Property Valuation Reports in Turkey: What Buyers Should Know

When you buy a home in Istanbul, the price you agree with the seller is only one side of the story. The other side is an independent opinion of what the property is actually worth, written down in a valuation report. For many foreign buyers this report is a formal step in the purchase, and for anyone applying for Turkish citizenship through real estate it is one of the key documents in the file. This guide explains what the report is, who prepares it, what it looks at and how it protects you.

What a valuation report is and who prepares it

A valuation report, called gayrimenkul değerleme raporu in Turkish, is a written assessment of a property's market value on a given date. It is prepared by an appraisal company licensed by the Capital Markets Board of Turkey, known as SPK. A qualified appraiser visits the property, checks its records and compares it with similar properties, then sets out the value and the reasoning behind it. Because the appraiser works independently of both the buyer and the seller, the report gives an objective reference point rather than a sales figure.

What the appraiser looks at

The first questions are about place. The appraiser considers the district and the street, access to main roads and public transport, the services nearby and the character of the surroundings. In a residential complex, the building and its shared facilities also count: the condition of the blocks, the gardens, the car park, the security and the social amenities that residents use every day.

The report then turns to the unit itself: its gross and net area, its layout such as 2+1 or 3+1, the floor, the view and the orientation, the quality of construction and finishes, and the age and condition of the building. The appraiser compares these features with recent sales of similar homes in the same area and checks the official records, such as the title deed details and the building's permits. For a home that is still under construction, the assessment is based on the project documents and plans, since the finished building cannot yet be inspected.

Why it matters for Turkish citizenship

Under the citizenship by investment program, the property must be worth at least USD 400,000, or the equivalent in another foreign currency, and it is the value in the licensed valuation report that has to meet this threshold, not only the price written in the contract. The amount can be reached with one property or with several together. The report then joins the other documents of the file: the title deed, or a notarised promise-to-sell agreement for a home under construction, the bank's Foreign Currency Purchase Certificate (DAB) and the Certificate of Conformity issued by the Land Registry. These conditions follow current law and may change, so our team confirms the requirements in force before any purchase.

How the report protects you as a buyer

Even if citizenship is not your goal, the valuation report is valuable protection. It lets you compare the asking price with an independent assessment, which helps you avoid paying more than a property is worth and gives you a clear basis for discussing any difference. It also leaves an official record of the property's value at the time of purchase, a useful document later if you decide to resell, seek financing or simply review your investment.

A few practical points help. Make sure the report describes the exact unit you are buying, with the same block, floor and unit number as the title deed or the contract. Check which area it uses, gross or net, so that you compare like with like. Ask what the value is based on if it differs noticeably from the price. And include the cost of the report in your budget, next to the title deed fee of 4% of the declared value, translations and notary fees.

HADARA, your real estate partner in Istanbul, guides you through the valuation as part of your purchase and explains every line of the report with you. Contact us to discuss the homes you are considering, or book a private video tour to shortlist them from home, then complete your purchase on a visit to Istanbul.