standards prescribed by the Turkish government, and this report is issued by a specialized real estate appraisal expert, and the validity period of this report is only three months from the date of its release.
Also, there are conditions that must be met for a person to be a real estate appraisal expert, which are: He has completed at least four years of university study and obtained a university degree in (engineering, construction, architecture, topography, environment, business administration or economics), In addition to three years' experience in the field of real estate appraisal, he must also pass a special exam to obtain a license in real estate appraisal by the Turkish Financial Markets Authority (SPK), according to which he is allowed to perform this job.
When is real estate appraisal mandatory?
Real estate appraisal is mandatory when buying a property in Turkey, selling a property or renting a property, and when you want to obtain a specific service such as: (bank loan, company merger or company separation, inheritance restriction, divorce transactions). And obtaining a real estate appraisal is mandatory in case foreigners buy real estate in Turkey, to obtain Turkish citizenship.
What does the real estate appraisal report contain?
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Report information, including: the name of the expert who carried out the evaluation - the date of the evaluation - the type of evaluation and the report number.
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The property's address in Turkey.
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The type of property in Turkey (normal apartment, duplex apartment, villa, palace, resort, agricultural land, industrial facility).
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The age of the building (if the building is five years old or less, then its value is higher).
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Number of floors - number of rooms - status of receipt.
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The status of the real estate organization in Turkey (known from the Land Registry Directorate or the concerned municipality)
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-Transportation (proximity of the property to public transport and roads).
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-Type of construction (wooden - cement - steel)
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The presence of electric elevators - stairs for the rescue.
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The infrastructure available in the property.
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-Legal papers for the property (title deed, ....)
Based on the above, the property is evaluated in Turkey according to five classes (Class 1, Class 2, Class 3, Luxury Class, Very Luxury Class) and the value of the property in Turkey is determined. The period for extracting the real estate appraisal is approximately three days.
There are some misconceptions about real estate appraisal that Mersa Team would like to clarify by answering some questions:
First: Can the real estate expert put the price of the property he wants for the property?
The answer is no, the appraisal expert cannot do that because he is obligated to set the price of the property according to criteria after a real estate audit examination, and this report is also subject to scrutiny by experts responsible for that. In summary, the matter is not done randomly, but rather according to certain rules and regulations.
The second: Is the report useful for obtaining the property value in Turkey only?
The answer is no. In addition to the price of the property, the report includes the technical and legal evaluation of the property.
The third: Can anyone conduct a real estate appraisal?
The answer is no, this is a wrong concept because only an expert who has obtained a license from the Turkish Financial Markets Authority performs the task of real estate evaluation.
Fourth: Is the real estate appraisal report considered a high financial cost?
The prices are very appropriate compared to the price of the property in Turkey and the interests involved.
Fifth: Can the report be prepared quickly within two hours?
It needs about 3 days.
Sixth: Can the real estate appraisal report take place over the phone?
No, this is not accurate, as it is legally prohibited to give a real estate appraisal by phone.
Seventh: Is it required that the real estate appraisal expert be old?
The answer is wrong. The ages of real estate appraisal experts are from 26 to 45 years old.
It is worth noting that the real estate appraisal in Turkey has many goals, and one of the most important goals of real estate appraisal is to protect foreigners wishing to buy real estate in Turkey from any manipulation that may occur in the real price of the property in Turkey, and the price of the property is determined according to several factors:
* Area and type of property in Turkey.
* The view of the property in Turkey has a big role in determining the price of the real property.
* The legal status of the property in Turkey is important in determining the price of the property, such as making sure that there are no problems with regard to transferring ownership of the property in Turkey between the property buyer and the seller.
* The quality of services available in real estate in Turkey, such as swimming pools, parks, playgrounds, parking lots, and the security system.
* Real estate finishes, and by that we mean everything related to the property's external designs, the shape of the design, the colors, and the quality of the materials used in the building.
One of the goals of real estate evaluation in Turkey is to apply the condition of obtaining Turkish citizenship in exchange for buying a property, as obtaining Turkish citizenship through real estate investment requires a certain limit for the property to be a candidate for Turkish citizenship, which is at least 400 thousand dollars, and from here comes the importance of real estate evaluation of real estate in Turkey.
The real estate appraisal in Turkey also helped in controlling the evasion of foreigners from paying real estate taxes related to the price of the property and securing a safe investment environment for foreign investors.
We summarize all that was mentioned previously that real estate appraisal is a facilitation of the sale and purchase of real estate in Turkey, but those wishing to buy a property in Turkey must not resort to real estate appraisal companies that are not licensed by the Turkish state, so the report issued by them is considered rejected.
With regard to how to pay the real estate appraisal transaction fees in Turkey, according to Article 63 of the Fees and Expenses Law, the title deed fees and charges are paid according to the popular real estate allowance in Turkey, on the basis of which the real estate tax is calculated.
What is the importance of property valuation in Turkey:
Progress and advancement: The first element that reflects the importance of real estate appraisal of real estate in Turkey is to work on the development and advancement of the real estate system in Turkey. For a long time and to the present day the Turkish state has been working to support the real estate sector in Turkey in particular and has made it easier with no obstacles. With all these guarantees that were provided for real estate investors, we notice an intense polarization in owning real estate in Turkey, and as we have seen, one of the best guarantees provided to them is that of real estate evaluation.
-Not to evade taxes on Turkish real estate: It is well known that in the real estate appraisal report the price of the property is mentioned in detail, and this report is recorded with everything in it in the state's records. When the investor decides to fail to pay the taxes due on him, his action is exposed and he cannot tamper with the law and with the existence of the real estate appraisal document such a thing is impossible.
-Reassurance: Certainly, the necessity for this report is not a problematic act, but rather has a benefit, and an urgent importance as well. First, to increase safety in real estate investments, especially for foreigners, and so that they do not fall victim to those who are depleted of money and who are looking for an inexperienced person to steal his money. The demand for real estate investment projects in Turkey has increased significantly, especially by foreigners, which means that real estate in Turkey is a safe and fit place for such a project that has garnered huge numbers of investors.
- Anti-phishing and devious scam report: Through the real estate appraisal report, you became immune to the hands of scammers who could give you a property that is not worth the amount paid for it at exorbitant prices.
-Control of real estate prices in Turkey: Perhaps this is one of the most important reasons for the existence of the real estate appraisal report that prohibits bidding in real estate prices and manipulating them as they wish, and this matter brings us back to the beginning of the road to the great real estate revolution that occurs within the Turkish territory, through the ability shown by the Turkish government to control real estate prices which resulted the revolution that began to compete with the world.
-What are the factors that affect the content of real estate appraisal of real estate in Turkey: Starting with the things that affect real estate valuation in Turkey such as natural factors that may occur like earthquakes and disasters, which is a dangerous element that can lead to real estate deterioration, and the issuance of new decisions and regulations that can affect the real estate market in all aspects, in addition to the economic and political changes may occur to the country which change in the valuation in the real estate market, as all these factors have a hand in manipulating the value of real estate in Turkey. Moreover, the strong competition if any in the real estate market in Turkey, can manipulate the real estate value and change the prices in Turkish real estate. The location of the property in Turkey is also an important element, as each region has its own price, and finally, the benefit that will flourish from the property in Turkey in the future will determine its price in the present time undoubtedly. The conversation will not allow us to mention all the factors as they are so many, therefore, every element present in this environment can affect the worth of real estate in Turkey.
If you have any inquiries or questions about the "real estate appraisal" report, or you need to obtain it, Mersat team welcomes you. Just leave your request to us via e-mail or contact numbers, and we will be happy to provide you with the best services.
Editing by Mersat Real Estate Team©
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