New Decision Obligates Foreigners to Assess the Price of Properties in Turkey before Selling and Buying
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 search and selection by the those interested at all times.
Property Price in Turkey: a new decision in the interest of the foreign investor
In new news that concerns investors in the Turkish real estate sector, a new condition has been set for properties sold to foreigners.
Starting from March 4th, 2019, the resolution will enter into force and an evaluation 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 properties sold in the real estate market in Turkey and increasing the credibility of Turkish real estate in foreign markets, which means attracting more foreign investors.
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 for all procedures, whether the foreign person is a seller or a buyer of the property.
This new application ensures transparency in the buying and selling process, reducing the problems of buying property in Turkey, as the price assessment reports will be effective 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.
As for obtaining licensing documents, it will be 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 manner, which increases the reliability of the Turkish real estate sector, eliminates tax evasion and thus adjusts the property price in Turkey and the construction sector in general.
The real estate market in Turkey 2018 has seen a remarkable rise in foreign ownership by 1.4 million apartments.
Edited by: Imtilak Real Estate