Real estate appraisal service in Turkey
The real estate appraisal service is a service from Glovision real estate company’s package of services in Istanbul. In this article, you will learn about the importance of the real estate appraisal report and its source, in addition to the basis on which real estate is evaluated in Turkey, and the time required to extract the real estate appraisal report in Turkey.
What is a real estate appraisal report?
Real estate appraisal is a document that is extracted at the request of everyone who wants to buy a property and wants to know more details about this property, especially with regard to the current property's price in the market.
Why is it necessary to evaluate real estate in Turkey?
Real estate appraisal in Turkey is required when you buy a property, and in the last period it has become mandatory for anyone who wants to buy a property.
The Turkish government is always keen to protect the consumer and has issued and continues to issue multiple laws and procedures that protect both the consumer and the seller alike, and in order for Turkish laws to prevent excessive and exaggerated prices from real estate sellers, real estate appraisal has become a condition of real estate purchase after it was only made on request.
Naturally, the real estate appraisal report and the reassurance it brings to the buyer's side will encourage an increase in real estate investments in Turkey, and an increase in real estate purchases in Turkey.
Who does the real estate appraisal?
They are real estate appraisal experts, and they are people approved by the Turkish government and affiliated with companies that immediately return to government agencies and are licensed to carry out real estate appraisal tasks as a third party that is not biased towards the seller or the buyer.
What works with real estate appraisal experts, usually banks and various real estate institutions, including construction companies and real estate developers, in addition to real estate brokerage and real estate consultancy companies.
How is the property evaluated and on what bases?
The real estate appraisal expert visits the real estate and looks at all its determinants and components, and looks at the surrounding real estates, and may look at the cost of real estate or its investment returns in order to be able in the end to choose the most appropriate way to determine the price of the real estate, and in general, here are the most important advantages that real estate appraisal experts look at When evaluating real estate in Turkey:
The area of the property to be evaluated
Percentage of completion of the property if it is under construction
The location of the property, its address and its proximity to strategic centers
Quality of building materials and real estate finishes
Technique used to prevent earthquakes
used construction technology
Availability of strong infrastructure (water, electricity, gas, internet...etc)
The location of the property within the building
Availability of services within the residential building containing the property.
The time required to obtain a real estate appraisal report
It can be said that two days is the minimum period during which you can obtain the result of the real estate appraisal, but the real estate appraisal may extend to five days in other cases, as if one of the official holidays occurred immediately after you submitted an application for an appraisal of your property.
However, 3 days can be considered as the expected average period for obtaining a real estate appraisal report in Turkey.
What does the real estate appraisal report contain?
The real estate appraisal report not only contains the current property's price and its market value in Turkey, but also contains the following:
The expected value of the property in Turkish lira, according to the evaluation.
Similar property prices in the area.
Real estate information in the title deed and land registry.
The address and location of the property.
Features finishes, decorations and construction style.
Floor, design and view.
Legal information about the property.
Other information and notes.
Real estate appraisal cost
The value of real estate appraisal varies depending on the type of real estate and its specifications, but in general it can be said that real estate appraisal prices are around $200, plus or minus.
Real estate appraisal and Turkish citizenship
The Turkish government has made it a condition for anyone who wants to obtain Turkish citizenship through a real estate investment must extract a real estate appraisal report with a value matching or more than the value of the property price that will be registered in the title deed, or registered in the contract of promise to sell, and of course this value should not be less according to Turkish citizenship law than $250,000.
Therefore, it was an obligation for everyone who wanted to obtain Turkish citizenship to make an assessment of the property or real estates that he would buy for the purpose of obtaining Turkish citizenship, and this is in a stage prior to the actual purchase, that is, after paying the deposit or writing a contract of promise to sell and before the expiry of a period of 14 days on this contract .
In case that the real estate appraisal report is issued at a value less than the value of the property's price that will be registered in the title deed with a significant difference, you must reconsider your purchase of the property or the properties selected for Turkish citizenship.
Glovoision Real Estate in Istanbul guides you through all these stages free of charge, and the service of obtaining a real estate appraisal report, in addition to follow-up and legal auditing, is part of our company's service package. You can contact us to purchase a new property or evaluate your current property and our team will always be happy to serve you.