New facilities on the real estate appraisal system for foreigners in Turkey

With the aim of preventing errors in the real estate appraisal reports of foreigners in Turkey, and in order to prevent fraud in the recent real estate appraisal.

The Turkish government, represented by the General Directorate of Land Registry and Real Estate Survey, has announced important amendments to the system for issuing real estate appraisal reports for foreigners in Turkey.

What is the new amendment?

The new amendment is summed up by making Title Department the main reference for the foreign resident to submit a real estate appraisal request so that the Title Deed Directorate assigns real estate appraisal companies to prepare real estate appraisal reports for foreigners in Turkey.

The General Directorate of Land Registry and Land Survey also facilitated all these transactions to be carried out electronically through the integration of the WEP TAPU web system and the TADEBİS (Taşınmaz Değerleme Bilgi Sistemi) real estate appraisal information system.

It is noteworthy that the aforementioned amendment began to be applied in the state of Antalya from August 2021 to be generalized to all Turkish states on September 20, 2021.

How the real estate appraisal report system works

1. Applications for evaluating foreign real estate in Turkey are submitted through the Tabu website of the General Directorate of Land Registry and Land Survey in Turkey, or by calling the customer service center at 181.
2. The concerned person (the buyer or his agent) can start real estate appraisal transactions in Turkey by choosing the transaction he wants to do through the "Evaluation Transactions" menu on the website.
3. The stakeholder can follow the evaluation transactions, or re-evaluate through the same page.
4. The fee for the evaluation report shall be paid by the concerned party.
5. The application will be submitted to the relevant evaluation company according to an algorithm that distributes work in the electronic "property evaluation information" system, which is equipped with an algorithm that ensures the best completion of transactions and achieves justice in giving priority to applications.

How long does a real estate appraisal take?

With regard to the period of completion of real estate appraisal transactions, real estate expert Mustafa Hakan Ozel Macikli told the Turkish Ikhlas Agency, he said: "The results of residential real estate appraisal transactions will be issued within two working days after the day when the appraisal institutions concerned with evaluating the property will be assigned."

Regarding the non-residential real estate appraisal period, Macikli said: "It takes five working days to carry out appraisal transactions for non-residential real estate after the day of the assignment."

 

Edited by Imtilak Real Estate©

Reference: Zingat & Ihlas Agency

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