Turkey is a welcoming country with all the incentives and supports as it provides for foreign investors to get Turkish citizenship with just a $400.000 investment in Turkey real estate.
Besides that unmissable opportunity for Turkish citizenship by investment, the Turkish government has started works to guarantee the investor's right through a circular regarding the determination of the real value of property to be purchased. For this purpose, the government has issued new decisions and regulations in the real estate appraisal law.
As a result of this circular, the value of any property was decided to be declared by the Real Estate Appraisal Department established under the General Directorate of Land Registry and Cadastre through the Real Estate Appraisal Report.
As Bari Global Investment & Turkish Citizenship Firm, we have prepared the following article, dealing with important facts and amendments about the real estate appraisal report and its extent in terms of Turkey’s real estate market.
What Is a Real Estate Appraisal Report?
The real estate appraisal report is a compulsory document required to obtain a title deed, where the real value of a property is included, to complete the property purchase process. The first circular regarding the valuation of real estate had been issued by the Ministry of Housing of Turkey in 2019.
Also known as the real estate valuation report, the document aims to create a secure and suitable environment for foreign investment entrepreneurship and eliminate the risk of loss-making in Turkey.
The Republic of Turkey also provides conveniences for foreign real estate buyers, such as exemption from VAT (Value Added Tax), double taxation, and reductions on customs duties to encourage them by stepping forth as the best host country in terms of investment opportunities.
To learn more about the tax regulations valid in Turkey, visit our guide page titled Pay Taxes and Costs That House Owners and Land Owners Required to Pay now!
Amendments in the Real Estate Valuation Report
After three years, in September 2021, a new regulation was entered into force to prevent the lower declaration of sales costs and tax evasion. Throughout that amendment, a new system was established in which an appraiser would be appointed automatically by the system to determine the real estate value before getting the title deed.
However, the regulation concerning the automatic appointment of the appraisal for the real estate valuation report has changed after negotiations with the Ministry of Environment, Urbanization, and Climate Change. The latest amendment has been made according to the real estate market in Turkey claiming that the previous change has led to a negative impact on property sales in the real estate industry.
As a result of the feedback, the Ministry of Environment, Urbanization, and Climate Change have decided of allowing applicants to choose the appraisal manually as well as the automatic appointment. On the other hand, the companies that can give the real estate appraisal report for foreign real estate buyers have been determined by the Turkish government.
Thus, any real estate valuation company not included in that list will not be entitled to provide the real estate report to foreigners by no means.
Turkey Real Estate Investment, Citizenship Acquisition, and Valuation Report
Turkey real estate investment market is a great opportunity for the ones who demand to invest or reside in our country. Several sectors to establish a business, various job opportunities, quality education institutions, marvelous touristic spots, luxury property options with facilities, and more await foreign investors from all around the world.
Furthermore, buying a house in Turkey as a foreign investor comes with the Turkish citizenship privilege for foreign country nations. What’s more important is the unmissable price for the Turkish passport acquisition. At least $400.000 of real estate, residential or commercial, provides foreigners with Turkish citizenship chance with lots of advantages together.
For more information about property investment in Turkey and its advantages, read our article named Advantages of Buying Property in Turkey: 2022 now!
However, before buying property in Turkey as a foreigner, there are some certain steps to follow for being a homeowner under the right conditions. Obtaining a title deed is just one of these procedures for investors. And at this phase, the real estate valuation report plays a significant role in terms of a safe and high-profit investment.
Contact Bari Global, Make the Best Investment in Turkey!
Bari Global presents quality services as a leading real estate and investment company in Turkey’s real estate market. To accomplish it, our company cares about your needs, demands, and expectations to find excellent properties or other profitable investment areas.
So if you want to make the best investment in Turkey as a foreign investor, contact Bari Global now!
Frequently Asked Questions
1. What is an appraisal report for real estate?
The real estate appraisal report is a compulsory document required to obtain a title deed, where the real value of a property is included, to complete the property purchase process.
2. What is the purpose of an appraisal report?
The real estate valuation report provides reliable data regarding the real value of a property and aims to create a secure and suitable environment for foreign investment entrepreneurship and eliminate the risk of loss-making in Turkey.
3. What makes a good appraisal report?
Significant advantages of the appraisal report can be arrayed as correct, reliable, and valid data it presents.