Turkey's real estate market has attracted investors from all over the world, especially in recent years due to the remarkable development in the country and the huge infrastructure projects adopted by the Turkish government.
Istanbul tops the list of Turkish cities for investors who are looking for apartments for sale in Istanbul, especially as it is the economic capital of the country.
In order to ensure the interests of the next foreign investor to buy a property in Turkey, the Turkish Ministry of Housing issued a decision requiring the presence of a real estate expert recognized by the Titling Department (TABU) to assess the price of the property.
The law was obliged to protect investors from fraudsters who manipulate property prices and target foreign investors because they do not know the real value of the property.
The report of the Evaluation Committee is based on the location of the property in the first place, where properties prices vary according to the regions, for example properties prices in the center of Istanbul are the highest price and are different from the prices of properties in another region on the outskirts. Also take into account the total area of the apartment and the age of the building and its type (commercial, residential)
The decision came into effect on March 4, 2019.Directed by the Directorate General of Real Estate Records of the Ministry of Environment and Cities, a decision requiring foreign investors coming to buy a property in Turkey is obliged to obtain the report of the evaluation committee of the property's price in order to complete the purchase process and register the property in the Registry Department on behalf of the owner of the property.
This decision aims to protect the investor and keep him informed of the details of the buying and selling steps. The report is valid for three months from the date of issue.
Such decisions, which come within a package of laws that the Turkish government has enacted recently, aimed at facilitating the purchase of properties and investment and thus attract more foreign investment to the country.