A new era in the purchase and sale of apartments, including taxes and title deed transfer fees will begin. The new valuation system will be implemented gradually in Ankara and Istanbul early next year.
In this new system, evaluation procedures are carried out within two days and reports are valid for one year.
How are property values determined?
The value of the property will be determined by the report prepared by the Capital Markets Authority and real estate appraisers. Those who want to sell a property must apply for the appraisal report.
The sale price and property tax shall not be less than the value determined by the General Directorate of Land Registry and Land Registry.
What variables should be taken into account when evaluating the property?
Valuation institutions will be licensed by the Capital Authority and therefore the property will be evaluated based on approximately 30 workers.
Can a citizen object to the evaluation result?
A citizen has the right to object to the evaluation result if it is not satisfactory.
How much are the assessment and reporting fees?
The banks were estimated to be around 600 to 650 TL and with the new system it is likely to be around 400 to 450 TL.
The purchase and sale tax of any property taken from both the seller and the buyer at 2% of the price of the property.