Appraisal Report is Required for Selling Real Estate to the Foreigners

6 March 2019 0 Comment(s)

Republic of Turkey

ENVIRONMENT AND URBAN MINISTRY

General Directorate of Land Registryand Cadastre Department of Foreign Affairs

Number: 36189470-125.01.01 – 756079

Subject: Acquisition of foreigners in real estate

STATEMENT:

Interest: a)Regulation on Implementation of Turkish Citizenship Law No. 2010/139 published in the Official Gazette no. 27544 of 06.04.2010.

  1. b) Statement no. 2018/14 (1792) dated 10.12.2018
  2. c) Instruction no. 36189470 -25.01.01-E.4227790 dated 31.12.2018.
  3. d) Regulation on Authorization and Activities of the Banks to Receive Appraisal Services forBanks published in the Official Gazette No. 29946 dated 12.01.2017 and Appraisal Services for Banks.

(e) Statement no. 2017/3 (1774) of 24.04.2017.

Interest (a) Pre-acquisition interest in the transactions of foreign natural persons (b) is prepared in accordance with the valuation standards in accordance with the statement and (d) approved by the appraisal agency operating under Article 11 of the By-Law, the market value of the real estate valuation report is searched. (These organizations are announced on the official website of the BRSA.),

On the other hand; in transactions relating to real estate acquisition by foreigners prepared in accordance with the valuation agency as international valuation standards approved and located the collection of data shows that the valuation report the real market value, determination of th eproperty’struevalue, and this data needs in line to constitute Supports the creation of the map value by analyzing the purpose of foreign real persons (a) Inthecase of acquisitions through sale outside the scope of the Regulation, the valuation report must be requested during the transaction.

According to this:

1) Staring from 04.03.2019 the real estate appraisal report must be made in all sales transactions where the natural persons of foreign nationality are both buyers or sellers,

2) Valuation reports submitted for application purposes shall be valid for a period of three months from the date on which the appraisal reports are issued (if the application will be submitted within those 3 months, reports remain valid until completing application procedures),

3) If mentioned immovable is subject to new sales transactions with in three months period, the report shall be considered as valid and no new report should be requested;

4) In case of any agreement changes the value of the real estate (breed change, easement right facility) regardless of the duration of the valuation report again,

5) The title deeds for processing shall continue to be taken as stated in the tariff No. 4 of theLaw on Fees numbered 492, and to present the market value (current market value / current state value) in the valuation report as a table in th eofficial bill,

6) The value of the appraisal report on the day of the transaction for the structures actually expired on the ground, the value of which will occur if the building is finished,

7) The full appraisal of the submitted valuation reports, e) the transfer tothe TAKBIS environment in accordance with the provisions of the Circular;

is required.

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In order to evaluate your real estate by expertise independently, you may send an e-mail to info@expatguideturkey.com.

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