Valuation and Consultancy Services in Land Registry Transactions of Foreign Nationals
The General Directorate of Land Registry and Cadastre (TKGM) introduced new regulations for foreign nationals to become Turkish citizens or purchase real estate. The first of these is that with the circular numbered 2019/1, foreign nationals are now obliged to obtain a 'real estate valuation report' not only in their citizenship application, but also in all sales transactions they are a party to as a buyer or seller. This regulation is effective as of March 4, 2019 and the reports to be prepared by the real estate appraisal institutions authorized by the BRSA will be prepared in accordance with international valuation standards and other legislation and application principles.
According to the second regulation, the amount of real estate required for foreigners to become Turkish citizens was previously determined as 250,000 USD. However, this amount has been updated as 400,000 USD with a new regulation. Whether the value declared in the title deed of the real estate is above this limit will be verified after the appraisal reports prepared by the CMB Real Estate Appraisal Companies and the Real Estate Appraisal Companies in the BRSA list are approved.
Thanks to these regulations, the conditions required for foreign nationals to become Turkish citizens or to purchase real estate have been determined and it will be possible to accurately check whether these conditions are fulfilled. Organizations operating in the real estate sector work with great devotion to follow these new regulations closely and to prepare the necessary reports. In this way, foreign nationals will perform their transactions more securely.