Real Estate Appraisal Law in Turkey…For What?
The real estate appraisal law in Turkey is one of the laws approved by the Turkish government in the state constitution, which specializes in evaluating the conditions and specifications of real estate when selling or buying it.
Without the evaluation paper, the sale contract is not signed. Rather, this process depends on the real estate evaluation that the investor extracts from the relevant government departments, which allows the completion of real estate sale and ownership papers. These papers have many benefits and have many reasons that the government explained in the text of the law.
Reasons for setting up a real estate appraisal law in Turkey
The real estate appraisal law is one of the most important laws approved by the Turkish government on foreigners wishing to buy and sell real estate in Turkey, and this has great benefits and advantages over the real estate market in the region. This is what makes investors pay great attention to valuation and make it a priority in order to carry out any process in Turkey’s real estate in terms of investment, temporary or permanent housing, tourism and vacation times in its tourism areas and its beautiful cities, and that real estate evaluation is papers that the investor extracts from the departments within a period of 3 days to a week. These papers contain specifications related to the property in terms of location, area, price and its proximity to well-known places in the region. This may necessitate making a committee to carry out the appropriate evaluation of the property. The most important features that are set is the price of the property compared to other properties. This is what makes many reasons that contributed to its status and imposition on investors, and these reasons are:
1-In order to control real estate prices in Turkey
The real estate appraisal law allows foreign investors who are not aware of real estate prices in Turkey to see real estate prices in every region of Turkey, and thus it becomes publicly announced that every region in Turkey has a similar price for its real estate and every property has a price specified by the government and by real estate appraisal law, therefore, this law was established in order to control real estate prices in each region separately.
These prices are set based on clear basics and visible specifications, so that real estate that has the same specifications has one price, and thus the investor always feels that he is experienced in real estate prices in them.
These are the basics that open the door of comparing and distinguishing between real estate:
* Property location
The location of the property is the most important basics and specifications that play a role in determining the price of the property and makes properties located in one location with similar prices, the comparison starts from the site and then to the rest of the specifications, but the impact that the location plays on the property price is approximately 50% of the total effects.
* Property area
It is the second influence on the price of the property, and the comparison comes in the second degree after the location of the property.
If the two properties are located in the same location and have the same area, their price will be more close or may be identical in case of matching in other comparisons and the area affects the price of the property by 20% of the total side effects
*Property view
The view of the property is a very important influence on the price and plays a major role in determining it. It comes third in the comparison table between two properties in Turkey.
The two properties that are located in the same area and have the same area and the same view, their price is much closer and may also be identical if the rest of the specifications are equal. Its effect is also 20%.
*Luxury design for the property
The urban design differs from one property to another, according to the interest in it when building, and the design affects the price of the property and comes last in the comparison table between two properties in Turkey. When the two properties are identical in all the previous specifications that were mentioned, they will have the same price and the percentage of its impact on the price of the property is 10% of the total effects received by any property in Turkey.
2- In order not to expose investors to fraud
The real estate appraisal law was established for the foreign investor who does not have experience in real estate transactions in order not to be exposed to fraud and embezzlement by real estate brokers or real estate companies, which is something that has happened before in Turkey and therefore this law was put in place because of the necessity to protect foreign investors from being exploited by real estate brokers because of their inexperience in buying real estate in the region, this exposed them to fraud, but these operations soon stopped after the emergence of this law, which made them safe from real estate brokers and be aware of real estate prices in Turkey.
3-Facilitating obtaining citizenship through the property price condition
The first and most important condition that has been set by the Turkish government in order to obtain Turkish citizenship is that the price of the property is not less than a certain amount that is determined periodically by official decisions. Through the real estate appraisal law, the investor can search for a property that exceeds this amount to fulfill the condition of obtaining citizenship, and therefore the investor can purchase with confidence and without resorting to inquiring about the price of each apartment he sees in government departments and whether it qualifies him to obtain citizenship or not, so facilitating the achievement of this condition is the most important reason for the development of the real estate appraisal law in Turkey.
4- In order for landlords to pay taxes
Before the real estate appraisal law was established, the investor could evade paying an amount of taxes incurred on the property by placing the value of the property in the purchase contract less than its real value, so he would pay a tax less than the tax incurred on it, and this was a major reason for putting this law in order to comply investors and real estate owners to pay the taxes and fees incurred correctly without fraud or evasion and makes justice prevail among investors and real estate owners in Turkey.
5- For the organization of real estate and the ability to classify it
Each real estate in Turkey has different features from other real estate, even if it is adjacent to it. The real estate appraisal law contributed to organizing real estate and linking it to a web throughout Turkey by placing real estate with similar specifications and similar real estate appraisal in one file or in one classifier.
This was placed in electronic files with a serial number for each of these properties, and government departments could quickly search for properties by their serial number. It was also possible to classify, organize and arrange properties in Turkey according to common specifications or according to the serial number.
7-In order to facilitate the work of real estate companies
When investors come to a certain real estate company in order to search for a property with certain specifications, the company searches for the property with the required specifications in a quick way, which is through the real estate evaluation of properties that the real estate company know before and their evaluation and specifications have been kept, so the investor can find the required property quickly and in a short time, thus reducing the long time required to search for this property.
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