May 2019 - 2Base Online Magazine (English)

Turkeyblog.2base.com
OUR BLOG
New evaluation report introduced in Turkey
Earlier this year a new expertise report was
introduced when buying or selling a
property in Turkey.
This means that a certified appraiser must
valuate the property being traded.
This value is then used as the official
property evaluation and used for calculating
fees for the title deed transaction, property
tax among other examples.
Historically in Turkey the public property
values and evaluations has been a lot
lower than the actual market values and
traded values.
The idea behind introducing this new report
is to bridge the gap between the public
property evaluation and the market values.
The new rapport consists of a detailed
description of the property, the building,
similar properties within the same area
among other examples.Interestingly enough
this report so far is only mandatory for
property transactions where foreigners are
involved as either seller or buyer.
As in other countries a higher public
property evaluation also in Turkey equals
more expenses for the owner of the
property.
In case the Turkish authorities want to gap
the bridge between public evaluations and
traded values the logical step would be to
re-evaluate all properties not matter if they
are being traded or not.
Unfortunately this would go under the
category if "political suicide" and therefor
the government has chosen to implement
this new report step by step and did for
some reason choose to start with properties
being sold or bought by foreigners.
However, it is believed by most that this
will be implemented to all property
trades no matter nationality soon.
Moreover, within some years all properties
no matter if they are being traded or not will
have to be re-evaluated.
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