In accordance with the circular numbered 36189470-125.01.01-756079 issued by the General Directorate of Land Registry and Cadastre (TKGM), it has become mandatory to obtain a real estate appraisal report (valuation report) for all real estate acquisition and sale transactions involving foreign nationals.
As of March 4, 2019, a property valuation report is required for all real estate transactions where a foreign national is a party, whether as a buyer or a seller.
The appraisal report must reflect:
- The current market value on the day of the transaction for buildings that are physically completed on the ground.
- The prospective value upon completion for properties that are not yet finished or under construction, but have a construction servitude (kat irtifakı) established.
TKGM Circular: https://www.tkgm.gov.tr/tr/icerik/20191-sayili-genelge-yabancilarin-tasinmaz-ediniminde-degerleme-raporu-alinmasi-hakkinda
