Turkey has been characterized by an active investment movement during the last period, as the Turkish real estate market meets the requirements of investors of different segments and interests, which made the price of real estate in Turkey the subject of research and scrutiny by the interested at all times.
The price of the property in Turkey: a new decision in the interest of foreign investor
In a new news that concerns investors in the Turkish real estate sector, a new condition has been set for properties sold to foreigners.
As of March 4, 2019, the resolution will enter into force and an appraisal of the real estate price will be requested.
The new measure aims to control the price of real estate in Turkey by solving the problem of high prices of real estate sold through the real estate market in Turkey and increasing the credibility of Turkish property in foreign markets, which means more attractive to foreign investors.
The move would put an end to the sale of properties at higher prices than foreigners who want to invest in real estate in Turkey
A circular concerning this procedure has been published by the General Directorate of Real Estate Registries affiliated to the Ministry of Environment and Turkish Cities.
The circular requires foreigners to obtain a report that includes an assessment of the price of the real estate before the sale or purchase of the property.
This new application ensures transparency in the sale and purchase process, reducing the problems of purchasing the property in Turkey and the reports on the valuation will be valid for three months from the date of issue only.
The report can be used during this period for all operations, and if the price of the property changes within a period of three months, a new report will be requested.
Access to licensing documents will be made available through experts accredited by the Capital Market Authority of the Republic of Turkey.
The Directorate General of Real Estate Records of the Ministry of Environment and Cities expects that this procedure will also be applied to Turkish citizens in all Turkish cities by 2022.
Until then, the system will be upgraded to the best possible way, which will increase the reliability of the Turkish real estate sector and lead to the elimination of tax evasion and hence the adjustment of property prices in Turkey and the construction sector in general.
The real estate market in Turkey 2018 has seen a remarkable rise in the ownership of foreigners by 1.4 million apartments.