The circulation issued by Real Estate Investment in Turkey on February 15, from March 4, 2022 is a real estate appraisal report referring to previous real estate values for foreign real estate buyers in Turkey, announcing that there will be Required. You can approve the transaction and submit the Act.
The Turkish government aims to protect foreign buyers’ investments from fraud. This ratio keeps real estate sales at a high level. After the success of the pilot project The new law, which is scheduled to come into effect nationwide by 2022, is also reserved. A new division within Real Estate Investment in Turkey will process all assessments and reports.
About Real Estate Investment in Turkey Reports
An appraisal report certified by Real Estate Investment in Turkey costs TRY 1,000-2,000 and the buyer pays this fee directly to the new property appraisal department. International buyers are required to refuse to do business with a broker claiming to have a license to bid more or make valuations.
Assessment reports are valid for 3 months after approval. If the sale is canceled and the seller finds another buyer The same ranking report can be used. If the property is not planned or is in the process of construction The value will be the valuation when completed. The amount stated in the number of appraisal reports is also stated in the Certificate of Ownership.
According to Real Estate Investment in Turkey, the land registration and land information system adds a report to the system before it is returned to the buyer. Estimated completion time is 3 days in Istanbul and 6 days in other states.
Potential tax consequences
The new regulation aims to reduce the likelihood of tax evasion by announcing a reduction in the number of Tapu’s assets. Istanbul sellers often declare correct selling prices. but in other states It is common practice to record the value of real estate at a lower rate.
If the builder has signed an ownership document at a lower price than the sale Anomalies in the address are recorded in the system and can be found in the tax rage. Foreigners who sign ownership documents for the lowest price will be subject to higher taxes if they sold it five years ago under capital gains tax law.
Department of Land and Land Registration for real estate appraisal
There is a new real estate appraisal department (Taşınmaz Değerleme Daire Başkanlığı) created in January 2019. According to the Land and Land Registration (Tapu ve Kadastro Genel Müdürlüğü in Turkish), the Turkish government requires that the exact amount of tax be delivered. In general The property developer has announced the selling price is half the fair value of the sale. Consequently, states lose taxes and other property taxes. The new department in charge of real estate appraisals uses a variety of methods to determine value and combines all of this information into a single system. They also published statistics and reports from the study. The methods used for assessment are in accordance with international guidelines.
Certified Real Estate Investment in Turkey Specialist
SPK is the abbreviation of Sermaye Piyasası Kurulu in Turkish and means Capital Markets Board. Turkish Stock Exchange and Bank Authority They control the movement of Turkish capital. Valuation companies are specialized institutions that comply with capital market regulations. To prevent conflicts of interest Companies and appraisers may not work as real estate agents or on their behalf.
The assessment report contains the following information:
- Full details of ownership documents
- Location of the property on the map including its coordinates
- Photos of the property
- Equivalent real estate prices
- confirm price
- Current real estate debt situation
- A confirmation received from the Director
- General of the Land and Land Department
Real Estate Investment in Turkey independent appraisal experts licensed by the King Clap, Turkey’s leading financial and banking regulator.