Termination of Illegal Transactions in the Foreign Ownership of the Property

Foreign ownership of the real estate in Turkey, the free sale of real estate, and the other advantages given by the Turkish state to foreign investors, especially the Arabs, made it necessary to inform all investors of all that matters to that is Important to their investments legally, which will protect the them above all else.

Termination of unregistered/illegal transactions in the foreign ownership of the property

In a report published by the Turkish newspaper "Haber", it was reported that the real estate appraisal report will be investigated during the sale of real estate to foreigners recently, and everything that is illegal and unregistered will be terminated in the new system.

"The adoption of the new tax assessment system will help prevent the outflow of some sales and purchases from the records, and will solve the problem of tax evasion, and high pricing of some real estate dealers," said Volkan Bal, a board member of the Rasyonel Real Estate Assessment Group, which operates in Antalya, the best-selling state for foreigners in Turkey.

"This will boost the confidence of foreign investors in property purchases in Turkey and will undoubtedly increase demand in the real estate market," said Volkan Bal. " as this system will provide a safe trading environment, by keeping foreign investors from falling into some problems.

He added: "There will be transparency in the sale of real estate to foreigners, and ways will be cut off the greed of some traders, and protect investors by monitoring the movement of sales and purchase, and spare foreign investors to pay expensive and overpriced prices which reached the limit of the fraudulence.”

Has the golden period of property ownership started in Turkey?

"The property market in Antalya has been very popular recently, both as a real estate investment and as an additional home," Volkan Bal said.

"The real estate sector may have suffered damage due to misdirection and excessive exorbitant prices from some dealers, but the new system will receive double the attention of foreign investors and the golden age of real estate will begin; it will protect investors from fraud and manipulation," Volkan said.

The General Directorate of Tabu and Real Estate Records of the Ministry of Environment and Cities of the Republic of Turkey, issued a circular number 1/2019, on 15 February 2019 emphasizes the need for a real estate appraisal report for each foreigner, and from the date of issuance of the resolution.

The Tabu Directorate confirmed that the real estate appraisal report was no longer limited to investors applying for Turkish citizenship; it had become one of the most important documents needed by foreign dealers in buying and selling real estate in Turkey.

How is the Real Estate Appraisal Report prepared?

The Real Estate Appraisal Report is prepared by expert companies or persons with a license to prepare reports of this type, in accordance with regulatory laws, standards applicable at the international level. The period of preparation and delivery of the real estate appraisal report ranges from two to three days, and this period does not include the period required for delivery by mail.

Edited by: Imtilak Real Estate ©

Source: Emlak Kulasi