Property Investment in Turkey
Real Estate Valuation Report (Appraisal Report)
Foreigners are required to evaluate the real estate through the property investment process in Turkey by valuation companies in order to get a real estate in Turkey. These companies must be licensed by the Government Office (Capital Markets Board). As of now, 143 companies have been licensed by this office to issue reports. You can find the list of these companies from the link below for property Investment in Turkey. Even though the list of companies are listed in the link below, with the new amendment of the Ministry of Environment and Urbanisation regulation; investors who are investing in the properties have to work with appraisal companies which are appointed by the Title Deed Authority.
If the invested property is under construction, two values are determined for investment. The first is the instantaneous value under construction, which is called the “current value”. The second is the estimated value when the legal situation is over, called “legal value”.
E.g. “As a result of the examinations, it is evaluated that the 60% completed value of the real estate is 1.500.000 TL, and when the construction is completed and ready for living in, this value will be 2.000.000 TL”. You are going to comprehend why we are explaining this detail when we come to the title 5.b.
Valuation reports are valid for 3 months from the date of issue. The title deed has to be transferred within this 3-months-period. Otherwise a new valuation report will be required.
According to the regulation published on 20.09.2021, evaluation report companies will be selected by the Title Deed Offices. Accordingly, the parties will not be able to choose the valuation company anymore.
Title Deed Transfer
The seller initiates the title deed transfer process in Turkey. The seller declares that he/she wants to sell his/her real estate to the buyer by submitting with buyer’s documents to the Title Deed Office. After the application, the Title Deed Office checks the documents and calculates the title deed fee and sends the fee and appointment message to the parties. The parties pay the title deed fee and go to the Title Deed Office on a certain day and time and sign it. As soon as it is signed, the title deed is passed from the seller account to the buyer. The Title Deed Officer immediately issues a new title deed and gives it to the new owner (buyer). With a valid title deed, the owner can benefit from Turkey Immigration Law.