Turkey is witnessing a great demand by those wishing and looking for investment and real estate ownership.
Many specialists in the field of marketing, development and real estate investment said that the boom in the Turkish real estate market was reflected in prices, They explained that the rise in prices made investors turn to this profitable market. Consequently, the proportion of requests for investment increased, especially in the northwestern states of Turkey such as Istanbul and Yalova Bursa.
Perhaps the most prominent thing that investors seek in light of the huge number of real estate projects that Turkey is witnessing, is to find a suitable site to buy their property, at special prices, This is because this process is risky, especially for foreigners who are not fluent in the Turkish language.
The Turkish government is also keen on the interests of the next foreign investor to buy a property in Turkey, Therefore, it issued a package of decisions, the most prominent of which is the law granting Turkish citizenship to anyone who owns a property worth only $400,000 , which encouraged Arab investors and businessmen to invest their money in Turkey and obtain Turkish citizenship.
The Turkish Ministry of Housing issued a decision requiring the presence of a real estate expert recognized by the Ownership Department (Tabu Department) whose task is to assess the price of the property, This is what is known as the “ real estate appraisal ” committee .
What is a real estate appraisal report?
Real estate appraisal:
The real estate appraisal law seeks to protect investors from some weak-willed people who manipulate real estate prices and target the foreign investor because he does not know the true value of the real estate.
The real estate expert relies on three basic things in writing his report, which are:
- The location of the property is primarily , as real estate prices vary according to the Turkish states and the regions within them. Each region has a specific price.
- Total apartment area, building age and type (commercial, residential).
- The quality of the cladding, and is the apartment in a luxury residential complex or in a separate regular building?
Date of implementation of the decision:
The decision entered into force on the fourth of May March 2019As the General Directorate of Real Estate Records affiliated to the Ministry of Environment and Cities published a decision requiring foreign investors who are about to buy real estate in Turkey to commit to obtaining the report of the evaluation committee for the price of the property in order to complete the purchase process and register the property in the Land Registry Department in the name of the property owner.
This decision aims to protect the investor and ensure transparency in the buying and selling operations. The validity of the report remains valid for a period of three months from the date of issuance.