Real Estate Appraisal Report For Foreign Buyers
As of 4 March 2019, Real Estate Appraisal Report will be taken in real estate transactions sold to foreign citizens. This report is mandatory to prevent informality in the construction sector and to prevent high pricing. Thus, it is aimed to increase the value in the eyes of foreign investors in Turkey's real estate sector.
According to the official circular published by the General Directorate of Land Registry and Cadastre, it is mandatory for foreign citizens to specify a valuation report indicating the market value of the immovable property to all purchase / sale transactions.
The Valuation Report came into force for foreigners who purchased property for citizenship. With the new arrangement this condition was brought to all foreigners for real estate sales. According to the regulation, the expert reports prepared will be valid for 3 months from the date of issue and this report will be used in any possible sales transaction. If there is a change in the value of the immovable within 3 months, a new valuation report will be required. For the buildings that are currently under construction, a calculation will be made of the value to be obtained after completion. The reported sales price will not be lower than the value stated in the valuation report, but if the higher the selling price will be written as stated in the title deed. Valuation reports will be prepared by CMB licensed real estate experts.
From 2022 all over Turkey will be forced valuation report on property sales to foreign nationals. Together with the new regulations, especially in the housing sector foreign sales professionalization and specialization will come to the fore, so that foreign nationals in the real estate sector is expected to increase Turkey's prestige in the eyes.