In a new news that concerns investors in the Turkish real estate sector, a new condition has been set for properties sold to foreigners.
As of March 4, 2019, the resolution will enter into force and an appraisal of the real estate price will be requested.
The new measure aims to control the price of real estate in Turkey by solving the problem of high prices of real estate sold in the real estate market in Turkey and increasing the credibility of Turkish real estate in foreign markets, which means attracting more foreign investors.
The move would put an end to the sale of properties at higher prices than foreigners who want to invest in real estate in Turkey.
A circular concerning this procedure has been published by the General Directorate of Real Estate Registries affiliated to the Ministry of Environment and Turkish Cities.
The circular requires foreigners to obtain a report that includes an assessment of the price of the real estate before the sale or purchase of the property.
Property price in Turkey
 
This new application ensures transparency in the buying and selling process, reducing the problems of buying property in Turkey, and the reports on the valuation will be valid for three months from the date of issue only.
The report can be used during this period for all operations, and if the price of the property changes within a period of three months, a new report will be requested.
Access to licensing documents will be made available through experts accredited by the Capital Market Authority of the Republic of Turkey.
The Directorate General of Real Estate Records of the Ministry of Environment and Cities expects that this procedure will also be applied to Turkish citizens in all Turkish cities by 2022.
Until then, the system will be upgraded to the best possible form, which increases the reliability of the Turkish real estate sector, eliminates tax evasion and thus adjusts the property price in Turkey and the construction sector in general.
The real estate market in Turkey 2018 has seen a remarkable rise in the ownership of foreigners by 1.4 million apartments.