Turkey has established the Real Estate Appraisal Department being responsible for the adoption and administration of the real estate appraisal system. Real Estate Appraisal Department will be a central service unit affiliated to Turkey’s General Directorate of Land Registry and Cadastre.
The real estate appraisal system is intended to ensure the sale of real estate is declared based on accurate prices instead of market value which has been taken as basis for many years and results in tax evasion.
Primary duties of the Real Estate Appraisal Department are as follows:
- Appraising real estate with the methodology of collective valuation, establishing and administrating value information center in addition to ensuring preparation and update of value maps.
- Making or demanding individual valuation to use in collective valuation studies, if required.
- Performing studies on standards of collective valuation.
- Publishing statistics and reports based on data collected at the end of collective valuation studies.
- Analysis of needs related to real estate appraisal and collective valuation and follow-up of international developments and good practices.
Provisions regarding establishment and duties of Real Estate Appraisal Department were introduced by the Presidential Decree Number 30 published in the Official Gazette numbered 30677 on 5 February 2019, being effective from this date. Please see this link for the full text of the Presidential Decree Number 30 (only available in Turkish).
