Valuation Report on Real Estate Sales to Foreigners is compulsory…
As of 04.03.2019, Appraisal Report has been made compulsory in all real estate sales transactions of which foreigners are parties.
As it is known, in accordance with the existing regulations of the General Directorate of Land Registry and Cadastre, the market value of the real estates to be acquired by foreigners wishing to acquire Turkish citizenship through the acquisition of real estate should be determined by the valuation report to be taken from licensed real estate appraisal firms.
In the appraisal report issued by the licensed real estate appraisal firm for the application for citizenship, the real estate value should be determined as US $ 250.000.
The General Directorate of Land Registry and Cadastre made a number of regulations that extend the scope of the real estate appraisal report requirement with the Circular No. 2019/1. Accordingly, real estate appraisal report that will be obtained from licensed real estate appraisal companies in all real estate sales which are foreign to buyer or seller as of March 4, 2019 has become compulsory. With the Circular No. 2019/1 of the General Directorate of Land Registry and Cadastre, the scope of real estate appraisal obligation in real estate transfers has been expanded.