The new system for determining real estate prices in Turkey

Real estate prices in turkey.اسعار العقارات, تركيا, اسطنبول, عقارات, للبيع, انطاليا

The new system for determining real estate prices in Turkey

The gradual transition to the new system for determining real estate prices in turkey has begun.

The real estate value will be determined according to the new system starting next year.

The tax regulation system prepared by the government contains a very important regulation regarding the purchase and sale of real estate.

According to this arrangement, a new period in real estate sales will begin.

It will initially be implemented as a pilot model in some districts of Ankara and Istanbul, and then the system will be applied all across Turkey.

Here are the details of the new system regarding the purchase and sale of real estate in Turkey.

Changing the system of buying and selling real estate

The value of the real estate will be determined by the report prepared by real estate appraisal experts and companies approved by the Capital Market Board.

The new system will be applied with tax regulations to collect the tabu fees according to the real price of real estate.

Also Read: Real estate rental in Ankara in the third quarter of 2019

Real estate prices in Turkey system will go into effect next year

According to the new system, people wishing to sell their properties will first apply to the General Directorate of Land Registry and Cadastre.

Then they will demand valuation of their real estate.

The assessment will be completed within two days, and value determination reports will be valid for one year.

After the evaluation, the sales value cannot be made below the determined value.

However, the regulation will be implemented as of 1 January 2020.

Banks are currently carrying out real estate evaluation, and the valuation report costs between 600 and 650 TL.

According to the new system, the fees may be lower and is expected to be between 400 and 450 TL.

Also Read: Overview of real estate market in Istanbul

Edit By: Realty Group

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