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Real estate valuation in Turkey

Real estate valuation in Turkey

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Research shows that real estate sales in Turkey have increased in recent years , which means that people who visit Turkey have decided to settle in Turkey for various reasons . Stability has increased the interest in investment opportunities within various Turkish cities , it has coincided with a facilitations provided by the Turkish government to foreigners continuously to encourage real estate investment , including amending some laws and opening the door to many nationalities for direct ownership for properties in Turkey . The real estate evaluation law in Turkey is designed to preserve the rights of foreign investors when buying a property in Turkey . What does real estate evaluation mean ? And what is its purpose ? What are the details and criteria of real estate valuation ? What are the latest updates to this law ?

 

The compulsory valuation decision for real estate was issued by the Ministry of Housing of Turkey and came into force in early 2019 . The law issued on 15 /02 /2019 under No. 1 / 2019 stipulates that real estate evaluation should be obtained by the competent authorities at the commencement of the procedures for acquiring the property or the title deed of the property purchased . Obtaining real estate evaluation was mandatory for those who are seeking to get Turkish citizenship by purchasing a property in Turkey , but the amendment to the law obliged anyone who sells a property of any kind to foreigners in Turkey to undergo the evaluation . A list of real estate evaluation companies who are approved by the Turkish government has been issued , and any real estate evaluation issued by any other company that is not on this list will not be accepted .

Previously , a foreigner who seek to buy a property in Turkey in order to get Turkish citizenship had to obtain a real estate valuation , which proves that the property is valued at $ 250.000 or its equivalent in Turkish Lira , but the Property Valuation Law has been updated to include all purchases of real estate in Turkey that is carried out by foreigners , to ensure they get real estate prices without any manipulation . The property evaluation report in Turkey is valid for three months from the date of the issuance of the report . There is a new update on this law to include all transactions of sales and purchases of real estate in Turkey , regardless of the parties involved , that is , if a Turkish citizen wants to buy a property , want to buy this property , whatever its price and whatever its type , must be subjected to real estate valuation . The move would increase the credibility of the Turkish real estate market .

In addition to the circulation of the Real Estate Valuation Act to all the buying and selling of real estate in Turkey , regardless of the nationality of the parties , a new amendment was recently required to put the price of the property in the treatment of the Tabu or Title Deed , in order to preserve the rights of parties involved in the sale and purchase of real estate in Turkey .

It is worth mentioning that there is no need to resort to the real estate valuation companies that are not licensed by the Turkish government , where reports issued by unauthorized bodies of the government are not accepted .

 

 Real estate valuation aims to protect foreigners from any manipulation of the price of real property . The competent authority evaluates the price of the property based on several factors , namely : 

  • The area of ​​the property and the date of construction : where the total area of ​​the property is considered , in addition to the type of property whether it is commercial or residential , and how old the construction is .
  • The views : the property is evaluated in terms of the view , in case the property is overlooking the sea , for example , or if the property overlooks a forest , a main street , or so on .
  • Social facilities and services provided by the residential complex : such as swimming pools , gyms , parking lots , etc . The quality of the services and its availability within the complex play a big role in raising the value of the property .
  • The status of the property : in the sense of its condition in terms of seniority , and in case it has cracks , for example , the level of finishes and cladding in the construction , as well as its facilities such as water , electricity and gas meters are also relevant in the evaluation of the property .
  • Legal status of the property : it is to search the legal documents related to the property , such as licenses , and to make sure that there are no impediments to the transfer of ownership between the seller and the buyer , such as the presence of a reservation on the Tabu , for example .
  • The level of surrounding properties : when evaluating the property , look at the price of the properties surrounding the project , and get a comparison between the price of the property to be owned by the foreigner and the surrounding properties .

 

 The real estate valuation report in Turkey includes the following data : 

  • All details of title deeds . 
  • Photos of the property .
  • Location of the property and its coordinates .
  • Real estate prices similar in style , region and all variables .
  • Report on the status of debt related to the property .
  • Price matching .
  • Approval of the Directorate of Geographical Survey .

 

 What are the advantages of buying a property in Turkey? 

  • Low tax in Turkey , the decision to reduce taxes in Turkey is one of a series of decisions concerning the real estate sector in Turkey , and was reflected positively in stimulating foreign investors to own property in Turkey , which contributed to the revival of the real estate market in Turkey in general . The most important tax deductions are : Exempting the foreign buyer from the value added tax due on the property .
  • Obtaining a residence permit , where foreigners who own properties in Turkey , whose price is less than $ 250.000 , are granted a residence permit that is renewed annually . Real estate residence permit in Turkey is granted to the landlord , his wife , and his children under the age of 18 .
  • Real estate in Turkey is the cheapest real estate investment in Europe , where real estate prices in Turkey are considerably cheaper than those in Europe , with similar features in infrastructure , and similar in structure of developed European countries .
  • Real estate investment in Turkey provides a profitable investment return , based on the economic activity and rapid urban development , and the strength of tourism in Turkey , which is best reflected in the periods and tourist seasons , through the demand for rental homes during those seasons distributed throughout year .

 

 What motivates and encourages investment in Turkey ? 

The countries of the world are racing to attract investors , in order to stimulate the local economy of the country , by pumping money into the arteries of the country , and the development of its projects , but Turkey is distinguished from other countries with unique investment incentives . What motivates and encourages investment in Turkey ?

  • The strategic location of Turkey . Turkey , a modern and developed country , with a history and ancient civilization , which is located in the middle of the world , and it is divided widely on the continents of Asia and Europe and combines the originality of the East and modernity of the West . The Republic of Turkey is divided into 81 provinces , and Ankara is the capital of the country , and Istanbul is the financial capital and cultural and economic heart of the country , and the Republic of Turkey includes major and famous cities such as : Izmir , Antalya , Gaziantep , Diyarbakir , Konya , Bursa and others lots .
  • Low tax in Turkey , the decision to reduce taxes in Turkey is one of a series of decisions concerning the real estate sector in Turkey , and was reflected positively in stimulating foreign investors to own property in Turkey , which contributed to the revival of the real estate market in Turkey in general . The most important tax deductions are : Exempting the foreign buyer from the value added tax due on the property .
  • Strong and developed infrastructure , as infrastructure projects in Turkey continue at a steady pace . The Turkish Minister of Transport and Infrastructure has announced that his country has completed projects in the transportation sector with a total value exceeding 150 billion Turkish Lira ( $ 26 billion ) . Among the most anticipated infrastructure projects are the 3-storey Istanbul Tunnel Project and the Istanbul Canal Project .
  • The rapid growth of Turkey's emerging and developing economy . Since late 2017 , economic growth rates have exceeded official forecasts and indicators of Turkey's statistical and economic institutions . Turkish and foreign economists point out that Turkey's economic growth rate will reach around 12% in 2019 , the highest rate in Turkey's economic sector since 2015 .
  • Skilled and competitive labor , where the Turkish President , Recep Tayyip Erdogan , that the labor force in Turkey rose from 22 million , in 2002 , to 29.5 million , stressing the increase in employment despite the increase of labor in the country .
  • Turkey is a member of the G20 , the world's 20 largest economic powers . The G20 is a group of 19 countries as well as the European Union , and the meetings of this group focus particularly on economic policy topics .

 

 What are the documents required to obtain Turkish citizenship when buying a property in Turkey ? 

  • A copy of the Tapo ( title deed of the purchased property ) , or the promise of sale contract with the notary ( Noter ) .
  • Valid evaluation report of the property , the validity of the real estate evaluation reports is three months , and the value does not exceed the value recorded in the title deed , and has a specific issuance cost , and is extracted within two or three working days by a valuation institution licensed by the Turkish government .
  • Original payment receipts from the buyer's account , stamped from the sending bank .
  • Original receipts from the seller's account , stamped from the receiving bank .
  • Two copies of the proxy of the application for citizenship , granted by the investor to the law firm to submit the file of citizenship , and follow-up with the official departments . The proxy is organized through a Notary in Turkey ( Notre ) at an estimated cost of 600 to 700 Turkish Lira per copy . If the investor's spouse is added to the naturalization file , a similar proxy must be provided for each of the spouses , and one joint proxy may be organized for the client and his wife . The fees of the legal team vary according to each case in terms of the number of papers and the number of individuals in the file and others .
  • Translation of the passport into Turkish , certified by a notary in Turkey ( Noter ) for the whole family : husband , wife , and children under 18 years of age .
  • Picture of the last Visa and entry to Turkey .

 

 Projects suitable for Turkish citizenship 

  • RH 180 - Ready luxurious homes with direct sea view in Zeytinburnu

The project was built on a land area of 63.500 square meters . It consists of 6 residences blocks plus 1 hotel block , with its green spaces of 51.500 square meters .

The project offers apartment options ranging from 1   1 to 5   1 , in addition to garden duplex and penthouse .

The project located on the European side of Istanbul , in Zeytinburnu district , on the shore of the Marmara Sea ,  just outside the walls of the ancient city .

The project located at the very intersection of all new transportation systems , road , sea and rail systems of Istanbul right beside the Historical Peninsula .

In this project , the sea will become part of your daily life . You can reach the marina with only one minute’s walk from your home over the footbridge directly connecting the project to the shore .

The project includes many services and facilities that meet all your needs , such as parking for cars , video intercom system , gardens , playgrounds , swimming pools , sauna and others .

The project also offers security and surveillance cameras 24/7 .

The project is ready for delivery , and for more details please visit the project link here : RH 180

 

  • RH 80- Apartments with Bosphorus view and suitable payment plans in Sisli 

A first class residential and investment project in the center of Sisli , specifically in the fast growing Bomonti area .

The project is located in one of the most famous areas on the European side of Istanbul , Bomonti district , a growing area that attracts the attention of investors at the moment , which is characterized by easy access to the most vital places in the city , and its proximity to shopping centers , airports , hospitals , universities and schools .

The project location is just 8 minutes away from Taksim .

This project has been designed in line with the highest quality standards in real estate in Turkey .

All apartments have private balconies with views of Istanbul or the Bosphorus .

The project includes special facilities that provide residents with comfort and entertainment and meet all their needs such as swimming pools , gym, walking paths , sport courts and restaurants , in addition to surveillance cameras and security .

Invest in this project today and benefit from its prices which will increase by 40% after the completion of the project .

All the project details in this link : RH 80

 

  • RH 163 - One of the best projects in Maslak , ready for housing with a view of Belgrade Forest 

Apartments for sale in Istanbul in a huge project like a full-service city , which includes a shopping center , 5-star hotel and integrated social facilities .

The project provides an ideal choice for housing and investment . The project was built in three phases : the units of the first residential phase have been completed and fully sold , the second phase includes shops and a shopping center , while the third and final phase is a mixture of residential and commercial apartments .

The project is located on the European side of Istanbul , specifically in Maslak , one of the largest real estate development areas in the city .

Maslak is one of the main central districts of Istanbul and it is one of the fast-growing areas of the city .

Maslak area is close to transportation links that will take you to all parts of the city in a few moments , and you can easily access the main areas and sights of the city .

Maslak is the ideal area for investment in Istanbul , where it promises high profits and high returns on investment in a few years .

The project is located only minutes away from Taksim and Levent , not more than 5 minutes from Bosphorus , and 25 minutes from  Istanbul's third airport , which gives it strategic and investment importance .

The project is located near the metro station and public transport .

The project is located in the Cendery Valley , among the regions of Istanbul that have gained the highest value .

The project is located next to Maslak and Levent , which provides a pleasant life with transportation opportunities .

The project attracts attention through its location close to shopping centers , arts , health facilities , transportation and education centers .

All the project details in this link : RH 163

Eresin Project