It is compulsory to have an appraisal (valuation) report on each foreign property sale (soon every sale in Turkey) since 15.02.2019. The report is prepared by two authenticated and SPK-validated appraisers. One of them checks the plans, the registry info at the municipality, and the Tapu (title deed) office. They visit the property to ensure that you buy the one which is shown to you. The controller double-checks whether the house price comparisons and registry are correct. Both are sworn valuation experts under oath.
The government wants to have the market value of the property rather than relying on declaration value. Previously a seller would declare a much lower sales amount in order to avoid paying higher conveyance tax. Therefore a valuation report is used as an indicator of the property for tax calculation.
If you consider buying a property in Turkey, you need to be sure about the value of the property that you will buy. There are 2 types of appraisal reports; Real Estate Valuation and Project Valuation with a feasibility report.
A real estate valuation report contains:
– The title deed information,
– Location on map and location information,
– Actual photos,
– Similar property prices,
– Price prediction of the property
– Checking the debt condition, technical condition checks at the municipality and at Land Registry and Cadastre General Directorate.
A property appraisal report may contain more qualifications and conditions according to your demand and property features. Experts prepare your appraisal reports generally one of below three different methods depending on the qualification of the real estate:
Comparison of the Precedents Method – The property is compared between several similar properties
Income Method – Considering the net income flow of a property
Cost Method – Rebuilding of the same structure under present economic conditions
Bodrum White Villas is co-operating with independent appraisal experts licensed by Sermaye Piyasası Kurulu. Sermaye Piyasası Kurulu means Capital Market Board – the Highest regulation authority of financing and banking in Turkey. We call them SPK validated experts in Turkey. These experts are authorized for real estate valuation in Turkey and project valuation in Turkey.
We can supply you with accurate valuation reports all around Turkey. Appraisers are authorized and licensed to prepare the below kinds of reports;
– House/villa valuation or apartment valuation,
– Commercial buildings, offices, stores, shopping mall valuation, and shop valuation,
– Agricultural land, plots, parcels, and land valuation,
– Hotel valuation,
– Urban Renewal valuation (Kentsel Dönüşüm Değerleme),
– Mine valuation, Gas Station valuation,
– A ship, Marine, Yacht valuation, Airplane, Plane valuation,
– Trade Mark valuation,
– Company valuation.
Project Valuation with Feasibility Report in Turkey
You have a project and you want to know how to achieve the most efficient manner to develop it. Project valuation is prepared again by real estate experts which supply a feasibility report in Turkey.
A feasibility report contains:
– Financial analysis,
– Project expenditure cash flow,
– Project income flow,
– Legal due diligence,
– Legal permission and allowances,
– Ownership rights,
– Construction permits.
A project valuation will let you understand if your investment is feasible or not. You might need a feasibility report for the below investment projects:
– Land investments,
– Hotel investments,
– Commercial and Shopping Mall investments,
– Residential and Housing Development investments,
– Agricultural investments with crop & harvest analysis,
– Industrial investments.
As an example; you may like to develop a hotel project or to buy an existing hotel in Turkey. When you order this project appraisal report, you will receive the below information:
– Land price appraisal, the title deed information, and location on map and location information,
– Checking the debt condition, technical condition check at the municipality and at General Directorate of Land Registry and Cadastre,
– Project development cost,
– Construction cost and Operating cost,
– The financial report which contains income and expenditure flow,
– Suggestions to achieve the most feasible investment and alternative projects
When you purchase a property with Bodrum White Villas, we help you to arrange this document as our sales service in 2 days. As we assure you to give the Best Price Guarantee, all our property offers on our website have pre-valuation reports.
A property valuation report takes 3 days in the metropolitan cities of Turkey. Other cities may take an additional 3 days time (total 6 days). Hotel valuation report takes approximately 15 days time depending on the city.
You may ask report delivery time for other reports like project valuation and feasibility, land price appraisal, business valuation, brand mark appraisal, etc. These reports may take 2 weeks time up to 1 month time.
Please contact us directly to get a price and time quote for the real estate valuation report and project feasibility report.
Q: Do I need an appraisal report?
If you purchase a property in Turkey as a foreigner, it is compulsory to have an appraisal report to get your title deed at the General Directorate of Land Registry and Cadastre (Tapu Office).
Q: How long does it take to prepare the appraisal report?
When you demand a professional appraisal report, the experts check the property themselves. They take the photos, control the registry at the Tapu office. Lastly, they check the registered plans at the municipality. Experts collect comparison prices. A report contains between 20 and 35 pages. It takes 2 days to prepare.
Q: How may I find an SPK validated expert?
After you select a property with Bodrum White Villas, we directly arrange for you an expert for fast and reliable service.
Q: How much does a report cost?
The cost of an SPK validated appraisal report varies depending on the city and features of the property. You can visit our up-to-date expenses page for detailed information.
Q: How much do you charge for your service fee?
Bodrum White Villas gives this service free of charge to its customers.
Q: How long is a valuation report valid?
According to the property law, the Tapu office wants it not older than 3 months. In case the report validation time passes, we help our clients to renew it free of charge after 3 months.
Q: What does SPK mean?
SPK is an abbreviation of Capital Market Board which means Sermaye Piyasası Kurulu in Turkish. It is the highest regulation authority of financing, stock exchange, and banking in Turkey.
Q: What happens if the valuation of the property is different than I buy?
Real Estate Valuation Department is established under the Land Registry and Cadastre according to the presidential decree dated 5.2.2019. The valuation report and property sale price statistics are very new for Turkey. We are now at a very early period. As we do not have a large database, the accuracy of the reports may differ up to %20.
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