What is real estate valuation in Turkey
The concept of real estate valuation in Turkey is ( a set of works that are conducted with the aim of determining the real value of the property according to specific criteria, carefully developed laws and controlled Rules, real estate valuation in Turkey is an essential way to reveal the real value of the property), real estate valuation in Turkey is considered as a gift to the investor that will provide him with the opportunity to own a property at its real value without exaggeration or decrease.
The importance of real estate valuation in Turkey for foreigners
The importance of real estate valuation in Turkey for foreigners lies in protecting the right of a foreign investor to own a real estate of real value, and because a foreign citizen does not have full knowledge of the real estate market in Turkey, it was necessary to develop disciplined laws in order to secure the rights of a foreign investor and ensure that he is not exposed to any cases of real estate fraud, which is why the real estate valuation law was developed in Turkey, which guarantees the investor that he owns the real property value without exaggeration or decrease (this is through real estate valuation companies or real estate valuation companies that would issue a real estate valuation report stating the price of the property in the market according to the specified criteria).
What is a real estate appraisal company in Turkey
Real estate appraisal company (or accredited real estate appraisal companies) are companies licensed by the Turkish government, and according to the real estate appraisal law in Turkey, accredited real estate appraisal companies are responsible for completing real estate appraisal procedures, and for the person assigned to this procedure is called (real estate appraiser), an expert person who holds a business license from ((Turkish capital Council Foundation)), and over time acquires real estate appraisal experience
The role of real estate valuation companies in Turkey
As for the role of real estate appraisal companies in Turkey, it is a major and indispensable role, and the following is the most important information about real estate appraisal companies in Turkey:
Real estate appraisal companies in Turkey have sufficient and complete experience to carry out the work of determining and adjusting the prices of all types of real estate (houses, land, shops, workplaces, facilities, etc.).
The real estate appraisal company in Turkey is an independent entity that does not have any activity affecting real estate prices in Turkey.
The real estate appraisal company in Turkey does not interfere in the sale and purchase transactions in the field of real estate investment in Turkey.
Real estate valuation companies in Turkey are independent experts whose work relates to legal issues related to Real Estate.
Real estate valuation law in Turkey for foreigners
The real estate valuation law in Turkey was enacted for foreigners to preserve the rights of a foreign investor from people who have intentions to manipulate the prices of houses and real estate and who tell the foreign investor prices are not real, and in 2019 the real estate valuation law in Turkey has become binding for foreigners wishing to buy or sell real estate, where they are required to report real estate valuation and it is extracted from the real estate appraisal company in a period not exceeding a week, usually its validity period is three months, the report includes the price of the property in Turkish lira and the information in the title deed such as address, location, floor and view, i.e. the report includes a detailed explanation about all aspects and characteristics of the property Of course, the concept of real estate valuation in Turkey itself is an encouraging factor for pumping foreign investments.
Basics of real estate valuation report
Real estate valuation companies in Turkey rely when extracting the necessary report in order to evaluate real estate on several grounds, namely:
Space, which is one of the most important bases that real estate appraisal companies look at while evaluating a property.
The real age of the property, which determines an important aspect of the price of the property, the older the property, the lower its price.
Geographical location, and here, while conducting a real estate valuation report, the address of the property is considered specifically and how close it is to strategic points such as metro stations or mega projects.
The condition of the property, and here the materials used in the construction, their quality, home decorations, interior finishes and the placement of building cladding from the outside are checked.
The construction stage, this concerns real estate that is under construction, where the delivery date of the property must be determined.
Transportation, since it is necessary to have one of the means of Transportation near the property, this plays a prominent role in the real estate valuation report.
Infrastructure, which is the availability of basic home extensions, such as water, gas, electricity and internet.
The valuation of the property is affected by the location of the property within the construction (on which floor the property is located).
The cost of the real estate valuation report
The cost of the real estate evaluation report varies depending on the type of property and its area, but the cost is between 3000_4000 Turkish Liras approximately.
Types of properties evaluated by real estate valuation companies
The types that real estate appraisal companies evaluate are usually listed into five types of real estate as follows:
Residential real estate, which are houses, villas, houses and all properties that are used for the purpose of housing.
Agricultural real estate, which is all real estate that is used for agricultural purposes such as land and fields.
Commercial real estate, which are all types of real estate that are used in commercial activities such as commercial buildings, offices, shops, shops and shopping center buildings.
Industrial real estate, which includes all types of real estate through which industrial production is achieved and used for industrial purposes such as factories and workshops( evaluating real estate in Turkey for this type requires strong experience).
Special status Real Estate, which includes properties intended for use in private areas such as houses of worship, schools, hospitals and playgrounds (real estate valuation of these properties is difficult due to the lack of trading in sales and purchases)
