What is a Property Expert Report or Property Appraisal in Turkey?

What is a Property Expert Report or Property Appraisal in Turkey?

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Property Expert Report

These days, buying an apartment in Istanbul has become one of the favorite options for many investors. If you also intend to purchase property in Turkey, there are several important points you need to pay attention to. One of the most crucial points is the property expert report or appraisal in Turkey.

This report is essentially an evaluation that you need to obtain when purchasing property. If you wish to gain comprehensive information on this subject, we recommend staying with us until the end of this article.

What is an Expert Report or Property Appraisal? According to Turkey’s law on foreign investments, buying and selling property requires obtaining an expert report, or appraisal. This report includes a precise evaluation of the property’s value and reviews aspects such as information related to the property’s deed, its value in both dollars and Turkish lira (to determine whether the property is eligible for citizenship), the property’s specifications (photos of the property), and any tax debts associated with the property. Once prepared, a copy of the expert report is provided to the property owner, and another copy is kept in the government archive.

Note: This report is mandatory for all foreign nationals who wish to make a real estate investment, as the Tapu (Land Registry Office) will require it when registering the title deed. Additionally, if a foreign national plans to acquire Turkish citizenship by purchasing property, this expert report is one of the documents that must be submitted to the immigration office.

اکسپرتیز با گزارش ملک در ترکیه چیست Property Expert Report

Below, you can see a sample of an expert report for a three-bedroom unit. You can also download the full expert report sample as a PDF file.

Why Do You Need an Expert Report in Turkey? Obtaining a property expert report in Turkey offers several benefits, the most important of which are as follows:

Determining the True Value of the Property Keep in mind that getting an expert property report in Turkey is very important. This report not only is mandatory for all foreign nationals but also allows you to know the true value of the property. With this report, you can compare the property’s price with similar properties and ensure that your investment is fair and wise.

Avoiding Irreversible Mistakes Imagine purchasing a property without having enough information about it. One of the worst situations is if the property is under the control of a bank or government, in which case you could lose your investment. Moreover, you may face problems like lawsuits from the bank or local authorities. With the expert report, you will not have to worry about such issues.

What is Included in the Property Expert Report in Turkey? The property expert report in Turkey includes various factors, such as:

  • Information about the property’s deed
  • Property location
  • Real and recent photos of the property
  • Price of similar properties
  • Review of any debts associated with the property

Who Performs the Property Appraisal in Turkey? The property appraisal is carried out by the seller, and it is necessary for selling the property. This report must be handed over to the buyer and is valid for about three months. The buyer is responsible for paying the fee to the property expert.

The report consists of about 8 to 15 pages, and typically takes a few days to prepare. The appraisal is performed by two government-authorized organizations that evaluate and approve the property in question.

How Long Does It Take to Obtain a Property Expert Report in Turkey? Many people ask how long it takes to receive an expert report. The answer is that you should expect to wait around 1 to 2 weeks to receive the report. As mentioned above, the report is prepared by two organizations, so the process of appraisal and issuing the expert report may take a few weeks.

How Much Does a Property Expert Report Cost? The cost of the expert report in Turkey depends on several factors, including the type of property, its location, and the company providing the appraisal services. Generally, the cost can range from $100 to $500, and for commercial or special properties, it might be higher.

Additional costs may apply for legal documents or consultancy services. It is recommended to compare several companies and evaluate their prices and services to choose the best option.

Final Thoughts In this article, we have reviewed the property expert report in Turkey. Obtaining this report is one of the main requirements for transferring the title deed at the Tapu office. If you attempt to buy or sell property without this certificate, the deed transfer will not take place, and the transaction will be canceled. Moreover, this report enables you to determine the true value of the property, ensuring a smart and secure investment.

If you need guidance and consultancy for buying property in Turkey, you can rely on our professional team.

مشاور خرید ملک در استانبول Buying a property in Istanbul

Frequently Asked Questions

  1. Does the property undergo technical inspection during the expert appraisal in Turkey? Yes, usually this report includes an evaluation and inspection of all aspects of the property.
  2. What are the main factors affecting the cost of the property expert report in Turkey? The most important factors affecting the costs are the property’s location and condition.
  3. Can I purchase property in Turkey without an expert report? No, since 2019, all foreign nationals must have this certificate to buy property.

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