Amendments to the real estate appraisal law in Turkey

The Presidency of the Foreign Affairs Department in the General Directorate of Land Registry and Real Estate Survey of Turkey issued a circular containing legal amendments to the real estate appraisal in Turkey of real estate owned by foreigners to obtain Turkish citizenship.

The main points of the circular issued were as follows:

• Determine the validity period of the report:

The legal period for the validity of the evaluation report that the foreigner obtains when applying to own a property to obtain Turkish citizenship is three months.

The evaluation report that was extracted upon submitting the real estate purchase application will be valid for use in all transactions related to real estate ownership that were applied for during the validity period of the report.

• The contentment of the old appraisal:

In the transactions of undertaking not to sell for 3 years to obtain Turkish citizenship in exchange for a property, the foreigner will not be asked for a new evaluation report other than the one that was submitted when ordering the purchase of the property, even if the old real estate evaluation report exceeds its legal period of three months.

• The right to benefit from the evaluation for another person as long as it is within the specified period:

The completed appraisal report for a property at the request of a foreign person will be used by another foreign person to apply for owning the same property unless it exceeds its legal validity period of three months.

For example, a real estate appraisal report was organized by an Iraqi citizen (A, H), and then another foreign citizen (Azerbaijani R.N) applied to obtain Turkish citizenship by purchasing this property within a period not exceeding the validity period of the first report, then he would be able to (Azerbaijani R.N) use the evaluation report extracted for the same property in the name of the Iraqi (A, H).

• Exemption from evaluation when purchasing from government institutions:

Foreigners wishing to own property to obtain Turkish citizenship will be exempted from the real estate appraisal report in sales made through Emlak Konut and other government institutions and companies with government partnerships.

The title deed fees for the property will also be calculated based on the value of the property shown in the sales transactions, and the value specified in the valuation report will not have any effect on it.

 

Edited by Gars Consulting Company

Reference: General Directorate of Land Registry and Land Survey

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