Property in Turkey

Earlier this year a new expertise report was introduced when buying or selling a property in Turkey.  This means that a certified appraiser must valuate the property being traded. This value is then used as the official property evaluation and used for calculating fees for the title deed transaction, property tax among other examples. Historically in Turkey the public property values and evaluations has been a lot lower than the actual market values and traded values. The idea behind introducing this new report is to bridge the gap between the public property evaluation and the market values. The new rapport consists of a detailed description of the property, the building, similar properties within the same area among other examples. Interestingly enough this report so far is only mandatory for property transactions where foreigners are involved as either seller or buyer. As in other countries a higher public property evaluation also in Turkey equals more expe...