Real Estate Valuation and Obligatory Property Appraisal Report in Turkey

It is compulsory to have an appraisal (valuation) report on each foreign property sales since 04.03.2019. 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. 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).

Question: How long does it take to prepare the appraisal report?
Answer: 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.

Question: How may I find an SPK validated expert?
Answer: After you select a property in Antalya, we directly arrange you an expert for fast and reliable service.

Question: How much does a report cost?
Answer: SPK validated appraisal report is approximately 3.500-5.000 TL + VAT depending on the city and features of the property.

Question: How long is a valuation report valid?
Answer: 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.

Question: What does SPK mean?
Answer: 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.

Question: What happens if the valuation of the property is different than I buy?
Answer: Real Estate Valuation Department is established under the Land Registry and Cadastre according to the presidential decree dated 04.03.2019. 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.