The Turkish real estate market has recently witnessed a great turnout by foreign investors after a large number of them in Turkey found a fertile environment to increase their capital and in front of the large facilities granted by the state to them, Such as exemption from Value Added Tax when buying for the first time, discounts on customs duties and amendment of the law on granting Turkish citizenship to foreign investors according to certain conditions and papers and with the increase of the large number of them on the demand to apply for it, The government has embarked on a number of amendments in the law of property to preserve the rights of foreign investors when buying a property in Turkey and these recent adjustments in the system for real estate valuation in order to prevent manipulation and fraud carried out by some companies ratings which heaping victim of the buyer, We will give you a simple explanation about the content of this amendment, which was approved by the general Directorate of tittle deed and Real Estate Survey.
It is known that the real estate valuation report is one of the most important papers required when applying for citizenship, and the Turkish state's keenness to get the investor a real estate value and its keenness not to fall victim to the fraud of some valuation companies, The task of evaluating the property has been entrusted to the Directorate of Tabu and made it the responsible in which the foreign resident refers to it , to submit the application for real estate evaluation, so that the Directorate of Tabu assigns one of the real estate evaluation companies approved by it to prepare evaluation reports of foreigners ' real estate in Turkey.Steps to apply for the evaluation report under the new amendment:
1-the submission of real estate evaluation requests through the electronic Tabu system or through the ALO-181 call center while previously the real estate evaluation work is done by directly orienting to one of the approved real estate evaluation companies.
2- After the service fee for the evaluation report has been paid by the person concerned (the relevant person), the evaluation request is transferred by the electronic system to the competent evaluation company by the business distribution algorithm on the same day.
3-The person concerned can track the stages of his or her transaction (from start to finish) and the application for evaluation from the Tabu website
4-After the evaluation report is prepared by the competent evaluation company, the evaluation report is signed by electronic signature under the Electronic Signature Act No. 5070 and then sent to the Tabu Information and Real Estate Survey System (TAKBIS) through the system.
5-The person concerned can view and follow up the report through the tabu network, and if there is a minor typographical error at this stage, he or she can request to correct the error through the tabu network.
6-The person concerned cannot request corrections to the value specified in the evaluation report, but can request a new evaluation report, for example the evaluation report has been issued and the value of the property has been set at TL 600,000, but the person concerned expects its value to be higher.
Here he cannot apply for an adjustment of the value of the property, but a new report is requested.- The result of the evaluation can be obtained between 3 days and a week from the date of commissioning the evaluation companies concerned.In fact, the Turkish law, in its report on this amendment, wanted to protect foreigners from any manipulation of the real property price, There is a new update on this law to include all transactions of buying and selling real estate in Turkey, regardless of whether it is in order to apply for citizenship or not, that is, if a Turkish citizen wishes to buy a property, this property, whatever its price and whatever type it is, must be subject to a real estate evaluation, This move will increase the credibility of the Turkish real estate market.