What is the law to force foreigners to evaluate real estate in Turkey?
Publish Date: 07/07/2019
For all those interested in buying and investing real estate in Turkey, the Turkish government has set a new requirement for properties sold to foreigners.
Which is the obligation of foreigners to assess the prices of their properties in Turkey in the case of sale and purchase, and this is through real estate appraisal companies approved by the Capital Markets Authority of the Republic of Turkey.
The expert from the rating company will give the landlord a report regarding the valuation of the property which is valid for three months from the date of issue only.
If the price of the property changes within a period of three months, a new report will be requested.
The measure will put an end to the sale of properties at higher prices than foreigners who want to buy real estate in Turkey. And contributes to raising the reliability of the real estate sector and
reduce tax evasion, and control the price of real estate in Turkey and the construction sector in general.
It was due to take place on March 4, 2019. It is expected to be in effect in all Turkish cities by 2022.