Buying a property in Turkey
Investing in a new county can be a bit of a worry for many
, as the process may seem a bit alien. Rest assured, when you choose to buy a property in Turkey, Vision Estate Agent will be at hand every step of the way, to make the whole process completely stress free. Once the whole thing is broken down you can see that indeed it really is a very simple process. Most importantly, we want our customers to feel comfortable and secure.
A member of Visions sales team can pick you up and show you around the location you have chosen and the surrounding area, so that you will have a clearer understanding of what types of properties are in each area. We can then bring you back to the office and discuss suitable properties that are on our portfolio. There is no pressure or hard sell.
When you have chosen the perfect property, and agreed a price, the next step is to pay a deposit and at the same time sign a sales contract.
The agreement /contract will be in both English and Turkish. Two copies are issued, one for the seller and one for yourself. All that is needed at this stage is a copy of your passport. The agreements, once signed, will be legally binding.
Vision will now assist, if you wish, with opening a bank account and obtaining a tax number. We can also offer additional help such as furniture, curtain and white goods shopping if required.
Full payment will be made as per terms and conditions of the agreement, however this is normally upon receiving your Tapu (deeds giving ownership of the property)
Once we help you apply for your tapu, you will then need to pay all government taxes related to the buying your property and any commissions agreed.
Unless you give someone ‘Power of Attorney’, you will need to be present for the tapu application and its collection, a few hours later.. Both buyer and seller will meet at the tapu office (Title deeds office) were the official transfer will take place. A legal translator will also be present.
This whole process can normally be carried out in a day or two.
When buying you will need a passport, Turkish tax number, 2 Photos and proof of address in your home country for example an old utility bill.
Expenses for buying a property
The costs involved in buying a property
depend on what area you are buying, however the taxes etc remain the same.
Buyers/sellers tax is normally 4% however the government are currently offering 3% of the declared value of the property. This must be paid for at the Tapu Office when carrying out the transfer of the deeds.
The following will also incur a charge.
Officially accredited translator
Power of attorney (optional)
Photos x 4
Military check taxes
Title deed application tax
Estate agencies fees.
When buying a property you should always use a registered and licensed real estate agent. By law they charge between 2 and 3% of the buying price, from both seller and buyer.
As a ‘home owner’ what must be paid and how is it paid.
Earthquake insurance is compulsory in Turkey and calculated on square meter of the property. The price will start for 100 lira from a small 40 square meter property onwards.
Property Insurance depends on the value and contents of your property. This will insure you for fire, theft, water damage and some weather damage
You must register your property for electricity at the local electricity office. You will need a copy of your passport, tapu, tax number and earthquake insurance.
Prices depends on region.
You must pay a deposit when registering and transferring the electric to your name. The price varies from region to region starting at 150 lira to 400 lira. However, if your property is new and you are connecting electricity for the first time, you will pay for electric connection. Again, the price depends on region, you will pay anything from 400 to 800 lira.
You must register your property for water at the local water office. You will need a copy of your passport, tapu, tax number and earthquake insurance.
Prices depend on region.
You must pay a deposit when registering and transferring the water to your name. The price varies from region to region starting at 150 lira to 400 lira. However if your property is new and you are connecting water for the first time you will pay for a water meter. Again the price depends on region, as well as the type of meter that you will be given. You will pay anything from 500 to 1000 lira.
Property taxes are paid every year. Again the amount is dependent on your area. The taxes are calculated between 0,1% and 0,4% of the local council’s valuation of the property not the actual value of your property. These taxes are used by the government to fund police and fire services, sewage and water services as well as waste removal.
Cost of Living in Turkey
One of the main things people factor into their decision to move to Turkey, is the cost of living. Turkey can fit all tastes of life and can be as cheap, or as expensive, as you want it to be, depending on circumstances, personal taste, and life styles.
Are a lot lower
However, there is a huge difference in prices, from region to region, just like most countries in the world. Cities are the most expensive places to live, by far the busiest and most popular touristic city Istanbul, it is also the most expensive. The hustle and bustle of business, shopping, finance and tourism also has many effects on costs, such as higher property prices and rentals. Day to day expenses, food shopping, eating out and transport, means a family can live on around 5000 lira a month, before rent.
The Aegean coast is by far the most beautiful, and for many Turks and foreigners, the main choice as a holiday destination. In Marmaris, Bodrum, Kusadasi, Fethiye and Didim, the prices are a lot lower. The general cost of living for a family is around 3000 lira before rent. This has made these areas a hot spot for many ex pats and foreign investors.
The minimum wage in Turkey has risen a lot in the past few years, with its most recent jump from 1780 to 2000 lira, with the employer paying all retirement and health costs, known as SGK. A single person with this income, after having to pay rent, would have a very basic life indeed.
The current exchange rate is making Turkey a very interesting place for people to retire to. Many who have retired, and receive monthly pensions from their own county, find that the excellent exchange rates have meant that their Euros, Pound or Dollars now equate to much more lira than before.
The bank interest rates on saving accounts are a fantastic way to have your money work for you. If you put some of your hard-earned lira into a Turkish bank account, banks are currently offering around 20% interest rates with monthly or 3 monthly payouts. Many expats use this as their “Pay Day”
Let’s look at general monthly costs.
House hold bills.
This normally comes to a shock for many, as owning a house in Turkey does not come with the endless fixed bills that we see in many countries. No Tv licenses no huge monthly council taxes.
Gas: Some areas have natural piped gas but most people by a bottle from a local shop costing around a 100 lira and lasts for cooking between 3 and 6 months and in some cases if you don’t cook much, up to a year.
Electricity: Of course, this all depends on air conditional usage and how you heat your water, be it solar panels or electric heating. Generally a 2 bedroom apartment is around 100 lira in summer and 200 in winter months.
Water: 40 lira a month
Complex Fee: All depend on the size of your complex but this can range from 100 to 500 lira a month
Council tax: Roughly 200 lira a year per person registered on the Tapu and may vary dependant on price band of your property
Home Insurance: This is completely dependent on your property and its contents. From 300 to 3000 lira.
Internet: The one thing that we cannot live without these days, the all-important internet. This is on average around 70 lira per month. Good offers can always be found as there are many companies around, all fighting for your business.
Smoking and drinking.
This used to be extremely cheap a few years ago. However, over the last few years we have seen these items becoming highly taxed. But for many people these are still classed as cheap, with a packet of 20 cigarettes costing about 10 lira. Beer in shops around 10 lira and wine anything from 20 to 50 lira a bottle, depending on brand and quality.
Owning a car In Turkey can be costly as fuel prices rise, many have chosen diesel or gas powered cars. A household would need to put about 3000 lira a year aside to cover taxes, insurance, mot and services.
Health care and residency.
You must hold a residency permit to live in turkey, if you want to stay longer than 90 days within a 180-day period. You must also have health insurance if you are under 65. Many people choose the government run SGK healthcare scheme. This would mean a married couple would need to put aside around 7000 lira a year.
Power of Attorney in Turkey.
Sometimes buyers or sellers are unable to travel when needed to buy or sell a property. In that case a third party will be appointed as their Power of Attorney in Turkey. This can be for just buying or just selling, it can be limited to set dates for example a week or a year. This will give the appointed person power to carry out the military checks as well as signing and registration of the title deeds.
Authorizing a Power of Attorney (POA) takes about two hours and is witnessed at any notary office within Turkey. Foreigners who don’t know Turkish will need to use a certified translator, registered with the notary office.
When you hand POA to someone, you are effectively saying by law "You may act on behalf of me for these powers," so it is advisable to only give Power of Attorney to professional estate agents or registered and certified solicitors.
A Power of Attorney should only contain a power for necessary procedures and nothing else. This typically includes a power to buy property on your behalf as well as obtain electric and water connection. Avoid general Power of Attorney because this gives the other party approval to sell a property or take on debt, and in the wrong hands, it could have disastrous consequences.
A Sample Power of Attorney Document
The below is an example of a Power of Attorney in Turkey that authorizes Antalya Homes to buy property in Turkey and get water and electric connection on your behalf.
I, the undersigned representative of .............., authorized signatory Head ……………. was approached by (CUSTOMER NAME) while carrying out my duties at , who presented his / her (................... details of identification presented.........................), who verbally requested through a translator that a power of attorney be prepared.
As it was not possible to communicate with him / her, I selected the authorized translator of our notary public …………, who I knew would be able to communicate with him / her to act as interpreter.
I learned through the interpreter that the relevant person possessed the required authority to undertake the said procedure, that he / she did not speak Turkish, but that he / she was literate. He / she made the following request through the said authorized translator, who I knew to possess the necessary skills, and evidence of whose identity was presented, to me in the form of his identity documents.
PURCHASE OF PROPERTY: I do hereby appoint AYHAN KARA, holder of T.R. Identity No:..........., whose father's name is .........and mother's name is......., and who was born on ............in ………., as the qualified and authorized person to act on my behalf in the following matters:
To make the necessary applications to the various organizations and authorities in order to obtain the required permissions so that I may be able to purchase land and property within the boundaries of the Republic of Turkey.
To track all of the procedures I would need to track on this matter; to present and collect documents in person; to prepare and sign petitions; to request and collect any documentation to be prepared in my name on the above stated matter; to pay all duties, and receive back any which have been overpaid.
To collect the necessary documents from the Land Registry and present them to the foreign nationals branch of the police in order to obtain a residency permit; to undertake the necessary written communication; to obtain a taxation number in my name; to purchase any land or property within the boundaries of any of the Turkish Republic, at any time he wishes, for whatever price, under whatever conditions, at whatever location, and from whosoever - whether it be private individuals or legal entities - he wishes.
To pay the purchase price; to accept any assignments to be made in the presence of the relevant land registry director or authorised officer; to sign the title book and records and all documents; to request registration; to collect the title deeds; to make arrangements for electricity, water and natural gas to be connected to the property he is to purchase; to prepare and sign the contracts for these in the presence of the necessary authorities.
To make declarations and submit petitions; to protect my interests and rights with regard to this property; to send all types of warnings to third parties; to carry out all of the required legal and other procedures in connection with the above stated matters, in the presence of all official organisations and authorities, and to sign them.
To give undertakings to the necessary authorities and organisations, that under the principles of reciprocity, the independent and permanent limited real rights over properties which I will procure within the boundaries of the Republic of Turkey will not exceed 2.5 (two and a half) hectares, and that should it be determined as otherwise, I unconditionally accept and undertake that the excess properties be sold in return for cash.
To prepare and sign any documents necessary in this respect; to obtain the necessary written permissions from the Ministry of Defence or the authorised military organisations, the Land Registry General Directorate and relevant Land Registry Directorates or the relevant organisations and authorities, in order that I may obtain property within Turkey; to undertake all of the necessary written communication; and to make and accept declarations."
The written statement has been read by the interpreter to the relevant party. The relevant person declared through the interpreter that what was written on the statement is in accordance with his / her wishes, and the statement has been signed by the relevant person, the authorized translator, and by myself. The twenty-first day of the month of ………… in the year ……….
DECLARATION BY THE INTERPRETER: I have communicated the wishes of the relevant party who speaks ENGLISH to the notary public. I have translated the above statement written by the notary to the relevant party. He / she has stated that the above is in accordance with his / her true wishes. And I hereby declare that the relevant party has accepted this statement and signed it in my presence.
AUTHORISING PARTY: TRANSLATOR ..... T.R. No: ....................................
and YOUR NAME and SIGNATURE
Foreigners who intend to extend their stay in Turkey beyond the time limit prescribed in their visa, those who need a visa exemption or intend to stay for more than ninety days must obtain a residence permit.
1 Short-Term Residence Permit for Foreigners
To apply for a short-term residence permit, foreigners who own real estate in Turkey or intend to establish a business or business connections in Turkey must submit the following documents to the relevant Provincial Directorate of Immigration Administration (Göç İdaresi) once an application is submitted through the e-residence system. Short-term residence permits are issued for a maximum of two years as a principle. A residence permit is invalidated if it is not used within six months.
1.1. Initial Application
o Proof of access to health services in Turkey within the scope of bilateral social security agreements(If under 65 years old)
o Provision document issued by the Social Security Institution
o Document regarding the application made to the Social Security Institution to be covered by the general health insurance
o Private health insurance
1.2. Application for Extension
Applications for an extension of the residence permit may be made to Governors’ Offices within sixty days prior to its expiration, but under no circumstances should this be done after the expiry date.
To obtain extension, foreigners are required to apply for a residence permit through the e-residence system. The completed application and required documents should be sent to the related Provincial Immigration Administration Office (Göç İdaresi) in Adana, Ankara, Antalya, Aydın, Bursa, Gaziantep, İstanbul, İzmir, Kayseri, Kocaeli, Mersin, Muğla, Samsun, Şanlıurfa or Tekirdağ by mail within five business days.
o Proof of access to health services in Turkey within the scope of bilateral social security agreements
o Provision document issued by the Social Security Institution
o Private health insurance including the extension period
*Required for foreigners owning immovable property in Turkey
**Required for foreigners who intend to establish business or commercial connections in Turkey
For a long-term residence permit, foreigners who have continuously resided in Turkey for at least eight years should submit the following documents to the relevant Provincial Directorate of Immigration Administration (Göç İdaresi):
o Proof of access to health services in Turkey within the scope of bilateral social security agreements
o Provision document issued by the Social Security Institution
o Document regarding the application made to the Social Security Institution to be covered by the general health insurance
o Private health insurance valid for a minimum of one year
*Long-term residence permits are issued indefinitely. Therefore, no extension application is required
A Title deed in Turkey is called a Tapu, it is an official and legal document to prove ownership of a property. Title deeds in Turkey are all produced by the title deed office. Each deed includes information such as the owner's name, photograph and property details.
To be legal, a title deed in Turkey must be sealed with a stamp in the bottom, the center of the document. Photos, although not compulsory feature in the top right-hand side.
Note: More than one person can own the same property. In this case, the respective shares are to be shown in the tapu.
Vision estate agency can help you now obtain your tapu with in a day.
Tapu Meanings Translated into English
İli – City
İlçesi – Town
Mahallesi – District
Köyü – Village
Sokağı – Street
Mevkii – Area
Pafta No - Sheet number
Ada No - Plot / block number
Parsel No - Parcel number
Niteliği - Whether it is a building, vacant or cultivated land
Yüzölçümü - Area/size of the land
KAT MÜLKIYETİ - Ownership of the property which is ready for human habitation
KAT İRTİFAKI - Ownership of the property which is not ready for use yet, because of on-going construction work or because the municipality has not issued a habitation certificate
DEVRE MÜLK - Fractional/timeshare ownership that is owned for a certain period of a year
Bağımsız Bölüm - Information about the independent unit such as a flat, house, etc
Satış Bedeli - Purchase price of the property
Arsa Payı - Land share (what proportion of the land belongs to the independent unit.)
Blok No - Block number
Kat No - Floor number
Bağımsız Blm No - Independent unit Number
Edinme Sebebi – Reason for purchase and from who to whom the property has been sold
Sahibi - Name(s) of the current owner(s). More than one owner can appear on title deeds
The regulations regarding foreigners obtaining Turkish citizenship was changed, the changes being published in the ‘Turkish Official Gazette’ on 10.09.2018. Any foreigner purchasing or owning 250,000 USD of real estate in Turkey is now eligible for Turkish citizenship.
Question: How does the citizenship application process work in?
Answer: When you purchase properties valued above 250.000 USD, you apply to the General Directorate of Land Registry and Cadastre, (Tapu Office), you ask for Turkish Citizenship. After completing the application, they check this and all the relevant ducuments such as the bank transfer documents. The Tapu Office then gives approval for citizenship between 3 and 7 days. With the citizenship request approved, an application is made to the Immigration Office on the same day, without waiting for an appointment for a Residence Permit. With the approval and Residence Permit, an application is made to the ‘General Directorate of Population and Citizenship’. After the tapu application, all processes are completed at special Citizenship Information Offices in Istanbul and Ankara. They finalize the citizenship application between 45 and 60 days.
Q: Will my family get Turkish Citizenship?
A: Yes. You, your wife (or husband) and all children under the age of 18 (on the application date) may get citizenship.
Q: Should I buy one property above 250.000 USD or can it be multiple?
A: You may buy several properties which have a total value of more than 250.000 USD. You need to apply at the same time for all. The Tapu office accepts citizenship applications if the declared values are above 250.000 USD.
Q: What is the responsibility of the Ministry of Environment and Urbanization?
A: The ministry verifies if the value declared on Title Deed is correct and above 250.000 USD with a sworn appraiser. All properties should be paid by bank transfer to the Property Sellers.
Q: How should I calculate the exchange rate of USD and TL?
A: On the application date, Tapu Office calculates the value from the Turkish Central Bank selling rate (efektif satış kuru)
Q: How long does this process take?
A: It takes time between 45 and 60 days. The government has opened a special Citizenship office to reduce time.
Q: Will my citizenship automatically be granted when I fulfil the conditions?
A: No, the citizenship approval is contingent upon verification from archive records of national security units that the applicant poses no threat to national security.
Q: May I buy commercial properties with rental income and get Turkish Citizenship by investment?
A: Yes, any property you buy is counted.
Q: It seems complicated to apply and get Turkish Citizenship. Will I have an assistant for this process?
A: An team of experts in this process at Antalya Homes will be with you to guide you all through the process. We guarantee 100% satisfaction to our customers throughout the process.
Q: I do not have time to come to Turkey. How can I get Turkish Citizenship?
A: If you send Antalya Homes power of attorney, we will, on purchasing property through us, complete the process to a satisfactory conclusion, for you, our client.
Q: How many people may apply for on one Title Deed?
A: Only one person and his family can get citizenship.
Q: I bought property in Turkey previously. May I apply for citizenship now?
A: Title deed applications (at Tapu Office) after 18.09.2018 may obtain Turkish citizenship by investment.
Q: Do I need to complete Turkish Military Service if I become a Turkish citizen?
A: There are several answers. Your child under 18 years old, when they come to military age, yes they are obliged to do military service. It is a condition for dual citizenships; you may choose between two countries. If you have already completed, you might need to prove it. For people older than 22 years, you need to ask at the time of the application if there is a special condition, at Population and Citizenship General Directorate, for appropriate information.
Q: Which nationalities may apply for Turkish passport?
A: All nationalities who are able to buy property in Turkey, may apply for Turkish citizenship by investment.
Q: Do my mother and father obtain citizenship in Turkey? What about my child above 18 years old?
Q: I have an invalid (disabled) child above 18 years old? What about his/her situation?
A: Your child who is incapable of taking care of him/herself, they become Turkish citizens with their parents, with special application documents that proves their situation.
Q: What are the required documents for citizenship?
A: Antalya Homes team will help you to supply all needed documents, after you purchase property with us.
Q: You say, citizenship process might take 2 months. Do I get Residence Permit on the application process?
A: Residence permit (no:6458/31-J) is granted to you and your family. We get you Residence Permits on the same day, on property approval, without any time waiting.
Q: Do I have to renounce my current citizenship when I become a Turkish citizen?
A: No, Turkish laws allow dual or multiple citizenships. It is up to your own state regulation.
Q: Is it possible to have dual nationality in Turkey?
A: Yes, Turkey allows dual nationality, but you should check with your consulate regarding your original nationality because some countries like India, China, and Saudi Arabia do not recognize or have certain restrictions in place regarding dual nationality.
Q: Is there any critical point that I should know?
A: Ministry wants to be sure that the value is minimum 250.000 USD. Sworn property valuation companies verify that the price is correct in order to prevent from price fraud. Appraisers might have up to %20 deviation (difference) than its sales price. Therefore Antalya Homes advises you to buy property calculating this evaluation.
As we give you Best Price Guarantee that whatever you buy for citizenship, it will be the same on the appraisal report. We will advise you the best-priced properties to match the appraisal report.
Benefits of Turkish Citizenship
- Your wife / husband and children under 18 years old can acquire citizenship together with you at the same time.
- When you apply for citizenship, you are not required to declare your assets or income that you currently have in other countries.
- You do not have to have lived continuously in Turkey for a certain period to become eligible for citizenship. You can continue to live abroad and apply for citizenship as soon as you get the residence permit.
- You can travel to many countries without the need to follow a cumbersome visa application process.
Many of these countries allow Turkish citizens to stay 30 to 90 days without any visa requirement and also some countries grant visas upon arrival or issue electronic visas upon online application.
The Visa Liberalization Dialogue, the aim of which is to grant Turkish citizens visa-free travel right to Schengen countries, between Turkey and the EU, was launched in 2013. Once achieved, further 26 European countries will be added to the list of 102 countries where Turkish citizens can already travel freely.
Citizenship Types in Turkey
Citizenship by Investment: In 2018, the Turkish government introduced a new fast-track system to become a Turkish national. People who are eligible to apply include anyone who has bought property worth 250.000 USD or deposited 500.000 USD in Turkish banks. Both transactions will need to stay in place for three years. People who have invested at least 500.000 USD in fixed capital or employ 50 Turkish people are also eligible.
The Turquoise System: Introduced in 2017, the Turquoise System allows people who have skills or attributes in technology, economics, sports, cultural and arts, as well as business executives and investors to apply for an alternative type of citizenship that grants almost full rights.
Property and Residence Permit Holders: Any property owner in Turkey who has lived in the country for a straight, uninterrupted period of 5 years can also apply on the condition that they have stayed for 4 years in Turkey. Article 11 of Act 5901 lists the requirements for an uninterrupted residence permit. There isn’t a minimal amount for the property value.
Birth: The easiest way is to be born in a family with a Turkish mother and father. According to Article 1 of the Turkish Citizenship Law No. 403, citizens born to one or both Turkish parents have the right to get citizenship at once. Alternatively, if a mother and father are successful in their applications, this is extended to the children. Anyone who has lost their Turkish citizenship can also re-apply.
Marriage: Many foreigners have obtained citizenship after 3 years of marriage to a Turkish national. Certain conditions apply including living together, refraining from behavior that could damage the marital union, and posing no threat to national security or public order.
Steps for Turkish Citizenship by Investment
1: Open a Bank Account: An account should be opened in a Turkish bank in the name of the investor.
2: Make an Investment: Carry out the necessary investment transactions such as property title deed transfer, cash deposit, government bond/share purchase etc.
3: Residence Permit Application: Applicants are required to hold a valid residence permit at the time of citizenship application. Nevertheless, permit holders can continue to live abroad as long as they wish.
4: Turkish Citizenship Application: After obtaining your residence permit, you can apply for Turkish citizenship immediately. A physical presence or interview is not required during the application process.
Required Documents for Turkish Citizenship by Investment
- Application Form
- Valid passport
- 4 passport-size photos of each member of your family members
- Birth certificate
- Residence permit or valid Touristic Visa on your passport
- If applicable, documents proving your relationships with your spouse and children (marriage license, birth certificate for children's)
- If applicable, Turkish ID copy and address of applicant relatives in Turkey
- Application tax payment receipt
- Appraisal report
- Bank receipt showing payment of minimum 250.000 USD
- Title deed or Notarized property purchase commitment
The Application Process in General
Vision team helps you from the beginning until you get your passports when you buy a property for citizenship by investment.
For other types of citizenship applications, you need to apply via the local governorship office where you live in Turkey or via a consulate if you are living abroad. The documents required, and types of application will vary depending on your circumstances.
They can include but are not restricted to the passport, birth certificate, residence permit, marriage certificate, the Turkish identity number of relatives, photographs. Individual applicants will also need to attend an interview that will be carried out in Turkish.
The length of time that applications for citizenship in Turkey will take depends on the specific circumstances of the applicant but updates can be obtained from the Interior Ministry. Under the terms and conditions of the Citizenship Law No. 5901, you can re-apply to the governorship of your place of residence again if your application is rejected.
It is compulsory to have an appraisal (valuation) report on each foreign property sales (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 municipality and Tapu office. They visit the property if you buy the correct one which is shown to you. The controller double check whether the house price comparisons and registry is 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 might declare 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.
Question: Do I need an appraisal report?
Answer: If you purchased a property in Turkey; you should have an appraisal report at General Directorate of Land Registry and Cadastre (Tapu Office).
Q: How long does it take to prepare the appraisal report?
A: When you demand a professional appraisal report, the expert checks the property itself. It takes the photos, controls the registry at the Tapu office. Lastly checks the registered plans at the municipality. Expert collects the 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?
A: After you select a property with Antalya Homes, we directly arrange you an expert for fast and reliable service.
Q: How much does a report cost?
A: SPK validated appraisal report is approximately 1.000-1.500 TL + VAT depending on the city and features of the property.
Q: How much do you charge for your service fee?
A: Zero. Antalya Homes gives this service free of charge to its customers.
Q: How long is a valuation report valid?
A: According to the property law, 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?
A: SPK is an abbreviation of Capital Market Board mean 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?
A: Real Estate Valuation Department is established under the Land Registry and Cadastre according to the presidential decree dated 5.2.2019. Valuation report and property sale price statistics is 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.
Real Estate Valuation Method
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 the appraisal report; Real Estate Valuationand Project Valuation with 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 you 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
Real Estate Appraisal Report in Turkey
Antalya Homes 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 may supply you accurate valuation reports in all around Turkey. Appraisers are authorized and licensed to prepare 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 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 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.